The upper echelons theory postulates that the cognitive frameworks of top executives shape organizational decisions and behaviors. Based on this theory, this study contributes to the literature by analyzing the effects of the chief executive officer's (CEO) political ideology and political climate on variations in the market value of tourism firms resulting from their innovation activities. An empirical application was conducted on major U.S. hotel companies that have traded on the stock market for the last 25 years (1998–2022) and made innovation-related announcements. This application shows that, although the implementation of innovative activities positively affects a firm's market value, both the CEO's political ideology and the political climate influence the degree of change in the said market value. This study has fundamental theoretical implications for upper echelons theory by improving the understanding of how cognitive diversity derived from political ideology influences decision-making and its outcomes.

中文翻译：

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驾驭市场浪潮：首席执行官的政治意识形态如何塑造创新驱动的旅游价值潮流


高层理论假设高层管理人员的认知框架塑造组织决策和行为。基于这一理论，本研究通过分析首席执行官（CEO）的政治意识形态和政治气候对旅游公司创新活动造成的市场价值变化的影响，为文献做出了贡献。对过去 25 年（1998 年至 2022 年）在股票市场交易并发布创新相关公告的美国主要酒店公司进行了实证应用。该应用表明，尽管创新活动的实施对公司的市场价值产生积极影响，但首席执行官的政治意识形态和政治气候都会影响该市场价值的变化程度。这项研究通过提高对政治意识形态衍生的认知多样性如何影响决策及其结果的理解，对高层理论具有根本性的理论意义。