This paper analyzes the impact of corporate culture on hotel financial stability. We conduct textual analysis on 10-K reports of 47 US-listed hotel firms from 2000 to 2021 to quantify four corporate culture dimensions in the Competing Values Framework – Control, Collaborate, Compete, and Create. The results suggest that hotel firms whose cultures focus on individuality and flexible organizational structure, i.e., Create and Collaborate, have a lower level of financial stability. We also find that this relation is more pronounced (1) during non-crisis periods when hotel firms are more affected by external economic conditions rather than the internal culture; (2) among larger hotel firms where corporate culture is more established; and (3) among multi-divisional/multinational hotel firms who may cultivate and sustain their culture more rigorously to coordinate and unite multiple business/international units. Our findings suggest that hotel firms should highlight corporate culture in shaping their sustainable financial management strategy.

中文翻译：

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企业文化与财务稳定性：美国酒店公司研究


本文分析了企业文化对酒店财务稳定性的影响。我们对 2000 年至 2021 年间 47 家美国上市酒店公司的 10-K 报告进行了文本分析，以量化竞争价值框架中的四个企业文化维度——控制、协作、竞争和创造。结果表明，文化注重个性和灵活组织结构（即 Create 和 Collaborate）的酒店公司的财务稳定性较低。我们还发现，这种关系更为明显 （1） 在非危机时期，酒店公司更多地受到外部经济条件而不是内部文化的影响;（2） 在企业文化更成熟的大型酒店公司中;（3） 在多部门/跨国酒店公司中，他们可能会更严格地培养和维持他们的文化，以协调和联合多个商业/国际部门。我们的研究结果表明，酒店公司在制定可持续财务管理战略时应强调企业文化。