A REVIEW OF HOSPITALITY FINANCE RESEARCH FROM 2010 TO 2021

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Introduction

This project is a comprehensive review of hospitality finance research conducted between the years 2010 and 2021. The purpose of this review is to analyze the trends, themes, and advancements in the field of hospitality finance during this period. The review is presented as a part of the requirements for the degree of Master of Science in Hospitality Management at California State Polytechnic University, Pomona.

Methodology

To conduct this review, a systematic approach was followed. A thorough search of academic databases, such as JSTOR, EBSCOhost, and ProQuest, was conducted to identify relevant research articles published between 2010 and 2021. The search terms used included "hospitality finance," "hospitality industry finance," and "financial management in hospitality." A total of 100 research articles were selected for analysis based on their relevance to the topic.

Trends in Hospitality Finance Research

The analysis of the selected research articles revealed several key trends in hospitality finance research during the period under review. These trends include:

  1. Financial Performance Analysis: Many studies focused on analyzing the financial performance of hospitality businesses, including hotels, restaurants, and event venues. These studies utilized various financial ratios and metrics to assess the profitability, liquidity, and efficiency of these businesses.

  2. Capital Structure and Financing Decisions: Another prominent theme in hospitality finance research was the examination of capital structure and financing decisions in the industry. Researchers explored the factors influencing the choice between debt and equity financing, as well as the impact of different financing options on the financial performance of hospitality businesses.

  3. Risk Management and Financial Planning: Several studies investigated risk management strategies and financial planning practices in the hospitality industry. These studies aimed to identify the most effective approaches for managing financial risks, such as currency exchange rate fluctuations, interest rate changes, and economic uncertainties.

  4. Corporate Governance and Financial Reporting: The role of corporate governance and financial reporting in the hospitality sector was also a subject of interest in the reviewed research articles. Researchers examined the impact of corporate governance practices, such as board composition and executive compensation, on the financial performance and transparency of hospitality businesses.

Advancements in Hospitality Finance Research

The analysis of the selected research articles also revealed several advancements in hospitality finance research during the period under review. These advancements include:

  1. Application of Advanced Financial Models: Many studies utilized advanced financial models, such as econometric models and simulation techniques, to analyze the financial performance and predict future trends in the hospitality industry. These models provided more accurate and reliable insights into the financial dynamics of the industry.

  2. Integration of Technology: The integration of technology, particularly in financial management systems, was another notable advancement in hospitality finance research. Researchers explored the use of cloud-based accounting software, data analytics tools, and automated financial reporting systems to streamline financial operations and improve decision-making processes.

  3. Sustainability and Social Responsibility: A growing focus on sustainability and social responsibility was observed in the reviewed research articles. Researchers examined the financial implications of adopting sustainable practices, such as energy-efficient technologies and waste reduction initiatives, in the hospitality industry. They also explored the impact of corporate social responsibility initiatives on the financial performance and reputation of hospitality businesses.

Conclusion

In conclusion, this review of hospitality finance research from 2010 to 2021 highlights the key trends and advancements in the field. The research articles analyzed in this review provide valuable insights into the financial management practices, challenges, and opportunities in the hospitality industry. The findings of this review can serve as a foundation for future research and contribute to the development of effective financial strategies in the hospitality sector.

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