A REVIEW OF HOSPITALITY FINANCE RESEARCH FROM 2010 TO 2021

A Project

Presented to the

Faculty of

California State Polytechnic University, Pomona

In Partial fulfillment

Of the requirements for the Degree

Master of Science

In

Hospitality Management

By

Kevin Haddadin

2022
 SIGNATURE PAGE

PROJECT: A REVIEW OF HOSPITALITY FINANCE

RESEARCH FROM 2010 TO 2021

AUTHOR: Kevin Haddadin

DATE SUBMITTED: Fall 2022

The Collins College of Hospitality

Management

Dr. Michelle (Myongjee) Yoo

Project Committee Chair
Associate Professor
Collins College of Hospitality Management

Dr. Sungsik Yoon

Assistant Professor
Collins College of Hospitality Management

Dr. Don St. Hilaire

Professor
Collins College of Hospitality Management

ii
 ABSTRACT

The purpose of this paper is to provide an analysis of published hospitality finance

research within the top hospitality academic journals and examine the research trends

between 2010 and 2021. This study reviews earlier hospitality trends in the discipline of

finance to show the progress that has been made in the field. The primary data for this

study contains academic articles that discuss finance topics in the field of hospitality from

2010 to 2021. The journal selected to collect the data is Cornell Quarterly. The researcher

collected secondary data, which only includes the refereed papers and not material such

as announcements, book reviews, conference/research comments, discussion notes, and

editorial comments. This study analyzed the topics, methods, and trends of hospitality

finance articles published between 2010 and 2021 from Cornell Hospitality Quarterly,

using content analysis and descriptive analysis. Hospitality finance is a key area in the

hospitality industry that has attracted the attention of numerous stakeholders, including

scholars. Revenue management and investment stocks are the topmost published articles

in the Cornell Hospitability Quarterly accounting to 8.7%. Accounting, investment, and

profitability come second and account for 6.5% each of the articles selected. Mergers and

acquisitions are key trends adopted by multiple scholars in recent years. This study is

expected to add value to the hospitality literature by building on previous research on

hospitality finance trends and provide topical recommendations to scholars in further

contributing to the hospitality finance research progress.

Keywords: content analysis, hospitality finance, hospitality research, research

design review, research methods, research trend.

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 TABLE OF CONTENTS

SIGNATURE PAGE .......................................................................................................... ii

ABSTRACT....................................................................................................................... iii

LIST OF TABLES ............................................................................................................ vii

LIST OF FIGURES…………………………………………………………………….. vii

CHAPTER ONE: INTRODUCTION ................................................................................. 1

CHAPTER TWO: LITERATURE REVIEW ..................................................................... 2

Hospitality Finance Overview ............................................................................................ 2

Hospitality Finance Topics ............................................................................................. 4

Profitability ................................................................................................................. 4

Revenue Management ................................................................................................. 6

Investments and Stocks ............................................................................................... 8

Accounting ................................................................................................................ 11

Forecasting ............................................................................................................... 13

Past Hospitality Finance Research ................................................................................ 16

CHAPTER THREE: METHODOLOGY ......................................................................... 18

Research Design ........................................................................................................... 18

Data Collection and Data Analysis ............................................................................... 18

CHAPTER FOUR: RESULTS AND FINDINGS ............................................................ 19

Study Topic Review and Trends ................................................................................... 19

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CHAPTER FIVE: CONCLUSION .................................................................................. 26

Implications for Study .................................................................................................. 29

Study Limitations and Future Study Recommendations .............................................. 29

REFERENCES ................................................................................................................. 31

v
 LIST OF TABLES

Table 1 Subject ………………………………………………………………………… 20

Table 2 Industry application ..............................................................................................23

Table 3 Methodology review .............................................................................................24

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 LIST OF FIGURES

Figure 1 6-year trend……………………………………………………………………. 22

Figure 2 study ...................................................................................................................25

Figure 3 Data analysis methods .........................................................................................26

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 CHAPTER ONE: INTRODUCTION

The hospitality finance research historically comprises a small percentage of the

scholarly journals oriented around reporting on the hospitality industry. Those scholarly

researchers focusing on hospitality finance research have increased significantly in recent

decades as the hospitality industry continues to grow and impact the national economy.

Jang and Park (2011) assert that Cornell Hospitality Quarterly has significantly increased

coverage of finance topics and finance issues from 2.9% in 1990 to 9.1% in 2009. This

trend of increased coverage implies many different finance topics are being investigated

and assessed by academic scholars. Shum, Garlington, Ghosh, and Baloglu (2021)

clarify that hospitality finance research often focuses on the profit motive and its vital

importance for any hospitality organization’s survival, sustainability, and viability. An

array of other important financial topics in the hospitality industry are covered and

relevant, including investment trends and operational costs. This study aims to assess

such topics and trends in hospitality finance articles that are more recent, specifically

published between 2010 and 2021, in Cornell Hospitality Quarterly. The study uses

content and descriptive analysis to build on past hospitality finance research and to make

further contribution to the literature. This study also employs comparative analysis to

depict the progress in increased coverage over time. By focusing on these objectives, this

study is expected to add and update current research regarding finance research in the

hospitality industry. Additionally, this study is expected to benefit the hospitality industry

by clarifying the direction of potential future research in hospitality finance (Anderson &

Xie, 2010; Kizildag, 2015).

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 CHAPTER TWO: LITERATURE REVIEW

Hospitality Finance Overview

Hospitality finance involves the management of money in hospitality firms. The

various components of hospitality finance make it a dynamic, multi-faceted part of the

industry, and for that reason, among others, researchers have been exploring this topic for

decades. The modern-day business world is undergoing perennial change due to the

competitive and regulatory environments reshaping the financial service industry,

including hospitality finance. In addition, hospitality finance involves an array of

financial tasks and components that make it a complex field to understand and quantify

its growing importance and impact on the hospitality industry and the national economy

(Piasetskaya & Matuszak, 2018). Hospitality operators and investors must understand

these complexities because of the dilemma of financial institutions' role as capital

suppliers (Li & Singal, 2019; Singh & Kwansa, 1999). The hospitality industry is capital-

intensive, so financial managers have assumed vital roles. These financial managers must

possess critical financial management skills to enhance value and create capital for

hospitality industry owners (Andrew, Damitio & Schmidgall, 2007; Karadeniz, Kandir,

Balcilar & Onal, 2009; Lee, 2007).

Financial management determines the success of any organization, including

those within the hospitality industry. In hotels, restaurants, and casinos, financial

management determines a company's profitability, which ultimate is its primary purpose

of operating. In the hospitality industry, there are two influential components of financial

management: management at the property level and management at the corporate level.

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The managers at the property level are tasked with maximizing revenues and mitigating

expenses in-house. The managers at the corporate level deal with issues concerning

investing excess cash and raising debt and equity capital (Tsai, Pan & Lee, 2011). The

hospitality industry also showcases progressively more complex operating environments

with constantly changing parameters, which requires effective financial management.

Understanding the complexity of financial trends in the hospitality industry from

existing literature could help assist with not only the industry's progression, but also the

profitability of companies (Harrington, Chathoth, Ottenbacher & Altinay, 2014; Jang &

Park, 2011; Shum et al., 2021). For instance, hospitality firms predominantly use long-term

debt to support their asset investments and growth opportunities, while the debt structure

primarily consists of fixed-rate debt (Singh & Upneja, 2008; Singh, 2009). Another

example of complexity in hospitality finance is the mean debt ratio of casinos and hotels

in the United States from 1999 to 2003 was 52.6 percent and 41.9 percent, respectively,

and for restaurants, was 26.6 percent (Tsai, 2005; Tsai & Gu, 2007b; Tsai & Gu, 2007a).

These examples confirm that finance is a complex, dynamic component of the hospitality

industry as a whole, and having a firm grasp of the research and the trends of that research

could further advance the understanding of this important growing area (Jang & Park,

2011; Tsai et al., 2011).

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Hospitality Finance Topics

Profitability

Profitability is a crucial area of hospitality finance that researchers at Cornell

Hospitality Quarterly consider in an array of relevant scholarly articles. For example,

Singh and Dev (2014) clarify that hospitality enterprises that survived and emerged as

‘winners’ during the lengthy Great Recession period from 2008 to 2013 was able to

comprehend the interrelationship of greater marketing expenses with increased

opportunities for profitability. These researchers undertook a meticulous comparative

analysis of 100 ‘winners’ with 106 ‘losers’ in the Great Recession period using top-line

indicators, such as Average Daily Rate (ADR), RevPAR, and TRevPAR, and profitability

measures, GOPPAR and NOIPAR, to highlight marketing efforts, from promotions to the

training of sales personnel to personal sales visits to clients, as critical drivers for success

and profitability among the 100 ‘winners’ (Singh & Dev, 2014). These hospitality firms

proved that investing specifically in marketing in recessionary times provided

opportunities to improve revenge and turn profits (Kotler, Bowen & Makens, 1996).

Another critical driver of profitability for hospitality enterprises is innovation. For

instance, Sandvik, Duhan, and Sandvik (2014) conducted a study to highlight that

innovation can be essential in the hotel industry when introducing new service concepts.

However, surprisingly the direct relationship between innovation and profitability is

weak. Through an intensive review of empirical studies and surveying 298 Norway

hotels, these authors discovered that the direct relationship between innovation and

profitability is near-zero but that the indirect relationship is significant (Sandvik et al.,

4
2014). These researchers found that innovation positively impacted market advantages,

sales growth, and capacity utilization, positively affecting profitability (Sandvik et al.,

2014). Two primary organizational cultural factors in hotels that valued innovation were

a flexible orientation and an external orientation, which were suggested as necessary for

hotel management to consider (Sandvik et al., 2014). Innovation is Profitability and

innovation are also interlinked in an indirect rather than a direct way and should also be

considered carefully by hotel management. Innovation is a positive influence to

profitability and should be given great consideration in the hotel industry.

Another critical area related to profitability in the hospitality industry is

understanding the barriers to efficient performance. For example, Arbelo, Arbelo-Perez,

and Perez-Gomez (2018) studied hotels’ performances in Spain between 2010 and 2014

using a Bayesian stochastic frontier approach. These researchers found that these specific

hotels were operating with significant profit inefficiencies due to various factors,

including size, location, occupancy rate, customer satisfaction, and if the hotel is

independent or part of a franchise (Arbelo et al., 2018). Some of the important findings

are that franchise hotels outperformed independent hotels, large hotels outperformed

smaller hotels, and hotels located in resort areas or cities with high occupancy rates

outperformed other hotels in this area of profitability and profit efficiency. In addition to

profitability, another area of hospitality finance that interests researchers in Cornell

Hospitality Quarterly are revenue management.

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Revenue Management

Many hospitality enterprises, especially hotels, often outsource their revenue

management function. For example, Altin, Uysal, and Schwartz (2017) explore the

different determinants of the decision for hotels to outsource revenue management to an

outside entity. These researchers find that hotels often outsource the revenue management

function because of the expertise of certain specialty firms skilled in this function that

allow faster adaptation and better responses to changes in production, delivery methods,

and technology (Altin et al., 2017; Denizci, Guillet & Mohammed, 2015). A novel

distinction of this study is it being a first to fully explore the motivational underpinnings

for outsourcing the hotels' revenue management function to outside entities and clarifying

in its results that those hotels most likely to do so are singled out by having a high level

of uncertainty combined with a low level of organizational capability to deal with the

highly complex technical aspects of revenue management (Altin et al., 2017). A

significant implication drawn from this study's findings is that hotels with stronger

internal capabilities are most likely to handle the revenue management function and can

deal with the specific complexities of revenue management (Altin et al., 2017).

This study clarifies the fundamental elements of revenue management are forecasting,

performance measurement, and setting controls, which is what makes this area of

financial management so technically complex (Altin et al., 2017). It is evident from this

study that revenue management outsourcing is certain to be undertaken by hotel

management or any hospitality enterprise management when internal capabilities are not

robust to handle these technically complex elements. However, other researchers found

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that some hotels and hospitality enterprises may handle resource management more

effectively through teamwork.

Noone and Hultberg (2011) surveyed 82 sales and revenue management

executives at three hotel chains to find that teamwork and effective coordination between

these groups can result in efficient revenue management. These researchers found that

teamwork arrangements reduced distrust, miscommunications, and complications

between the sales and revenue management groups. One key area of teamwork and

collaboration that allowed these hotel chains to perform in-house revenue management

tasks and responsibilities involved rate setting and forecasting, which led to far more

efficient decisions. Another critical area of teamwork and collaboration that resulted in

more efficient revenue management practices was sharing performance measures

between the sales and revenue management groups. The conclusion drawn by these

researchers is that a joint revenue management function and sales function are certain to

benefit hotels because rate setting and forecasting achieve greater accuracy (Noone &

Hultberg, 2011). It is also important to underscore that revenue management practices for

hotels and hospitality enterprises may be distinguished from other businesses in specific

areas, such as length of stay and hotel room pricing (Han & Bai, 2022).

One group of researchers explored how for hotels, this revenue management

practice involves a length of stay; hotel room pricing varies in some instances, but many

hotels increase their price rates for customers who choose to stay longer. Riasi, Schwartz,

Lieu, and Li (2017) conducted extensive research on how hotels increase price rates for

longer-staying customers, which runs contrary to what customers perceive as a deserved

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discount for remaining longer. These researchers collected pricing data from a sample of

500 independent and chain hotels in the United States for varying stay durations. They

found that the average room rate for a one-night stay was significantly lower than the

room rate average price for a 30- day stay, and the highest price increase was found when

guests increased a 5-day stay to a 7-day stay. The implication is that revenue

management decisions are made for these variables concerning customers' length of stay.

Hotels are aligned with this revenue management strategy to not provide meaningful

discounts for extended stays. In some situations, hotel management will mitigate

customers' misinformed perceptions and expectations of receiving discounts for longer

lengths of stay by explaining this complicated revenue management strategy. However,

hotel management often prefers to remain silent on this issue (Riasi et al., 2017). This

interesting, unique area of revenue management in hotel management demonstrates that

the revenue management function must be understood and comprehended to handle it

effectively. The finance topic of investments and stocks is equally as complex and

complicated as revenue management in the hospitality industry.

Investments and Stocks

Due to the reality of high fixed costs in the hospitality industry, hotels,

restaurants, and other hospitality enterprises depend on volume to cover these fixed costs

and realize profit margins, which makes most investors perceive any hospitality

enterprise to be a significant risk (Peattie, Clarke & Peattie, 2005). For example,

Goukasian, Ma, and Maibouri (2012) examined 100 monetary policy announcements by

the United States central bank, the Federal Reserve, between 1994 and 2005 and how

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they impacted the stock values of hotels and restaurants in the United States hospitality

industry. These announcements of changes to the Fed's monetary policies are always

noteworthy for investors, but these researchers found that there are much stronger

investors' reactions to negative ones. Fed monetary decisions in hotels' and restaurants'

stock values because the hospitality industry is far more sensitive to the 'cost of money

than most others. One of the implications of this study is that investors should be aware

that risk is higher in investing in hospitality enterprises and that hotel executives can

mitigate those macroeconomic risks involving the Fed's monetary policy changes by

engaging in derivatives transactions (Goukasian et al., 2012). This article clarifies that

investment in stocks for hospitality enterprises is distinctively different and sensitive to

macroeconomic dynamics, which requires in-depth, professional analysis to understand

specific stocks and how to make sound investment decisions. In addition to monetary

announcements from the Fed impacting stock values and investors' risks, earnings

announcements are also important.

Moulton and Leow (2014) explore how when multiple hospitality and non-

hospitality firms release their earnings announcements on the same day, they impact

stock values and investment decisions. These researchers conduct an extensive study on

the difference in stock values and investment decisions when multiple hospitality firms

make earnings announcements on the same day with when multiple hospitality firms and

non-hospitality firms make earnings announcements on the same day. The results are that

when hospitality firms release their quarterly earnings statements on the same day,

investors glean rich data and tend to increase investment and thus increase stock values.

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In contrast, when hospitality firms release their quarterly earnings statements on the same

day as non-hospitality firms, investors tend to reduce investment and decrease stock

values due to distraction and inattention (Moulton & Leow, 2014). The implications of

this study are clear for hospitality enterprises. Their quarterly earnings announcements

should coincide with other hospitality enterprises to enhance the prospects of greater

investment and increases in stock values while avoiding releasing such announcements

on the same day as non-hospitality enterprises because of the opposite impact. In

addition, unpredicted, dramatic events can also occur that would impact stock values and

investment decisions in hospitality enterprises.

Chang and Zeng (2011) examined data on all terrorist activities that directly

impacted Americans between 1973 to 2003 and measured the impacts on hospitality

enterprise stock values and investment decisions. These researchers were surprised to

discover that unlike most stock values hospitality industry stocks significantly increased

in value and were positively impacted by terrorist events. Using data sets on stock returns

and ADRs, these researchers find that hospitality enterprise stock returns increase

significantly in the wake of large terrorist events, which means that investors are

investing in these stocks and adding value to them despite the prospective impacts on the

macroeconomic environment. One of the implications of this surprising finding is that

hotels and restaurants are considered positive investments in the context of terrorist

attacks against Americans and the United States since they are viewed by investors as

resilient and needed by customers despite negative impacts on other areas of the

macroeconomic environment (Chang & Zeng, 2011). In this context, many investors

10
view hotels and restaurants as attractive investments because they believe people will

continue to use them. Therefore, profits will continue to be realized.

Accounting

In reviewing articles from the Cornell Hospitality Quarter, another important

topic concerning hospitality finance is accounting. For instance, Rushmore and O'Neill

(2015) explore accounting benchmarks for projecting fixed and variable components of

hotel financial performance. These researchers conducted a study on the financial ratios

of 601 hotels between the years 2001 and 2012, focused on their fixed expenses and

variable expenses, and clarified the specific percentage averages for them. The average

fixed expense percentages for these hotels were rooms, 36 percent; food and beverages,

29 percent, and other, 25 percent, while variable expenses for these hotels were

administrative and general, 33 percent; marketing, 29 percent; and utilities, 33 percent.

Two important findings of this study in the accounting area were that within the context

of the variable expenses that there was a significant decrease in the fixed costs compared

to previous studies, which meant that hotel investments are less risky than previously

perceived, as clarified by lower capitalization rates, lower equity yields, and lower

interest rates (Rushmore & O'Neill, 2015). One of the implications of this study is that

hotel consultants and appraisers can use the data from this article to reframe their

projected estimates of fixed and variable expenses for hotels under construction or being

proposed for construction. Another important accounting topic addressed in this journal is

federal income taxation and the hospitality industry.

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 Johnson and Johnson (2016) explore the significance of the Supreme Court ruling

on November 27, 2001, in the case Chickasaw v. the United States, which asserted that

Native American gaming companies are affected by the federal excise and ending their

status as being exempt from all federal taxation. These authors assess the historical

background of the Native American gaming enterprises, as well as their evolution in the

hospitality industry, why eventually they were viewed differently than before by the

Supreme Court, and what the implications are for the financing, expenses, and profit

margins due to this dramatic legal change in tax status. From the accounting perspective,

these authors clarify that Native American gaming firms are dynamically challenged with

an entirely new cost structure, which impacts their operational and management strategies

for continued growth and profitability (Johnson &Johnson, 2016). The implication of this

study on this Supreme Court ruling for Native American gaming firms, including those

providing resort-like accommodations with hotels and restaurants, is that they will need

to readjust and reassess their cost structures. Another accounting topic addressed by this

journal, Cornell Hospitality Quarterly, was a comprehensive review of the literature of its

accounting research articles.

Hesford and Potter (2010) undertook a full analysis of accounting-related articles

in this journal over fifty years to clarify the weight and value given to various subtopics

over different time periods. For example, these authors distinguished the industry's

consistent use of the Uniform System of Accounts throughout this time frame, and they

analyzed its strengths and weaknesses as an accounting approach for hotels and

hospitality enterprises. Two accounting issues clarified as complicated for most hotels in

12
the hospitality industry throughout these years are capital budgeting and budgeting,

especially among the independently owned hotels, due to managers often not adjusting

their budgets to reflect operational costs. One of the key distinctions between the past and

present in the accounting area has been the accounting research in the hospitality

industry, moving from mainly prescription to scientific tests of theories and management

practices. One of the significant shortcomings of accounting research underscored by

these authors is that Cornell Hospitality Quarterly, over the past fifty years, has few

extensive sample studies using reliable data over a wide range of accounting practices

(Hesford & Potter, 2010). This entails future accounting research in this journal that can

focus on increasing these large sample studies.

Forecasting

Another hospitality finance topic that is covered extensively in the Cornell

Hospitality Quarterly is forecasting. For example, Canina and Potter (2018) cover the

importance of forecasting in the hospitality industry in earnings predictability which

impacts the finance areas of incentive contracting and credit assessment and valuation.

These researchers focus on two attributes of accounting earnings, persistence, and

predictability, to clarify their impacts on hospitality finance management decisions and

strategies. By assessing a sample of lodging properties and operations over a lengthy

period, these researchers found that earnings predictability through specific forecasting

techniques negatively and positively impact financial management decisions and

strategies. One of the surprising findings in their research is the strong negative

relationship between earnings predictability and operational leverage, which can be

13
mitigated, as evidenced by the data through various strategies of resource flexibility

(Canina & Potter, 2018). This study implies that earnings forecasting techniques are

instrumental and significant for hotels and other hospitality enterprises to make key

financial management decisions and strategies. Another area of forecasting that can be

found reviewed in the Cornell Hospitality Quarterly is executive involvement and

sentiment in impacting the process.

Aliouche, Barber, and Goodman (2013) explore the importance of the hospitality

industry's executives in impacting the forecasting process of other areas of the economy

and how it can become representative of a leading indicator for the aggregate economy.

These researchers clarify that the executive sentiments of their respective lodging

enterprises are compiled in the Lodging Executives' Sentiment Index (LESI) monthly,

which is proven to be a powerful tool of forecasting used by experts and researchers for

indicating future trends in retail sales, interest rates, and stock prices. These researchers

demonstrated that reality by comparing it and combining it with the Conference Board's

Leading Economic Indicator (LEI) with impressive results, including when combined

together the LESI extends the Conference Board's LEI forecast horizon and significantly

improves the overall forecasting accuracy and performance for interest rates, retail sales,

and stock prices. A limitation of this study acknowledged at the end is that the results are

only valid for the ten years studied and assessed, and there is no guarantee that the LESI

will continue to perform as a solid leading economic indicator in the future (Aliouche et

al, 2013). The interesting implication for hospitality finance is that these executives do

have an incredible scope and scale of financial data and financial information at their

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disposal as they assess their enterprises, which would help explain why their sentiment

index would be such a useful forecasting tool for economists and other experts. Another

forecasting topic that is covered by this journal concerns how forecasting became

critically important for hospitality enterprises because of their unusual resilience and

durability in the recent Great Recession period.

Corgel and Woodworth (2012) examine the possible reasons why the hospitality

industry became resilient and robust during the recent Great Recession, 2008-2012, since,

in past recessionary times, the hotels and hospitality enterprises would be extremely hard

hit, which incentivizes them to use forecasting for the hospitality in future scenarios.

These researchers found that the hospitality industry worldwide rebounded far faster and

with strong growth trends than other industries in the Great Recession because of a

critical demographic group who were least impacted: higher-income, college-educated

people in the world's workforces. Another essential trend distinguished by these

researchers was that despite the Great Recession spreading around the globe that

international travel to the United States has not dramatically decreased but even began to

increase a couple of years into this economic time frame to serve as a form of

nongovernmental foreign aid to the hospitality industry. Finally, a third economic

determinant that explains the hospitality's industry quick turnaround and robust

performance in the Great Recession compared to most other industries was that the

demand far outweighs supply, with demand tracking at 5.5% growth annually compared

to 0.5% supply growth. These economic determinants that explain the hospitality industry

rebounding faster and performing far better than other industries in the Great Recession

15
are important parameters for forecasting and clarifying the future of the hospitality

industry. Due to the article being written at the end of the Great Recession, some forecast

scenarios are offered by these authors that consider the worst-case and best-case

scenarios to demonstrate how these economic determinants can be used to frame these

scenarios (Corgel & Woodworth, 2012). This article clarifies that forecasting as a tool for

financial management strategy making and financial management decisions in the

hospitality industry is clearly valuable and essential.

Past Hospitality Finance Research

There has been steady research growth in hospitality since the late 1980s and

early 1990s. This research assisted in the dissemination of new information and revealed

existing issues in the field. Additionally, the research highlighted managerial implications

of financial management issues and problems to industry stakeholders (Baloglu &

Assante, 1999; Chon, Evans & Sutherlin, 1989; Crawford-Welch & McCleary, 1992;

Harris & Brown, 1998; Rivera & Upchurch, 2008). However, as Harris and Brown

(1998) stated in their review of research and development in hospitality accounting and

financial management, this research examined the industry internally and had insufficient

methodologies and shallow results. Atkinson and Jones (2006) also explain in their

review that there had not been much-observed progress in areas viewed as innovative in

1998 and not enough evidence of developing new theories. Another criticism is that, for

the most part, studies repeat mainstream financial research and are only different because

they use a hospitality sample. Based on these findings, there are some clear limitations to

the existing research. Ever since Harris and Brown’s (1998) and Atkinson and Jones’s

(2006) research, there has been steady growth in hospitality financial management
16
research with more diversity in research topics and sophistication of methodologies

(Ramos-Rodriguez, Lechuga & Martínez-Fierro, 2021).

Starting in 2000, there has been a rise in quantitative studies, especially when

comparing 2000 to 2004, which accounts for 65.5% of research, while 2005 to 2009

accounts for 90.7% of research. Examining this rise more closely, hospitality finance

research has incorporated statistical tools during the past decade, not qualitative

measures. However, Cornell Hospitality Quarterly showed a shift in methodology from

2000-2004 and 2005-2009. Cornell Hospitality Quarterly published 2 qualitative papers

and 4 quantitative papers from 2000-2004. However, Cornell Hospitality Quarterly

published 30 qualitative and 12 quantitative papers from 2005-2009. Generally, the

research design appears to be heavily weighted toward quantitative studies, while

qualitative studies are limited (Jang & Park, 2011).

Considering the types of industries covered in hospitality finance research, the

hotel industry (63.7%) was the most frequently studied, while the restaurant industry

(16.8%) was second. Approximately 15.9% of papers were multi-industry focused,

restaurant and hotel accounted for 10.6%, and the remaining 5.3% were hotel and other.

Therefore, the hotel industry is the most heavily researched industry in hospitality finance

research (Jang & Park, 2011). The methods that these studies use vary. The recent studies

on strategy and finance examine organizational efficiency and profitability as results

depend on organizational-level data, making it hard to trust research methods that utilize

primary data, such as surveys and experiments (Li & Ryerson, 2019). Therefore, Baloglu

and Assante (1999) and Rivera and Upchurch (2008) may need to be extended by

17
analyzing different research methods and data sources used in the different fields in the

2010s.

CHAPTER THREE: METHODOLOGY

Research Design

This study utilizes a descriptive research design to study the patterns and trends of

the articles published on hospitality finance. The design describes the characteristics of a

given population and aligns with the study objective, including examining the trends in

specific topics over the six years (Omair, 2015). Studies focusing on strategy and finance

examine organizational profitability as outcomes depend on organizational-level data,

making it hard to trust research methods that use primary data, such as experiments and

surveys (Li & Ryerson, 2019). Therefore, the studies of Baloglu and Assante (1999) and

Rivera and Upchurch (2008) may need to be extended by analyzing different research

methods and data sources used in the different fields in the 2010s. This study conducts

conceptual content analysis, enabling the researcher to garner hospitality finance trends

and elicit themes that stakeholders could put in place to enhance profitability and better

anticipate market volatility. Content analysis, specifically conceptual content analysis, is

a good fit for this research because its purpose is to inquire about the appearance of

specific terms in the research data (Watson & Lacy, 2017).

Data Collection and Data Analysis

The primary data for this study contains academic articles that discuss finance

topics in the field of hospitality from 2010 to 2021. The journal selected to collect the

data is Cornell Quarterly. This journal was selected because it received one of the highest

scores in hospitality journal rankings (McGinley, Wei, Zhang & Zheng, 2021). The
18
researcher collected secondary data, which only includes the refereed papers and not

material such as announcements, book reviews, conference/research comments,

discussion notes, and editorial comments. The present study focused on five subtopics as

previously detailed: Profitability, Investments/Stocks, Revenue Management,

Accounting, and Forecasting. Further, this study classified the industry applications,

which represent the different sectors of the hospitality and tourism industry, and a

specific topic was studied. For example, a study that researched innovativeness and

profitability in hotels would be classified as “Hotel/lodging” because it focuses on the

hotel industry. If a study researches a hospitality finance concept in the restaurant

industry, the target industry would be “Restaurant.” If a study researched Federal Tax

laws in the gaming industry, it would fall under “Casino.” Studies that targeted the

hospitality industry collectively were classified under “General.” In conclusion, a total

number of 46 finance topic articles were collected as the final data for this research study.

The researcher utilized Excel to analyze to sort, and tabulate frequencies. Excel was

pivotal in generating summary tables and charts for descriptive statistics. (Corti, 2018).

CHAPTER FOUR: RESULTS AND FINDINGS

Study Topic Review and Trends

Table 1 presents the topics published in the Cornell Hospitality Quarterly journal.

Revenue management and investment stocks are the topmost published articles in the

Cornell Hospitability, with a valid percentage of 8.7%. Accounting, investment, and

profitability come second. Other dominant topics that have been published from 2010 to

19
2021 include economy, forecast, foreclosure, revenue management forecast, and revenue

management pricing.

Table 1

Subjects published

Topics n Percent Total percent

Accounting 3 6.5 6.5
Acquisition 1 2.2 8.7
Asset Management, Investments 1 2.2 10.9
Cash Flows 1 2.2 15.2
Cash Flows, Investments 1 2.2 17.4
Cost Efficiency 1 2.2 19.6
Economy 2 4.3 23.9
Equity Risk 1 2.2 26.1
Finance 1 2.2 28.1
Financial Accounting 1 2.2 30.5
Financial Accounting, Earnings
1 2.2 32.7
Management
Firm Performance 1 2.2 34.9
Forecast 2 4.3 39.2
Foreclosure 2 4.3 43.5
Investment 3 6.5 50
Investment behavior/ fixed
1 2.2 52.2
assets
Investments, Stocks 4 8.7 60.9
Market 1 2.2 63.1
Mergers and acquisition 2 4.3 67.4
Mortgage, Debt Yield 1 2.2 69.6
Pricing 1 2.2 71.8
Profit Efficiency 1 2.2 74
Profitability 3 6.5 80.5
Revenue Management 4 8.7 89.2
Revenue Management,
1 2.2 91.4
Financial Accounting
Revenue Management,
2 4.3 95.7
Forecasting

20
 Revenue Management, Pricing 2 4.3 100
Others 1 2.2
Total 46 100

Note. The above table indicates the key topics published in the Cornell Quarterly and

their respective frequency.

Revenue management has four distinctive components that were analyzed

separately: revenue management, revenue management and financial accounting, revenue

management and forecasting, revenue management and pricing. All these topics are

different from revenue management because the discussions broadly examine the

respective topics.

A closer look into revenue management indicated that the most discussed topics

include selling hotel rooms, third-party websites, online travel agents, room rates,

distribution channels, Industry analysis; RevPAR disaster; breakeven occupancy, casino,

and intermittent demand. Other key research areas include revenue management,

optimization, and table games (Altin et al., 2017; Chen, Tsai & McCain, 2012;

Smith, 2010; Toh, Raven & DeKay, 2011). Other similar articles discussed revenue

management operations outsourcing strategic management transaction cost economics

organizational capability.

An in-depth overview of investment stocks indicates that the dominant issues

discussed include corporate Finance, Investments, Event Study, Abnormal Returns,

Travel Promotion Act, investor distraction, hospitality stocks, earning announcements,

market efficiency, investor sentiment, terrorism, and hospitality stock returns

(Dogru, 2018). Many of the articles on revenue management concentrated on delving into

21
issues related to managing hotels and firm performance. Figure 1 describes the 6- year

trend of the topics that were published on hospitality finance. The chart has a comparison

of 2 periods; 2010-2015, 2016-2021 to make it easier and convenient for comparison. It is

easier to track the trends in one chart as compared to many charts.

Figure 1

6-year Trend

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Thirty-five articles were published in the Cornell Hospitality Quarterly between

2010 and 2015. This trend decreased from 2016 to 2021 to 11 articles. The dominant

publications in the first six years include Revenue management, investment stocks,

profitability, investment, and accounting, with 4, 4, 3, 3, and 3 publications, respectively

(Altin et al., 2017; Chen et al., 2012). This implies that the scholars prioritized income

generation and management in their publications. The least published articles between

2010 and 2015 include cash flows, cost efficiency, pricing, and financial accounting. The

11 studies published from 2016 to 2021 include accounting, investment, mergers and

22
acquisitions, revenue management, revenue management pricing, cash flows, cost

efficiency, economy, financial accounting, and investment stocks. More preference was

given to the mergers and acquisition topic between 2016 and 2021.

Table 2 presents the classifications of industry applications. In general, hotel was

mostly researched (71.7%). Many articles targeted the hospitality industry, while few

(6.5%) discussed general topics. The targeted industry application of the 46 studies

includes general, casino, Casino/restaurant, hotel, hotel/restaurant, and restaurant (Chen

et al., 2012). The topics discussed were exclusive to the airline industry. There were few

instances of mentions of travel

Table 2

Industry Application

Industry application N Percent

General 3 6.5
Casino 2 4.3
Casino/ Restaurant 1 2.2
Hotel 33 71.7
Hotel/ Restaurant 2 4.3
Restaurant 4 8.7
Other 1 2.2
Total 46 100

Table 3 summarizes the study type, research design, data collection, and main

analysis methods applied in the selected hospitality finance articles. Empirical research

accounted for 89.1% of the research, while conceptual study accounted for 10.9%. 100%

of the hospitality finance articles utilized secondary data as the key strategy in collecting

data (Altin et al., 2017; Chen et al., 2012). Consequently, 84.8% of the articles used logit

23
regression tests as the primary analysis method. 13% of the hospitality finance articles

used an inferential statistical method Analysis of Variance (ANOVA) test, while 2.2%

utilized the Structural Equation Modeling (SEM) method. The regression method is ideal

for trend forecasting, which is the research’s primary goal and its wide use in the

hospitality finance study aligns with its rationale.

Table 3
Methodology Review

Methodology N Percent Total Percent

Type of study
Conceptual 5 10.9 10.9
Empirical 41 89.1 100
Research Design
Qualitative 6 13 13
Quantitative 40 87 100
Mixed methods
Data collection/orientation
Case study 0 0 0
commentary 0 0 0
Experiment 0 0 0
Interviews/focus groups 0 0 0
Primary field survey 0 0 0
Review 0 0 0
secondary data 46 100 100
simulation 0 0 0
Multiple 0 0 0
others 0 0 0
Main analysis Method
Regression/logit 39 84.8 84.8
ANOVA 6 13 97.8
SEM 1 2.2 100
Structural Equation Method 0 0 0
Time series 0 0 0
Other multivariate methods 0 0 0

24
 Figure 2 illustrates the 6-year trend on the types of study used covering from

2010- 2021, which indicates how the research designs changed over the six years. The

figure indicates a decreasing trend of the conceptual design articles from 5 to 0. All

hospitality finance articles published from 2016 to 2021 did not use the conceptual study.

The figure also indicates that 23 articles published between 2010 and 2015 utilized the

empirical study and dropped to 18 from 2016 to 2021.

Figure 2
Type of Study

25
6 year trends
- 2010 - 2015 2016 - 2021

20

15

10

0
Conceptual Empirical

Figure 3 indicates a six-year comparison of the data analysis method used in the

hospitality finance articles. Most of the articles (23) used the regression method to

analyze the data from 2010- 2015. This number dropped to 16 articles from 2016-2021.

The majority of the scholars preferred exploring other data analysis methods. Secondly,

four articles used the ANOVA test in the first 6-year period, but the number dropped to 2

in the second period. Only one article utilized the SEM method in the first 6-year period,

but no scholar has utilized the test from 2016 to 2021 (Smith, 2010; Toh et al., 2011).
25
Figure 3
Data Analysis Methods

25

20
- 2010 - 2015
- 2016 - 2021

15

10

0
Regression ANOVA - SEM

CHAPTER FIVE: CONCLUSION

Notably, hospitality finance is a key area in the hospitality industry that has

attracted the attention of numerous stakeholders, including scholars. Revenue

management and investment stocks are the topmost published articles in the Cornell

Hospitability Quarterly accounting to 8.7%. Accounting, investment, and profitability

come second and account for 6.5% each of the articles selected. Mergers and acquisitions

are key trends adopted by multiple scholars in recent years. It is evident that the attention

to mergers and acquisitions was tailored to meet the industry realities in the hospitality

industry, which focuses on efficiency, revenue growth, and a greater market share

(Hummel & Amiryany, 2015). The Cornell Hospitality Quarterly has significantly

increased coverage of finance topics and finance issues from 2.9% in 1990 to 9.1% in

26
2009, and 30.36% in 2021.This trend of increased coverage implies many different

finance topics are being investigated and assessed by academic scholars. This study

aimed at assessing topics and trends in hospitality finance articles that are more recent,

specifically published between 2010 and 2021, in Cornell Hospitality Quarterly. The

study utilized content and descriptive analysis to build on past hospitality finance

research and to make further contribution to the literature. Comparative analysis helped

to depict the progress in increased coverage over time.

Revenue management enables hotel operators to forecast demand and other

customer behavior using performance data and analytics (Bhatnagar, 2016). It enables

businesses to decide on pricing and distribution more sanely, maximizing sales and profit.

Since revenue management has long been a standard industrial practice, managers may

need help convincing owners of its benefits. This is one of the reasons it received so

much attention during this period. Revenue management has four components including;

revenue management, Revenue management & financial accounting, revenue

management & forecasting, and Revenue management & pricing.

The least comprehended aspect of an autonomous property's activities has

traditionally been revenue management. There has been a high occupancy rate in many

hotels in the past attracting less interest in revenue management as the management

focused more on other core activities like hospitality management (Fenyves, 2020).

However, the visitor trends and booking patterns of today are changing so quickly that it

is essential to have a strong revenue management plan. Revenue management currently

stands between essential hotel analytics and customer demand predictions, which is why

27
it has gained increased interest in research. With a revenue management strategy in place,

the hotel can plan by improving staffing for times of higher need, avoiding staffing issues

during times of reduced demand, and determining the optimal rate to sell rooms.

Automated revenue management has attracted numerous guests and made it

efficient to manage key resources in the hotel industry (Bhatnagar, 2016). The hotels'

revenue management approach has improved since they can now utilize this information

to decide more wisely on promotions and marketing initiatives. For instance, a hotel

room's best price today may be considerably different from its best price tomorrow. The

ability to plan by managing staff for periods of high demand and minimizing overstaffing

in times of lower demand is made possible by having a revenue management strategy.

This is a significant factor in the rise in the use of revenue management. Since the hotels

also utilize this information to make better decisions about promotions and marketing

campaigns, Improved branding ensured that the revenue management plan enhanced the

hotels at that time. Their revenue management techniques effectively improved the

hotel's bottom line. In addition to increasing occupancy, improved pricing ensures that

the hotel can sell all of its rooms for the highest price and get the most RevPAR feasible.

Hoteliers once had to spend a lot of time gathering the necessary data and creating

reports. Nevertheless, advancements in revenue management systems as attracted wide

use in the modern era. (Murimi, Wadongo & Olielo, 2021). The above trend is consistent

with the results of this study comprehending a broad coverage of the revenue

management concept in the respective published articles.

28
Implications for Study

The study on hospitality finance coverage over 12 years will add to the existing

literature on financial management in the hospitality sector. Notably, the results can help

inform why more focus is put on some areas. The findings will help assess the

implication of financial reporting in the hotel industry. Revenue management is anchored

in key three pillars which include guests, colleagues, and money. This study is among the

few pieces of research that have been conducted on hospitality finance to provide trends

on the topic in recent years. The study adds to the existing literature by providing the

dominant industry's key patterns and topics commonly published in the recent twelve

years. Revenue management stood out as a key trend that most scholars and stakeholders

have prioritized in the hospitality industry. Furthermore, there was a shift to mergers and

acquisitions in the second 6-year period from 2016 to 2021.

Study Limitations and Future Study Recommendations

The first limitation includes the difficulty in locating a clear and generally accepted

definition of the term Hospitality Finance. Someone else might define the term

differently and include real estate. Articles related to finance can be found in a variety of

journals, however, it was difficult to locate a specific journal that influenced academia

and industry. The Cornell Hospitality Quarterly was selected as the primary resource for

this study. \Since 33 out of 46 articles related specifically to hotels, the Revenue

Management aspects may have had a greater influence than if 33 out of 46 articles related

specifically to restaurants. Cornel Quarterly has a total of 81 articles that have been

published until 2021. Although this paper mentioned stocks-investments and earnings

29
reports, this paper did not look in detail at hotel company performance in the equity and

debt markets during the 2010- 2021-time period.

Future studies may want to focus on the relationships between the equity and debt

markets for publicly traded lodging organizations. Future studies can focus on the

implication of revenue management in hospitality finance. A comparison between the

hospitality industry and another sector is eminent. Further, financial performance in the

multiple components (hotels, restaurants, airlines) of the hospitality could be compared in

future studies. The comparison will help assess whether the hospitality industry has

distinct factors that affect its success compared to other sectors.

30
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