He nández Pe lines y Yañez A aque. En ep eneu ial o ien a ion in ho el es ablishmen s
2nd In e na ional Symposium on Pa ial Leas Squa es Pa h Modeling, Se ille (Spain), 2015 1
En ep eneu ial o ien a ion in ho el es ablishmen s
Comple ed Resea ch Pape
Felipe He nández Pe lines
Uni e si y o Cas illa-La Mancha
[email p o ec ed]
Beni o Yañez A aque
Uni e si y o Cas illa-La Mancha
[email p o ec ed]
Abs ac
The p esen pape analyses he in luence o en ep eneu ial o ien a ion (in eg a ed app oach)
and i s dimensions (indi idual app oach) on ho el pe o mance. We pose a s uc u al equa ion
model (SEM) Pa ial Leas Squa e (PLS) h ough Sma PLS 3.1.9 on a da ase ob ained by
means o a ques ionnai e emailed o 102 ho el di ec o s be ween Janua y and June 2014. The
mos ele an con ibu ion o his wo k lies in he ac ha he impac o en ep eneu ial
o ien a ion in an in eg a ed app oach ( he h ee dimensions ac s join ly) exceeds he e ec o
each indi idual app oach.
Keywo ds: En ep eneu ial o ien a ion, Pe o mance, Inno a ion, P oac i eness, Risk-
Taking, Ho el Es ablishmen s.
He nández Pe lines y Yañez A aque. En ep eneu ial o ien a ion in ho el es ablishmen s
2nd In e na ional Symposium on Pa ial Leas Squa es Pa h Modeling, Se ille (Spain), 2015 2
1. In oduc ion
Inc eased compe i i eness, ma ke globaliza ion and he in luence o echnology on
business make en ep eneu ial o ien a ion a need o mos i ms (Tajeddini & T ueman,
2008). The e o e, i becomes necessa y o analyse how o: 1) ake ad an age o new
oppo uni ies; 2) de elop new p oduc s/se ices and ma ke s (Be hon e al., 2004); 3)
de elop p oac i e beha iou s (K eise e al., 2013); and 4) ake g ea e isks (Godwin &
Abaho, 2013). This has led nume ous i ms o place en ep eneu ial o ien a ion in he
spo ligh o hei compe i i eness. In his sense, ecen yea s ha e wi nessed he p oli e a ion
o s udies on en ep eneu ial o ien a ion and i s impac on i m pe o mance (Basso e al.,
2009; Rauch e al., 2009; A zubiaga e al., 2012; Rod igo-Ala cón e al., 2013; He nández
Pe lines, 2014). I is ue ha he exis ing li e a u e on en ep eneu ial o ien a ion is mainly
based on knowledge acqui ed in he indus y sec o , wo ks ocused on he ho el sec o being
a he sca ce (Tajeddini, 2010). The p esen wo k is aimed a making up his de iciency, gi en
ha ho els a e one o he mos impo an sec o s wo ldwide.1
Di e en mul idimensional cons uc s a e used in en ep eneu ial o ien a ion, hough we
ollow Mille 's (1983) p oposal, who conside s ha en ep eneu ial o ien a ion is in eg a ed
by he cons an sea ch o inno a ion, p o-ac i eness and p edisposi ion o ake mode a e
isks. Two app oaches a e applied in he p esen s udy o he analysis o en ep eneu ial
o ien a ion: 1) he in eg a ed o composi e app oach, in which he join e ec o he h ee
dimensions ha shape en ep eneu ial o ien a ion is analysed, and 2) he independen
app oach, in which he independen e ec o each o hese h ee dimensions is analysed
sepa a ely (Dai e al., 2013). This is ano he inno a i e aspec in he p esen s udy, as wo
app oaches a e p oposed in he same wo k o de e mine which one o e s be e explana o y
capaci y o ho el es ablishmen pe o mance.
Da a we e collec ed h ough a ques ionnai e answe ed by 102 2- o-5-s a ho el di ec o s
ac oss Spain aken om he di ec o y in he O icial Spain Ho el Guide published by
Tu españa. Da a we e collec ed h ough a su ey emailed be ween Janua y and June 2014 o
he di ec o s o he a o emen ioned es ablishmen s. We pose a componen -based s uc u al
equa ion model and PLS (pa ial leas squa e) a iance h ough so wa e Sma PLS 3.1.9.
The p oposed esea ch p o ides guidelines o he managemen o ho el es ablishmen s:
how ho el manage s can imp o e hei pe o mance om he iewpoin o en ep eneu ial
o ien a ion and i s dimensions. In o ma ion is p o ided o ge o know whe he i is be e o
ac join ly in i s h ee dimensions (inno a ion, p o-ac i eness and isk- aking) o , on he
con a y, i is be e o ac on each dimension independen ly.
The p esen pape is s uc u ed as ollows: he main heo e ical aspec s o en ep eneu ial
o ien a ion a e analysed and he hypo heses o be con as ed a e p esen ed in he ollowing
sec ion, whe e special a en ion is d awn on ho el es ablishmen s. Resea ch design is
explained nex , as well as he ques ionnai e used, he ield wo k comple ed, he sample and
a iable measu emen . The ou h sec ion is de o ed o discussing esul s. Finally,
conclusions and he mos ele an u u e implica ions and p esen limi a ions a e d awn and
analysed.
1"Acco ding o he Ba ome e o he Wo ld Tou ism O ganiza ion, he olume o in e na ional ou is s ( isi o s
spending he nigh ) in he whole wo ld eached 1,100 millions in 2014, hus unde going 4.7% g ow h ela i e o
he p e ious yea . Acco ding o hese sou ces, he e a e a ound 590,000 ho els in he wo ld, wi h mo e han 29
million beds."
""
He nández Pe lines y Yañez A aque. En ep eneu ial o ien a ion in ho el es ablishmen s
2nd In e na ional Symposium on Pa ial Leas Squa es Pa h Modeling, Se ille (Spain), 2015 3
2. Theo y and Hypo hesis
2.1. En ep eneu ial o ien a ion
In he las yea s, en ep eneu ial o ien a ion has been widely s udied in business li e a u e,
ecei ing conside able concep ual and empi ical a en ion. Besides, i is an a ea wi h a as -
g owing accumula i e co pus o knowledge (Basso e al., 2009; Rauch e al., 2009; A zubiaga
e al. 2012; Co in & Mille , 2013; Rod igo-Ala cón e al. 2013, He nández Pe lines, 2014).
Mille (1983) was he i s o alk abou en ep eneu ial o ien a ion and concei ed i as
i m beha iou cha ac e ised by inno a ion, p o-ac i eness and isk- aking. La e on, Co in &
Sle in (1989) comple ed Mille 's de ini ion s a ing ha a i m's en ep eneu ial o ien a ion
depends on he deg ee in which i a ou s change and inno a ion, aking isks and compe ing
agg essi ely (Mille & F iesen, 1983; Co in & Sle in, 1991; Knigh , 1997; Wiklund &
Shephe d, 2005).
On he o he hand, Fazul e al. (2010) s a e ha en ep eneu ial o ien a ion is he i m's
capaci y o pe o m inno a ion- ela ed ac i i ies, ake isks and pionee new ac ions.
The e o e, i is a decision making p ocess (Pa el & D'Souza, 2009) ha a ec s he i m's will
o inno a e, o be mo e p o-ac i e and agg essi e han i s compe i o s, and o ake isks (Ellis,
2011).
In his wo k we ha e ollowed Mille 's (1983) de ini ion o en ep eneu ial o ien a ion.
Acco ding o him, en ep eneu ial o ien a ion is a mul idimensional concep in eg a ed by he
cons an sea ch o inno a ion, p o-ac i eness and he will o ake mode a e isks. Inno a ion
is e e ed o he i m's capaci y o suppo new ideas and expe imen a ion, o in oduce new
p oduc s, and o use c ea i e p ocesses (Mille & F iesen, 1983; K opp e al., 2006; Chand a
e al. 2007). On he o he hand, p o-ac i eness is e e ed o he sea ch o he pionee 's
ad an age by means o an icipa ing he ma ke 's u u e desi es and needs, and he
capi aliza ion o eme ging business oppo uni ies (Co in & Sle in, 1989; Lumpkin & Dess,
1996). In sho , p o-ac i eness is he i m's capaci y o in ol e esou ces, in oducing new
p oduc s and se ices be o e compe i o s do, acco ding o p edic ions o u u e demand
(Co in & Sle in, 1991; Rauch e al., 2004; Sepul eda, 2010; Ma e al. 2012). Finally, isk-
aking en ails se ing o audacious ac ions in ol ing signi ican esou ce le els (Lumpkin &
Dess, 1996).
The di e en exis ing mul idimensional cons uc s o en ep eneu ial o ien a ion a e jus
di e en pe spec i es o his concep (Co in & Lumpkin, 2011). Thus, a se o wo ks (among
which Mille , 1983; Co in & Sle in, 1989; and Co in & Wales, 2012, s and ou ) s a e ha o
a i m o ha e en ep eneu ial o ien a ion, he a o emen ioned dimensions mus co a ia e
posi i ely. On he con a y, ano he se o wo ks (among which Lumpkin & Dess, 1996; and
Dai e al., 2013 s and ou ) s a e ha each dimension o he en ep eneu ial o ien a ion plays a
di e en ole. We ollow he i s en ep eneu ial-o ien a ion cons uc ion in his pape : i s
h ee dimensions mus co a ia e posi i ely o gi e ise o en ep eneu ial o ien a ion.
Mos esea ch wo ks a e ocused on analyzing he impac o en ep eneu ial o ien a ion on
i m pe o mance. Besides, en ep eneu ial o ien a ion is conside ed a undamen al
o ganiza ional p ocess (Hul e al., 2003) ha con ibu es o eassu e i m pe o mance
(Ba inge & Bluedo n, 1999; Dimi a os & Plakoyiannaki, 2003; Hi e al., 2001;
McDougall & O ia , 2000; and Mille , 1983). Taking his discussion in o accoun , he
ollowing hypo hesis is es ed:
He nández Pe lines y Yañez A aque. En ep eneu ial o ien a ion in ho el es ablishmen s
2nd In e na ional Symposium on Pa ial Leas Squa es Pa h Modeling, Se ille (Spain), 2015 4
H1: En ep eneu ial o ien a ion has a posi i e impac on ho el es ablishmen
pe o mance
2.2. Inno a ion
Inno a ion is “a i m’s endency o ake pa and suppo new ideas ha may esul in new
p oduc s, se ices o echnology p ocesses” (Lumpkin & Dess, 1996, p. 142). This endency
allows he i m o c ea e a wide se o abili ies ha a e an in aluable ool o compe i i eness
in he always changing business en i onmen (Godwin & Abaho, 2013).
Se e al wo ks s a e ha inno a ion, a he han any o he dimension, is always p esen in
e e y en ep eneu ial p ocess (Sha ma & Ch isman, 1999). Co po a i e en ep eneu ial
ac i i ies a e aimed a aking ad an age o ma ke oppo uni ies h ough inno a ion (I eland e
al., 2006). “Ou o he di e en en ep eneu ial-o ien a ion dimensions iden i ied in li e a u e,
inno a ion is, in a wide sense, an unde lying ac o sha ed by all o ms o co po a i e
en ep eneu ial ac i i y” (Co in & Mille , 1999, p. 47).
Inno a ion demands such a display o esou ces ha i will become p o i able only when
ini ial in es men s a e compensa ed (K eise e al., 2013). In o he wo ds, he highe he
inno a ion le el is, he be e he i m’s esul s shall be. This leads us o o mula e he
ollowing hypo hesis:
H2: Inno a ion has a posi i e impac on ho el es ablishmen pe o mance
2.3. P oac i eness
P o-ac i eness e lec s he i m’s will o domina e i s compe i o s by means o agg essi e
mo es such as he in oduc ion o new o inno a i e p oduc s o se ices, o he an icipa ion
o u u e demands (Ke e al., 2007). This pos u e allows ac ing on he ma ke ’s u u e
sho comings and po en ial needs, which c ea es a compe i i e ad an age (Lumpkin & Dess,
1996). In ou wo k p o-ac i eness has been conside ed one o he dimensions o co po a i e
en ep eneu ial o ien a ion, acco ding o he exis ing li e a u e on his issue. Thus, he
ollowing hypo hesis is o mula ed:
H3: P oac i eness has a posi i e impac on ho el es ablishmen pe o mance
2.4. Risk- aking
Risk- aking beha iou is “incu ing a la ge deb o comp omising la ge amoun s o
esou ces wi h he aim o ob aining high e u ns when aking con ol o ma ke oppo uni ies”
(Lumpkin & Dess, 1996, p. 144).
Fi ms ha a e capable o assuming high isk le els a e also capable o aking be e
ad an age o oppo uni ies and o ob aining highe long- e m p o i le els in a con ex o
ele a ed unce ain y (McG a h, 2001). Au ho s such as Rauch e al. (2004) and Seyed (2012)
s a e ha isk- aking is posi i ely ela ed o pe o mance.
H4: Risk- aking has a posi i e e ec on ho el es ablishmen pe o mance
He nández Pe lines y Yañez A aque. En ep eneu ial o ien a ion in ho el es ablishmen s
2nd In e na ional Symposium on Pa ial Leas Squa es Pa h Modeling, Se ille (Spain), 2015 5
3. Resea ch Design
3.1. Ques ionnai e and ield wo k
Gi en he na u e o his esea ch and he inexis ence o sou ces o seconda y da a, a
ques ionnai e was elabo a ed o da a collec ion pu poses. We ocused on ho el
es ablishmen s loca ed in Spain; he e o e, he sample is homogeneous and allows con olling
ce ain con ingency ac o s (Rauch e al., 2009).
Ques ionnai e elabo a ion was comple ed in se e al s ages. Fi s ly, a d a was made a e
e iewing li e a u e on en ep eneu ial o ien a ion and i m pe o mance. Secondly, o assu e
con en alidi y, a discussion and e lec ion p ocess was igge ed among some expe s in he
a o emen ioned ields. Nex , o gua an ee ha ques ionnai e i ems we e ully unde s andable,
a p e- es was comple ed wi h 2- o-5-s a ho el es ablishmen di ec o s. Su eys we e
comple ed by means o pe sonal in e iews o each esponden . A e his s age, ques ionnai e
was emailed o ho el es ablishmen di ec o s. A e a mon h’s ime, ques ionnai es we e
emailed again so as o inc ease he esponse a e (Dillman, 2000). The su ey was comple ed
be ween Janua y and June 2014. The di e en dimensions we e measu ed by means o 5-
poin Like scales (1=comple e disag eemen ; 5= ull ag eemen ).
Fo hypo hesis con as and analysis o esul s, a s uc u al equa ion mul i a ia e model
was used as a s a is ical echnique. Bea ing esea ch objec i es and hypo heses in mind, we
op ed o pa ial leas squa es (PLS) eg ession, which allows us o de elop componen - and
a iance-based analysis. PLS is a cu en ly well-es ablished echnique o s uc u al equa ion
analysis used in a wide ange o esea ches on o ganiza ion and s a egic managemen
(Robins e al., 2002; Tsang, 2002). PLS akes a componen -based app oach o he es ima ion
o he measu emen model and he s uc u al model; i is mainly aimed a p edic ing
depending a iables and allows quan i ying he di ec and indi ec impac o a iables on one
ano he .
3.2. Sample
The popula ion in his s udy includes 2- o-5-s a Spanish ho el es ablishmen s in he
O icial Spain Ho el Guide, published by Tu españa.
Table 1 – Field wo k ile
Sample size
3,900
Field
2- o-5-s a Spanish ho el es ablishmen s in Tu españa’s
O icial Ho el Guide
Ob ained answe s
102
Sampling p ocedu e
Simple andom
Con idence le el
95%, p=p=50%; α= 0.05
Answe a e
5.17%
Sampling e o
9.58%
Field wo k
Janua y-June 2014
Table 2 shows he mos ele an da a o he desc ip i e ea u es o he da a om he ho el
es ablishmen s unde s udy.

He nández Pe lines y Yañez A aque. En ep eneu ial o ien a ion in ho el es ablishmen s
2nd In e na ional Symposium on Pa ial Leas Squa es Pa h Modeling, Se ille (Spain), 2015 6
Table 2 – Ob ained answe s
Ho el a ing
Posi ion o he pe son
su eyed
2 s a s
3 s a s
4 s a s
5 s a s
20.94%
34.88%
9.30%
34.88%
Ho el di ec o /depu y
100%
Es ablishmen age
Es ablishmen size
> 25 yea s
10-25 yea s
< 10 yea s
25.58%
30.23%
44.19%
Small
Medium
La ge
41.86%
41.86%
16.28%
Pa o a ho el
chain?
Loca ion
Yes
No
48.83%
51.17%
Town
Ru al
97.67%
2.33%
3.3. Va iable measu emen
En ep eneu ial o ien a ion and ho el es ablishmen pe o mance ha e been de ined as
la en a iables o o ma i e kind, since hey a e wo complex-na u e cons uc s composed by
e y di e en dimensions (Diaman opoulos & Winklho e , 2001; Ja is e al., 2003;
MacKenzie e al., 2005).2
To measu e en ep eneu ial o ien a ion, 9 i ems we e used acco ding o he scale p oposed
by Mille (1983), modi ied by Co in & Sle in (1989) and Co in & Mille (2014), and used
by Balabanis & Ka sikeas (2004); Dimi a os e al. (2004); Zhou (2007); Kui alainen e al.
(2007, 2010); E cheba ne e al. (2010); Sundq is e al. (2012); Zhang e al. (2012), and
Co in & Mille (2014).
To measu e ho el es ablishmen pe o mance, we used he 7-i em scale p oposed by
Camisón & Villa -López (2010) and used by Ga cía-Ola e i & Hue a (2012), Luengo &
Obeso (2013), and Miguel-Dá ila & Ma ín-Sánchez (2014).
4.- Resul s and Discussion
Fo da a in e p e a ion and analysis, a PLS s uc u al equa ion model (SEM) was used
wi h so wa e package SMARTPLS 3.1.9. PLS is pa icula ly in e es ing in his s udy o
mul iple easons. Following Ringle, Wende & Will (2005), and Ge en, Rigdon & S aub
(2011), he choice o PLS is conside ed mo e app op ia e in he i s s ages o heo y
de elopmen , when esea ch is ocused on he p edic ion o one o mo e dependen a iables.
Ou s udy is aimed a de e mining how en ep eneu ial o ien a ion and/o i s dimensions
de e mine ho el es ablishmen pe o mance le el. Besides, his me hod is especially use ul
when esea che s include scales p e iously es ed and alida ed in o he s udies: in his case,
en ep eneu ial o ien a ion and i s dimensions had al eady been es ed in nume ous empi ical
s udies. Finally, ela i ely small sample size makes PLS a sui able me hod. Following
Reina z, Haenlein & Hensele (2009, p. 334): “PLS mus be he me hod o choose in all
2"In he case o pe o mance, quan i a i e and quali a i e dimensions a e combined. "
He nández Pe lines y Yañez A aque. En ep eneu ial o ien a ion in ho el es ablishmen s
2nd In e na ional Symposium on Pa ial Leas Squa es Pa h Modeling, Se ille (Spain), 2015 7
si ua ions in which he numbe o obse a ions is below 250”. The e o e, he choice o PLS is
ully jus i ied by he educed amoun o obse able da a and esea ch objec i es hemsel es
(Ba oso e al., 2005).
Al hough PLS simul aneously es ima es he pa ame e s o he measu emen and he
s uc u al models, analyses mus be comple ed in wo s ages: measu emen model e alua ion
and s uc u al model e alua ion. This p ocedu e assu es alid and eliable scales p io o
es ing hypo heses.
4.1. Measu emen model e alua ion
The i s hing we shall check is he loading o he dimensions ha in eg a e
en ep eneu ial o ien a ion, aken as a second-o de a iable. Following p e ious app oaches,
en ep eneu ial o ien a ion was concei ed as a 3D mul idimensional cons uc (Mille , 1983;
Co in & Sle in, 1989; Co in & Mille , 2014): inno a ion, p o-ac i eness, and isk- aking.
PLS allows no di ec inclusion o second-o de cons uc s, so his kind o cons uc s was
c ea ed by means o a 2-s ep app oxima ion me hod (We zels, Odeke ken-Sch ode & Van
Oppen, 2009). This p ocedu e implies ha a i s s age comp ises he ac o s ha cons i u e
en ep eneu ial o ien a ion in he model as a i s -o de cons uc . This i s es ima ion allows
ob aining he alues o he la en a iable ‘En ep eneu ial O ien a ion’. The second s age
es ima es he second-o de model using he alues o he la en a iable’s i s -o de ac o s as
inpu a iables.
Following ecommenda ions by Roldán & Sánchez-F anco (2012), once he second-o de
model had been cons uc ed, he measu emen model was e alua ed. Table 3 shows he
pa ame e s associa ed o measu emen model e alua ion. As i can be obse ed in e lec i e
scales, ac o loadings do no exceed he 0.7 ecommended in li e a u e (Ca mines & Zelle ,
1979). Howe e , some au ho s s a e ha his 0.7 h eshold should no be conside ed so igidly
in second-o de a iables, as i may ac ually be a ound 0.5 (Ba clay, Higgins & Thompson,
1995; Chin, 1998). Mo eo e , composi e eliabili y and a e age a iance ex ac ed (AVE)
alues exceed he ecommended limi s o 0.7 and 0.5, espec i ely (Nunnally, 1978; Fo nell
& La cke , 1981). The ob ained alues suppo he con e gen alidi y o he e lec i e scales
conside ed in he p esen s udy.
Tabla 3 – Measu emen model e alua ion
Cons uc /
dimension/indica o
VIF
Weigh
Fac o
loading
(ρc)
Composi e
eliabili y
AVE
ENTREPRENEURI
AL ORIENTATION
(second-o de o ma i e
cons uc )
n. a.
n. a.
INNOVATION
( i s -o de e lec i e
cons uc )
1.052
0.700
0.907
0.764
INN1
INN2
INN3
0.869
0.824
0.923
PROACTIVENESS
( i s -o de e lec i e
2.563
0.564
0.782
0.661
He nández Pe lines y Yañez A aque. En ep eneu ial o ien a ion in ho el es ablishmen s
2nd In e na ional Symposium on Pa ial Leas Squa es Pa h Modeling, Se ille (Spain), 2015 8
cons uc )
PRO-ACT1
PRO-ACT2
PRO-ACT3
0.707
0.917
0.830
RISKTAKING ( i s -
o de e lec i e
cons uc )
2.637
0.526
0.721
0.561
RISK1
RISK2
RISK3
0.577
0.668
0.721
PERFORMANCE
(second-o de
o ma i e cons uc )
n. a.
n. a.
ECONOMIC
PERFORMANCE
( i s -o de e lec i e
cons uc )
1.365
0.597
0.756
0.517
EC PER1
EC PER2
EC PER3
0.617
0.701
0.754
SATISFACTION
PERFORMANCE
( i s -o de e lec i e
cons uc )
1.771
0.899
0.881
0.652
SAT PER1
SAT PER2
SAT PER3
SAT PER4
0.826
0.894
0.840
0.822
Diaman opoulos’ (2008) ecommenda ions we e aken in o accoun in o ma i e scale
alida ion (‘En ep eneu ial O ien a ion’ and ‘Pe o mance’). No indica o could be
elimina ed, as hey we e conside ed o bea ele an in o ma ion. Absence o mul icollinea i y
was assu ed by means o he a iance in la ion ac o (VIF), which was below 5
(Diaman opoulos & Wilklho e , 2001).
4.2. S uc u al model analysis
Once he measu emen model’s con e gen and disc iminan alidi y had been p o en, he
ela ionships be ween he di e en a iables we e es ed by boo s apping (1000 sub-
samples). This s uc u al model was examined h ough he signi icance o β coe icien s
h ough he obse a ion o he dependan a iables’ R2 alues. In his sense, all β coe icien s
p o ed signi ican a 1%.
The hypo heses we e con i med h ough he in e p e a ion o he coe icien s o he
s uc u al ajec o ies:
1 – En ep eneu ial o ien a ion has a signi ican impac on pe o mance (β = 0.590; =
5.385),
2 – Inno a ion has a posi i e impac on pe o mance (β = 0.447; = 5.120),
He nández Pe lines y Yañez A aque. En ep eneu ial o ien a ion in ho el es ablishmen s
2nd In e na ional Symposium on Pa ial Leas Squa es Pa h Modeling, Se ille (Spain), 2015 9
3 – P o-ac i eness has a posi i e impac on ho el es ablishmen pe o mance (β = 0.391;
= 3.934), and, inally,
4 – Risk- aking has a posi i e impac on ho el es ablishmen pe o mance (β = 0.364; =
3.269).
Table 4 – S uc u al model esul s
Hypo hesis
Β
- alue
R2
H1: EO !D
0.590
5.385*
0.348
H2: I !D
0.447
5.120*
0.200
H3: PROAC!D
0.391
3.934*
0.153
H4: ASUN!D
0.364
3.269*
0.132
No e: *p < 0.01.
Finally, en ep eneu ial o ien a ion explains 34.8% o he a iance in ho el es ablishmen
pe o mance, while inno a ion, p o-ac i eness and isk- aking explain 20, 15.3 and 13.2%,
espec i ely. Acco ding o his esul , he in eg a ed app oach, as sugges ed a he beginning
o he p esen wo k, has g ea e impac on ho el es ablishmen pe o mance han each o i s
dimensions aken independen ly.
5. Conclusions, Limi a ions and Fu u e Resea ch Lines
The esul s o his wo k deal wi h he ela ionship be ween en ep eneu ial o ien a ion and
ho el es ablishmen pe o mance, on one hand, and be ween each o he h ee dimensions ha
shape en ep eneu ial o ien a ion (namely, inno a ion, p o-ac i eness and isk- aking) and
ho el es ablishmen pe o mance, on he o he hand. These esul s co obo a e he p oposed
heo e ical model, which was es ed on a sample o 102 ho el es ablishmen s loca ed in Spain.
Resul s p o ide ele an implica ions o esea che s and p o essionals ela ed wi h ho el
managemen .
Resul s con i m ha ho el es ablishmen pe o mance depends on en ep eneu ial
o ien a ion, which explains 34.8% o he o me ’s a iance, in ag eemen wi h p e ious
esea ches (Zah a & Co in, 1995; Tajeddini, 2010; Tang & Tang, 2012). On he o he hand, i
he indi idual e ec o each indi idual dimension is analysed, all h ee can be obse ed o
ha e a posi i e impac on ho el es ablishmen pe o mance: inno a ion, p o-ac i eness and
isk- aking explain 20, 15.3 and 13.2% o pe o mance a iance. The e o e, inno a ion is he
mos ele an dimension in en ep eneu ship o ien a ion, as sugges ed in o he p e ious
esea ches (Sand ik, Duhan & Sand ik, 2014; Tajeddini & T ueman, 2014).
Finally, he mos ele an conclusion o he p esen wo k is ha he join impac o hese
h ee dimensions on ho el es ablishmen pe o mance exceeds he indi idual each o each o
he conside ed dimensions. In sho , he hesis p oposed by Mille (1983), Co in & Sle in
(1989), and Co in & Mille (2014), among o he s, is co obo a ed.
This wo k has i s limi a ions. Fi s ly, only objec i e measu es we e used in he
measu emen o en ep eneu ial o ien a ion and i s dimensions. Secondly, his is a ans e sal
s udy, whe eas longi udinal s udy is needed o e alua e he di ec ion o causali y in he
s udied issues. Thi dly, he model should include he e ec o in e nal and ex e nal a iables
ha may mode a e he ela ionship be ween en ep eneu ial o ien a ion and pe o mance.
Fou hly, i would be ad isable o supplemen his esea ch wi h quali a i e app oaches,