This study examines how internal governance influences the relationship between strategic posture and firm performance in large, publicly listed U.S. hospitality firms. Drawing on Agency Theory, we argue that the board of directors plays a crucial role in determining whether firms can capitalize on the top management team’s entrepreneurial orientation (EO). We investigate board tenure as a key characteristic representing the balance between accumulated expertise and potential entrenchment. Using two-way fixed effects regressions on longitudinal data, we find a significant positive association between EO and firm performance. However, board tenure moderates this relationship, with a dampening effect that increasingly restricts returns to EO as tenure lengthens. Our results suggest that governance risks become more salient with extended board tenure. These findings offer important insights for optimizing board configurations in the dynamic hospitality industry.

中文翻译：

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酒店公司的创业定位、董事会任期和财务业绩


本研究考察了内部治理如何影响美国大型上市公司的战略态势与公司绩效之间的关系。借鉴代理理论，我们认为董事会在决定公司是否可以利用高层管理团队的创业取向 （EO） 方面发挥着至关重要的作用。我们将董事会任期作为代表积累的专业知识和潜在根深蒂固之间平衡的关键特征进行研究。使用纵向数据的双向固定效应回归，我们发现 EO 与公司绩效之间存在显着的正相关。然而，董事会任期缓和了这种关系，随着任期的延长，其抑制效应会越来越多地限制对 EO 的回报。我们的结果表明，随着董事会任期的延长，治理风险变得更加突出。这些发现为在充满活力的酒店业中优化董事会配置提供了重要的见解。