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The hotel industry has experienced changes brought on by growth, customer expectations, and the proliferation in the use of e-commerce and online distribution channels. Future hotel success depends on how effectively hotel revenue managers are able to manage different booking channels to maximize hotel revenue. A Data Envelopment Analysis–Balanced Scorecard (DEA-BSC) model to measure efficiency of distribution channel mix using BSC results is presented. DEA-BSC was used because DEA-BSC incorporates multiple metrics simultaneously while traditional business models typically focus on one performance measure such as profit. Inputs for the model include the five distribution channels of C-Res/Voice, GDS, Brand.com, OTAs, and property/relationship sales. Output is the consolidated BSC average. The model was tested and results presented, demonstrating support for the usefulness of the model. [ABSTRACT FROM AUTHOR]

This study investigated the occurrence of merger and acquisition (M&A) waves in restaurant and lodging industries. By comparing actual frequency of M&A deals with simulated randomly generated deal frequency distributions, this study proved the presence of restaurant and lodging M&A waves. Macroeconomic determinants of the waves were then identified using factor analysis to extract underlying latent factors from 16 macroeconomic variables and employing a distributed lag model to investigate the effect of the extracted macroeconomic factors on the waves. Results showed that all factors (overall activity, market value, cost of debt, and inflation) significantly affected deal frequency in the hospitality industries studied. Theoretical and practical implications of the findings are presented. [ABSTRACT FROM AUTHOR]

The purpose of this study was to identify tangible and intangible gains resulting from advertising in restaurant businesses from both the marketing and finance/accounting perspectives. Specifically, this study examined both behavioral and intermediate effects of advertising on consumer behavior and firm performance. Annual sales, profit, Tobin’s Q, and advertising expenditure of 119 restaurant firms from 1991 to 2012 were used for data analysis. The findings revealed that advertising led to an immediate increase in consumer demand, but failed to improve profit. The effect of advertising on sales and profit through brand equity was found to be insignificant. This study suggests a new angle on the use of advertising and brand strategies in the restaurant industry and discusses potential directions for future research. [ABSTRACT FROM AUTHOR]