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There is wide acceptance of the precept that market orientation is associated with superior firm performance. However, empirical support for the proposition in prior literature is weak. This study examines the relationship between market orientation and performance with data from 201 international hotels and finds that market orientation is positively associated with both judgmental measures of performance – service quality, customer satisfaction, and employee satisfaction, and objective measures of performance – occupancy rate, gross operating profit, and market share. Specifically, the study finds that the immediate impact of market orientation is to spur innovation, which, in turn, enhances judgmental performance, which, in turn, enhances objective performance.

The objective of this exploratory study is to investigate the “flow-through” or relationship between top-line measures of hotel operating performance (occupancy, average daily rate and revenue per available room) and bottom-line measures of profitability (gross operating profit and net operating income), before and during the recent great recession.

This study uses data provided by PKF Hospitality Research for the period from 2007-2009. A total of 714 hotels were analyzed and various top-line and bottom-line profitability changes were computed using both absolute levels and percentages. Multiple regression analysis was used to examine the relationship between top and bottom line measures, and to derive flow-through ratios.

The results show that average daily rate (ADR) and occupancy are significantly and positively related to gross operating profit per available room (GOPPAR) and net operating income per available room (NOIPAR). The evidence indicates that ADR, rather than occupancy, appears to be the stronger predictor and better measure of RevPAR growth and bottom-line profitability. The correlations and explained variances are also higher than those reported in prior research. Flow-through ratios range between 1.83 and 1.91 for NOIPAR, and between 1.55 and 1.65 for GOPPAR, across all chain-scales.

Limitations of this study include the limited number of years in the study period, limited number of hotels in a competitive set, and self-selection of hotels by the researchers.

While ADR and occupancy work in combination to drive profitability, the authors' study shows that ADR is the stronger predictor of profitability. Hotel managers can use flow-through ratios to make financial forecasts, or use them as inputs in valuation models, to forecast future profitability.

This paper extends prior research on the relationship between top-line measures and bottom-line profitability and serves to inform lodging owners, operators and asset managers about flow-through ratios, and how these ratios impact hotel profitability.

The purpose of this paper is to investigate whether the gender composition of a fund management team influences investment decision-making behavior. Specifically, we focus on how portfolio choice is affected by team risk aversion and loss aversion.

Using an experimental economics approach, the paper examines the relationship between gender diversity and investment decisions. Teams of four persons each were given the task of making investment portfolio management decisions.

The paper finds that team composition does influence financial decisions with regard to the assessment of risk and loss. The paper finds evidence that a male presence increases the probability of selecting a higher risk investment. However, the all male teams are not the most risk seeking. Moreover, having a male presence can increase loss aversion.

In the context of workforce composition, these results could have important implications for team investment decisions driven by the assessment of risk and return tradeoffs. To curb excessive risk taking and loss aversion, the findings would suggest that understanding the role of gender diversity in risk management would be useful in effecting change.

The purpose of this paper is to understand the impact service innovation has on customers' choices within the hotel and leisure industry. The paper also discusses the influence of the creation of new services on both service development and operational strategy.

The analysis is based on a national survey of approximately 1,000 travelers in the United States, using a web‐based data acquisition approach. The travelers are segmented by reason of travel (business or leisure), and discrete choice analysis is applied to model customer preferences for various hotel service innovations.

Overall, the study finds that service innovation does matter when guests are selecting a hotel, with type of lodging having the largest impact on a customer's hotel choice. In addition, service innovation is found to have a larger influence on choices when guests are staying at economy hotels rather than mid‐range to up‐scale hotels. Also, leisure travelers were found to be more influenced by innovative amenities such as childcare programs and in‐room kitchenettes than business travelers.

The understanding of customers' choices allows managers to better design their service offerings and formulate corresponding operational strategies around customer needs.

This paper examines the addition of innovation to the hotel service concept and is an excellent tool for managers deciding on which innovations to implement.

This paper introduces the special issue on service innovation management.

Provides a brief review of the papers within the issue.

Compares and contextualizes the contributions, finding that the papers use state of the art methodologies and each furthers knowledge of service innovation management – a recently emerged academic discipline.

The perspectives considered represents a small sample of the diversity that exists within this area.

This study aims to examine the current state of the research activities of scholars in the hospitality and tourism field by analyzing the first 20 years of the new millennium.

Longitudinal analyses using 14,229 journal articles as data source were realized by adopting BibExcel, Gephi and VOSviewer network analysis software packages.

This study provides a comprehensive overview of the hospitality and tourism research based on authorship and social network analysis, with patterns of prolific authors compared over four distinct periods.

The hospitality and tourism academic society is clearly illustrated by tracing academic publication activities across 20 years in the new millennium. In addition, this study provides a guide for scholars to search for multidisciplinary collaboration opportunities. Government agencies and non-governmental organisations can also benefit from this study by identifying appropriate review panel members when making decisions about hospitality- and tourism-related proposals.

To the best of authors’ knowledge, this study is the first to use bibliometric analysis in assessing research published in leading hospitality and tourism journals across the four breakout periods in the new millennium.