Resource heterogeneity is a key aspect of one of the most important theories of strategic management: the resource-based view of the firm. This theory suggests that the performance effects of a firm’s strategy depend on the firm’s individual resources and capabilities and the setting within which it is operating. In this article, we argue that the current methods for measuring hotel performance and its determinants may be inconsistent with this theory. To measure efficiency, hotels should be viewed as heterogeneous firms, and the relationships between determinants and performance must be assessed for each individual hotel rather than as an average across hotels. Accordingly, we use a random-effect Bayesian stochastic frontier model to estimate the profit frontier and the effect function of the inefficiency for each hotel. The results indicate that hotels tend to choose strategies based on the heterogeneous resources that maximize their performance in their individual statuses.

中文翻译：

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酒店业资源和绩效的异质性

资源异质性是最重要的战略管理理论之一的一个关键方面：公司的资源观。该理论表明，公司战略的绩效影响取决于公司的个人资源和能力以及公司运营的环境。在本文中，我们认为当前衡量酒店绩效及其决定因素的方法可能与该理论不一致。为了衡量效率，酒店应被视为异质公司，必须针对每家酒店而不是酒店之间的平均值来评估决定因素与绩效之间的关系。因此，我们使用随机效应贝叶斯随机前沿模型来估计每家酒店的利润前沿和无效率的影响函数。