What are the key success factors for strategy formulation and implementation? Perspectives of managers in the hotel industry

This study investigates how hotel managers describe strategy and identify key success factors for its formulation and implementation. The study analyzes qualitative data collected through semi-structured interviews with property level top managers of hotels in Hong Kong. The findings show that hotel managers prioritize competition analysis and macro-environmental conditions over internal characteristics such as teamwork in strategy formulation. In the implementation phase, however, internal considerations such as employee involvement and strategic consensus are given prominence. This study provides a significant contribution by examining how top level practitioners in the industry interpret success factors in their strategic management efforts, and it highlights a largely neglected area in the hospitality and tourism management literature.

Who reports high company performance? A quantitative study of Chinese listed companies in the energy industry

In the increasingly competitive environment, top managers’ background characteristics are undoubtedly vital factors for company performance. This study examines whether the performance of Chinese listed companies in the energy industry differs with respect to top managers’ background characteristics and explores the exact distribution interval of top managers’ background characteristics when company performance reaches the highest level. The initial sample was collected from the CSMAR database (2005–2014) for listed companies in the energy industry. After removing the outlier and missing data, the final number of observations was determined as 780. Descriptive statistics were used to investigate the present distribution of top managers’ background characteristics, factor analysis was used to determine the dimensions of company performance, and one-way ANOVA was used to analyze the differences in company performance and its dimensions with respect to top managers’ background characteristics. The findings show that both the age and length of service of top managers present an increasing trend over the years of the study period, whereas the educational level shows no significant changes. The performance of listed companies has three dimensions: profit performance, growth performance, and operating performance. Companies behave differently with regard to their top managers’ background characteristics; when the top manager is 40–45 years old, with a doctoral degree and above, and in the 2nd–3rd year of his service period, his company will achieve a higher level of performance. This study contributes to the growing literature on company performance in the Chinese energy industry by demonstrating the differences in the performance of Chinese listed companies in the energy industry with regard to top managers’ background characteristics, and reaching conclusions on the optimum distribution interval of top managers’ background characteristics when company performance reaches the highest level. This study also provides a valuable reference for organizational reform and performance enhancement, which are urgent problems for the Chinese energy industry.