This study proposes cross-dimensional measures of the degree of implementation of the lodging industry’s asset-light & fee-oriented (ALFO) strategy. We apply a common factor analysis to measure the degree of implemented ALFO strategy on a sample of 14 lodging companies over the period 2001–2021. The analysis confirms that there is no one-size-fits-all approach and that companies position themselves distinctively on the two dimensions. The fee-oriented strategy has strengthened continuously since 2005, while that of the asset-light strategy has increased rapidly between 2001 and 2005, but its evolution has been more erratic since then. Our results shed light on the importance of intangibles in the asset-light strategy and the operationalisation of the construct. This study also contributes to the debate on the financial impact of the ALFO strategy. We show that AL and FO positively affect financial performance and firm value and that by combining them, the effect doubles.

本研究提出了住宿业轻资产和费用导向 (ALFO) 战略实施程度的跨维度衡量指标。我们应用公共因素分析来衡量 2001 年至 2021 年期间 14 家住宿公司样本的 ALFO 战略实施程度。分析证实，没有放之四海而皆准的方法，而且公司在这两个维度上都有自己独特的定位。2005年以来，费用化战略持续走强，轻资产战略在2001年至2005年间快速增长，但此后演进更加飘忽不定。我们的结果阐明了无形资产在轻资产战略和结构运作中的重要性。这项研究还有助于讨论 ALFO 战略的财务影响。我们表明，AL 和 FO 对财务业绩和公司价值产生积极影响，并且通过将它们结合起来，效果会加倍。