Empirical Study on the Impact of Diversification on Enterprise Performance—The Cases of A-share and New Third Board Tourism Enterprises

Abstract

This study focuses on the tourism industry and tries to explore the relationship between diversification and performance of tourism enterprises. By collecting and analyzing the data of 144 tourism companies (28 A-share enterprises and 116 New Third Board tourism enterprises), this paper studies the moderating role of executive team experience in the relationship between diversification strategy and performance. Finally, the following conclusions are drawn: 1. The diversification of A-share tourism enterprises is beneficial to the improvement of enterprise performance; there is no significant performance difference between diversification strategy and non-diversification strategy of New Third Board tourism enterprises, and there is no significant relationship between diversification degree and performance. 2. Regardless of A shares or tourism enterprises, related diversification, unrelated diversification, professional type has no significant differences in the performance of enterprise. 3. The average tenure of the executive team is inconsistent in the performance of tourism enterprises with different sizes and degrees of diversification, and the average age of the executive team is inconsistent in the performance of tourism enterprises with different sizes.