Ownership and innovation in the hospitality industry
研究了2015至2021年国际酒店企业的所有权结构如何影响创新，发现所有权集中和机构投资者抑制创新，而家族投资者促进创新，对酒店管理者理解股东创新偏好有参考价值。
Using a sample of international hospitality firms from 2015 to 2021, we investigate the relationship between ownership structure and innovation. We define innovative firms based on Miles and Snow's (1978) typology and use entropy balancing estimates to mitigate endogeneity concerns. We find that ownership concentration is negatively associated with innovation. Moreover, institutional investors are negatively associated with innovation, especially in innovation-friendly countries. In contrast, family investors are associated with higher innovation. We explain these results through the lens of socioemotional wealth and agency theory, as publicly traded companies are under pressure to deliver short-term returns, which is mitigated by the presence of a family with a longer-term approach. Thus, managers of hospitality companies need to be aware of the preferences of their shareholders in terms of innovation.