Greek hotel industry : customer satisfaction and hotel financial performance
Ελληνική ξενοδοχειακή βιομηχανία : ικανοποίηση πελατών και χρηματοοικονομική αποδοτικότητα των ξενοδοχείων
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Keywords
Customer satisfaction ; Hotel industry ; Econometrics ; Ξενοδοχειακή βιομηχανία ; Ικανοποίηση πελατών ; ΟικονομετρίαAbstract
Customer satisfaction stands out as a paramount objective within the hotel industry. Despite numerous factors associated with service quality influencing customer satisfaction, a notable gap persists in the literature concerning the nexus between hotels' financial performance and customer satisfaction. This thesis endeavors to investigate the correlation between various financial indicators of hotels and customer satisfaction, as manifested through ratings on the TripAdvisor platform. To achieve this objective, data encompassing review scores were extracted from the TripAdvisor platform for a sample of Greek 3- to 5-star hotels (N=554) spanning the years 2011 to 2016 (5,540 observations). Subsequently, the TripAdvisor review scores were aggregated and aligned with the corresponding financial data and ratios derived from the hotels' balance sheets and profit & loss accounts. The analytical framework employed for this investigation included random effects panel models and stochastic frontier analysis. Stratified analyses were undertaken based on hotel size, star classification, and efficiency scores. The results indicate that financial metrics wield significant predictive power over online ratings. Notably, total assets exhibit a non-linear relationship with ratings, and investments in guest amenities emerge as pivotal factors influencing customer satisfaction. Furthermore, a preference for long-term investments in fixed assets and amenities becomes apparent, suggesting their efficacy in enhancing visitor satisfaction. Contrastingly, having the hotel a pool is negatively related to customer satisfaction. Additionally, both the size of the hotel and its star rating seem to impact its efficiency, with larger hotels and those with a 5-star rating being the most significantly influenced. Furthermore, various regions in Greece display distinct technical efficiency scores related to their hotels. It is imperative to note that the generalizability of these findings to diverse hotel populations necessitates further research. In essence, this study sheds light on the intricate interplay between financial performance indicators and customer satisfaction within the context of the hotel industry, providing valuable insights for both academic discourse and practical implications within the hospitality sector.
Department
Σχολή Οικονομικών, Επιχειρηματικών και Διεθνών Σπουδών. Τμήμα Οικονομικής ΕπιστήμηςNumber of pages
269Language
EnglishCollections
Except where otherwise noted, this item's license is described as
Αναφορά Δημιουργού-Μη Εμπορική Χρήση-Όχι Παράγωγα Έργα 3.0 Ελλάδα
Αναφορά Δημιουργού-Μη Εμπορική Χρήση-Όχι Παράγωγα Έργα 3.0 Ελλάδα