The upper echelons theory posits that a CEO’s cognitive and perceptual processes, as well as their values and experiences, influence their decision-making and, consequently, their strategic choices. In the complex love-hate relationship between hotels and online travel agencies, the topic of rate parity agreements is controversial and heated, wherein a CEO’s values, beliefs, and convictions potentially playing a critical role in guiding actions. This study tests this hypothesis by investigating how CEO political ideologies affect changes in hotel market value resulting from the dismissal of the U.S. rate parity lawsuit. The results reveal that the reduction in hotel companies’ market value due to the lawsuit’s dismissal is accentuated by CEO liberalism. Conservative CEOs seem to prioritize shareholder interests, aligning with investor expectations for value preservation amid online travel agencies’ consolidation of market power. This study holds theoretical and managerial implications for the upper echelons theory, corporate governance, and market competition studies.

中文翻译：

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设定方向：CEO 信念是酒店与 OTA 关系中的北极星


上层理论认为，首席执行官的认知和感知过程，以及他们的价值观和经验，会影响他们的决策，从而影响他们的战略选择。在酒店和在线旅行社之间复杂的爱恨交织的关系中，价格平价协议的话题充满争议和激烈，其中 CEO 的价值观、信仰和信念可能在指导行动方面发挥关键作用。本研究通过调查 CEO 政治意识形态如何影响美国价格平价诉讼被驳回而导致的酒店市场价值变化来检验这一假设。结果显示，由于诉讼被驳回而导致酒店公司的市值下降，CEO 的自由主义加剧了这种损失。保守的 CEO 们似乎优先考虑股东的利益，这与投资者对在线旅行社巩固市场力量时保值的期望相一致。本研究对上层理论、公司治理和市场竞争研究具有理论和管理意义。