BazEkon - The Main Library of the Cracow University of Economics

BazEkon home page

Main menu

Szutowski Dawid (Uniwersytet Ekonomiczny w Poznaniu)
Impact of Innovation on the Market Value of Tourism Enterprises: Approaches and Metrics
Wpływ innowacji na wartość rynkową przedsiębiorstw turystycznych. Podejścia badawcze
Studia Oeconomica Posnaniensia, 2015, vol. 3, nr 2, s. 181-200, tab., bibliogr. 59 poz.
Innowacje, Przedsiębiorstwo turystyczne, Wartość rynkowa
Innovations, Tourist enterprises, Market value
streszcz., summ.
Celem artykułu było usystematyzowanie wiedzy dotyczącej wpływu innowacji na wartość przedsiębiorstw turystycznych. W badaniu wykorzystano metodę studiów literaturowych. Ze względu na liczbę dostępnych informacji posłużono się elektroniczną bazą danych - Ebsco. Przeanalizowano podejścia badawcze i miary odnoszące się do reakcji inwestorów na informacje płynące z rynku. Badane publikacje koncentrowały się na najważniejszych aspektach finansowych jak rynkowa wycena innowacji, kreacja wartości opartej na innowacjach i wycena inwestycji. Badanie pozwoliło na wskazanie pięciu podejść badawczych i trzech miar najczęściej wykorzystywanych w badaniach empirycznych dotyczących efektów innowacji. Pozwoliło ponadto na analizę teoretycznych podstaw reakcji inwestorów i efektywności rynków. Artykuł stanowi próbę wypełnienia istotnej luki poznawczej dotyczącej zależności pomiędzy innowacjami i wartością przedsiębiorstw turystycznych.(abstrakt oryginalny)

The purpose of this research was to integrate existing knowledge regarding the effects of innovation on the value of tourism enterprises. The research is based on a literature review. This was performed through the use of the Ebsco electronic database, due to the high accessibility of its information. The review encompassed the metrics of investor responses and related analytical models. The relevant papers referred to key financial factors under headings such as the market value of innovation, innovation driven value creation, and investment valuation. The research identified five approaches and three metrics which were most commonly used in empirical studies on the effects of innovation. Moreover, it enabled the concepts of investor responses and market efficiency to be delineated. The paper attempts to fill an important research gap concerning the impact of innovation on the value of tourism enterprises.(original abstract)
The Main Library of the Cracow University of Economics
The Library of Warsaw School of Economics
The Main Library of Poznań University of Economics and Business
Full text
  1. Belenzon, S., 2011, Cumulative Innovation and Market Value: Evidence from Patent Citations, The Economic Journal, iss. 122, pp. 265-285.
  2. Belghitar, Y., Dixon, R., 2012, Do Venture Capitalists Reduce Under-pricing and Underperformance of IPOs, Applied Financial Economics, iss. 22, pp. 33-44.
  3. Benzoni, L., Schenone, C., 2010, Confl ict of Interests and Certification in the U.S IPO Market, Journal of Financial Intermediation, iss. 19, pp. 235-254.
  4. Bhatawedekhar, D., Jacobson, D., Hamade, H., 2005, Vault Guide to Finance Interwievs, Vault, New York.
  5. Boehme, R., Sorescu, S., 2002, The Long Run Performance Following Dividend Initiations and Resumptions: Under Reaction or Product of Chance?, The Journal of Finance, vol. LVII, no. 2, pp. 871-900.
  6. Brav, A., Heaton, J., B., 2000, Competing Theories of Financial Anomalies, second draft , n/2000-05/heaton.pdf [access: 3.11.2013].
  7. Brav, A., Heaton, J., B., 2002, Competing Theories of Financial Anomalies, Review of Financial Studies, vol. 15, no. 2, pp. 575-606.
  8. Brennan, M., Xia, Y., 2001, Assessing Asset Pricing Anomalies, Review of Financial Studies, vol. 14, no. 4, pp. 905-942.
  9. Byun, J., Rozeff , M., 2003, Long-run Performance after Stock Splits: 1927-1996, The Journal of Finance, vol. LVIII, no. 3, pp. 1063-1085.
  10. Cassidy, J., 2010, After the Blowup, The New Yorker, [access: 12.10.2013].
  11. Cheng, L., 2011, Study of the Special Adjustment Methods for Calculating EVA, Proceedings of the 8th International Conference on Innovation & Management, Kitakyushu, Japan, [access: 3.12.2012].
  12. Cronin, P., Ryan, F., Coughlan, M., 2008, Undertaking a Literature Review: A Step-by- step Approach, British Journal of Nursing, vol. 17, no. 1, pp. 38-43.
  13. Dekimpe, M., Hanssens, D., 2005, Persistence Models and Marketing Strategy, Tijdschrift voor Economie en Management vol. L, no. 5, pp. 1-29.
  14. Economic Sciences Prize Committee of the Royal Swedish Academy of Sciences, 2013, Scientific Background on the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2013. UNDERSTANDING ASSET PRICES, The Royal Swedish Academy of Science; [access: 15.10.2013].
  15. Elbarghouthi, S., Quasim, A., Yassin, M., 2012, The Use of Runs Test in Amman Stock Exchange, International Business Research, vol. 5, no. 2, pp. 159-172.
  16. Fama, E., 1965, Random Walks in Stock Market Prices, Financial Analysts Journal, vol. 21, iss. 5, pp. 55-59.
  17. Fama, E., 1970, Efficient Capital Markets: A Review of Theory and Empirical Work, Journal of Finance vol. 25 , iss. 2, pp. 383-417.
  18. Fama, E., 1992, The Cross-section of Expected Stock Returns, The Journal of Finance, vol. XLVII, no. 2, pp. 427-465.
  19. Fama, E., 2011, Efficient Market Hypothesis. Free Markets: Information, Prices, Risk and Return, [access: 28.11.2013].
  20. Filbeck, G., Krueger, T., Preece, D., 2007, CFO Magazine's "Working Capital Survey": Do Selected Firms Work for Shareholders?, Quarterly Journal of Business and Economics, vol. 46, no. 2, Spring, pp. 3-22.
  21. Finance Formulas, Total Stock Returns, [access: 3.11.2013].
  22. Goux, D., Maurin, E., 2000, Returns to Firm Provided Training: Evidence from French Firm-worker Matched Data, Labour Economics, iss. 7, pp. 1-19.
  23. Grant, M., Bootht, A., 2009, A Typology of Reviews: An Analysis of 14 Review Types and Associated Methodologies, Health Information and Libraries Journal, no. 26, pp. 91-108.
  24. Gunday, G., Ulusoy, G., Kilic, K., Alpkan, L., 2011, Effects of Innovation Types on Firm Performance, International Journal of Production Economics, no. 133, pp. 662-676
  25. Hanssens, D., Rust, R., Srivastava, R., 2009, Marketing Strategy and Wall Street: Nailing Down Marketing's Impact, Journal of Marketing, vol. 73, November, pp. 115-118.
  26. Harris, P., 1999, Profit Planning, 2nd ed., Caterer, Oxford.
  27. Hilsernath, J., 2004, As Two Economists Debate Market, The Tide Shift, The Wall Street Journal,,,SB109804865418747444,00.html [access: 12.10.2013].
  28. Hjalager, A.M., 2002, Repairing Innovation Defectiveness in Tourism, Tourism Management, vol. 23, pp. 465-474.
  29. International valuation standards council, 2013, International valuation glossary, [access: 12.11.2013].
  30. Joshi, A., Hanssens, D., 2004, Advertising Spending and Market Capitalization, MSI Report (04-110).
  31. Joshi, A., Hanssens, D., 2010, The Direct and Indirect Effects of Advertising on Market Value, Journal of Marketing, vol. 74, January, pp. 20-33.
  32. Kimbrough, M., Mcalister, L., 2009, Linking Marketing Actions to Value Creation and Firm Value: Insights from Accounting Research, Journal of Marketing Research, vol. XLVI, June, pp. 313-319.
  33. Lo, A.W., 2007, Efficient Market Hypotheses, in: The New Palgrave: A Dictionary of Economics, 2nd ed., Palgrave McMillan, New York.
  34. London Stock Exchange, 2010, A Guide to Listing on the London Stock Exchange, White Page, London.
  35. Mitchell, M., Stafford, E., 2000, Managerial Decisions and Long Term Stock Price Performance, The Journal of Business, vol. 73, no. 3, pp. 287-329
  36. Mizik, N., Jacobson, R., 2009, Financial Market Research in Marketing, Journal of Marketing Research, vol. XLVI, June, pp. 320-324.
  37. Nasdaq OMX, Why Get Listed?, [access: 20.10.2013].
  38. Nicolau, J., Santa-Maria, M., 2013, The Effect of Innovation on Hotel Market Value, International Journal of Hospitality Management, iss. 32, pp. 71-79.
  39. Nocera, J., 2009, Poking Holes in a Theory on Markets, New York Times, [access: 12.10.2013].
  40. Oxford English Dictionary, [access: 13.11.2013].
  41. Pauwels, K., Silva-Risso, J., Srinivasan, S., Hanssens, D., 2004, New Products, Sales Promotions, and Firm Value: The Case of the Automobile Industry, Journal of Marketing, vol. 68, October, pp. 142-156.
  42. Quadros, R., Furtado, A., Roberto, B., Franco, E., 2001, Technological Innovation in Brazilian Industry: an Assessment Based on the Sao Paulo Innovation Survey, Technological Forecasting and Social Change, vol. 67, iss. 2-3, pp. 203-219.
  43. Schumpeter, J.A., 1939, Business Cycles a Theoretical, Historical, and Statistical Analysis of the Capitalist Process, New York, London.
  44. Seasholes, M., Zhu, N., 2010, Individual Investors and Local Bias, The Journal of Finance, vol. LXV, no. 5, pp. 1987-2010.
  45. Sharma, A., Lacey, N., 2004, Linking Product Development Outcomes to Market Valuation of the Firm: The Case of the U. S. Pharmaceutical Industry, The Journal of Product Innovation Management, iss. 21, pp. 297-308.
  46. Simkovic, M., 2009, Secret Liens and the Financial Crisis of 2008, American Bancrupcy Law Journal, vol. 83, p. 253-295.
  47. Sood, A., Tellis, G., 2009, Do Innovations Really Payoff ? Total Stock Market Returns to Innovation, Marketing Science, vol. 28, pp. 442-456.
  48. Sorescu, A., Chandy, R., Prabhu, J., 2003, Sources and Consequences of Radical Innovation: Insights from Pharmaceutical, Journal of Marketing, vol. 67, October, pp. 82-102.
  49. Sorescu, A., Shankar, V., Kushwaha, T., 2007, New Products Preannouncements and Shareholder Value: Don't Make Promises You Can't Keep, Journal of Marketing Research, vol. XLIV, August, pp. 468-489.
  50. Sorescu, A., Spanjol, J., 2008, Innovation's Effect on Firm Value and Risk: Insights from Consumer Packaged Goods, Journal of Marekting, vol. 72, pp. 114-132.
  51. Spindt, P., Firm Valuation: a Field Guide, [access: 3.11.2013].
  52. Srinivasan, S., Pauwels, K., Silva-Risso, J., Hanssens, D., 2004, Staying Ahead in the Innovation Race: New Products Innovations and Relative Firm Value, Working Paper, Anderson School of Management, University of California, Los Angeles.
  53. Srinivasan, S., Pauwels, K., Silva-Risso, J., Hanssens, D., 2009, Product Innovations, Advertising, and Stock Returns, Journal of Marketing, vol. 73, January, pp. 4-43
  54. Su, N., Lin, C., 2012, The Impact of Open-Market Share Repurchases on Long-Term Stock Returns: Evidence from the Taiwanese Market, Emerging Markets Finance & Trade, vol. 48, Supplement 2, pp. 200-229.
  55. Szutowski, D., 2014, Classification of innovations in tourism companies - Systematic Literature Review, conference proceedings of Dynamika Przemian Rynku Turystycznego, Warsaw, 16-17 October, Wyż sza Szkoła Turystyki i Językó w Obcych w Warszawie i Stowarzyszenie Ekspertów Turystyki (work in press).
  56. Szutowski, D., Bednarska, M.A., 2014, Short - and Long-term Effects of Innovations on Tourism Enterprise Market Value, in: Dias, F., Oliveira, S., Kosmaczeska, J., Pereira, A. (eds.), New Trends in Tourism Research, Tourism Research Group of Polytechnic Institute of Leiria, Portugal, pp. 205-217.
  57. UNWTO, 2010, International Recommendations for Tourism Statistics 2008, United Nations Publications, New York.
  58. Vila, M., Enz, C., Costa, G., 2012, Innovative Practices in the Spanish Hotel Industry, Cornell Hospitality Quarterly, February, vol. 53, iss. 1, pp. 75-85, [access: 3.12.2012].
  59. Walker, R.M., Damanpour, F., Devece, C.A., 2011, Management Innovation and Organizational Performance: the Mediating Effect of Performance Management, Journal of Public Administration Research Theory 21 (2), pp. 367-386.
Cited by
Share on Facebook Share on Twitter Share on Google+ Share on Pinterest Share on LinkedIn Wyślij znajomemu