Abstract
Based on the panel data of Chinese listed tourism firms, this study provides empirical evidence regarding the relationships among corporate governance, technical efficiency, and financial performance. It is the first study to explore such relationships in the tourism industry. The results indicate a positive linear relationship between technical efficiency and financial performance and confirm the mediating effect of technical efficiency on the interconnectedness of board independence, ownership concentration, and financial performance. Finally, this study theoretically supports the contingency corporate governance model (Oehmichen, Schrapp, & Wolff, 2016) and our established analysis framework of “corporate governance-technical efficiency-financial performance.” We also provide several managerial implications to help tourism firms improve their overall performance.
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