Finance

Business

Econometrics

Economics

Marketing

Archaeology

Chemistry

Sample (material)

Human capital

Structural capital

Relational capital

Intellectual capital

Chromatography

Financial capital

Economic growth

Economic capital

Individual capital

Panel data

Capital (architecture)

History

International Journal of Hospitality Management

This paper analysed the effect of intellectual capital on small and medium-sized hotel financial performance for the period between 2007 and 2015. Using a sample of 934 Portuguese small and medium-sized hotels, this study adopted the GMM system (1998) estimator, to analyse a dynamic panel data. The findings suggested that intellectual capital components, i.e., human capital, structural capital and relational capital provide a positive impact on hotel financial performance. Human capital and relational capital seemed to be key elements for the success of hotels, being the basis of service quality in the hotels sector. Furthermore, the results showed that human capital and structural capital are capitalized by the establishment and maintenance of long-term relationships with key stakeholders. These findings indicated that the interaction between intellectual capital components enhances the hotel financial performance. Herein, it is highlighted the importance of intellectual capital in small and medium-sized hotel financial performance.

On the relationship between intellectual capital and financial performance: A panel data analysis on SME hotels