Corporate governance, tourism growth and firm performance: Evidence from publicly listed tourism firms in five Middle Eastern countries

Al-Najjar, Basil (2014) Corporate governance, tourism growth and firm performance: Evidence from publicly listed tourism firms in five Middle Eastern countries. Tourism Management, 42. pp. 342-351. ISSN 0261-5177

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Abstract

This study explores the under-researched relationship between corporate governance and firm performance in tourism companies. We employ instrumental variable modelling using 2SLS for publicly listed firms in five countries in the Middle East. Board independence is found to be positively related to firm performance and stock performance, suggesting that having independent directors among board members will improve overall firm performance. Board size shows opposing results: large boards enhance firm profitability; however, small boards exhibit more efficient stock performance. Finally, we support the tourism-led-growth hypothesis in our selected sample. These findings have empirical implications for policy makers, governments and academics.

Item Type:	Article
Uncontrolled Keywords:	Board size; Board independence; Tourism growth; Firm performance; 2SLS; Logit modelling
Subjects:	H Social Sciences > HG Finance
Schools:	Huddersfield Business School
Related URLs:	Author Publisher
Depositing User:	Basil Al-Najjar
Date Deposited:	14 Aug 2017 08:39
Last Modified:	27 Mar 2018 13:15
URI:	http://eprints.hud.ac.uk/id/eprint/32777

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