Abstract
This study examines how the performance of restructured hospitality firms is impacted by investor-perceived reputation in restructuring (measured through investors' positive, negative and neutral online reviews), as well as by ‘reputation heterogeneity’ and ‘strategy heterogeneity’. The results indicate that: 1) hospitality firm performance after restructuring increases as investor-perceived reputation increases; 2) a positive reputation consistently increases hospitality firm performance after restructuring, while a negative reputation does not decrease performance; 3) time is needed for negative and neutral reputations to positively impact performance; 4) performance is better for hospitality firms undergoing expansion if they have a positive reputation, for firms undergoing shrinkage if they have a negative reputation, and for firms seeking stabilization if they have a neutral reputation.
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