Search results for "Information asymmetries"
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Information Disclosure and Sustainable Competitive Advantage: Evidence from the Spanish Tourism Industry
2022
Of all the resources and capabilities that have a well-established impact on decision-making, information stands out. With the advent of the digital economy, organizations have been making significant information and communication technology (ICT) investments, but the empirical evidence of the impact of these investments on business outcomes has been inconsistent. This article studies the conditions that disclosed information resources and ICT must fulfil in order to become a source of sustainable competitive advantage in tourism organizations. The results point to the need to identify distinct financial and non-financial information dimensions, distinguished according to their direct poten…
Asset Tangibility, information asymmetries and intangibles as determinants of family firms leverage
2022
Using a sample of Spanish tourism small and medium-sized firms, we have tested the impact of family control, publicly-available information and tangibility on financial structure, providing a multi-theoretical model that incorporates contributions from the classical theory of finance, inspired by agency theory, the behavioural theory of the firm and strategic theory. The results point to the need to jointly consider the effects of information transmission practices, asset investment decisions and ownership structures on debt capacity. The results show how family control is associated with propensity to take on debt, so that the desire to maintain social control and socioemotional wealth pre…