Applying the stochastic frontier approach to measure hotel managerial efficiency in Taiwan.pdf

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Applying the stochastic frontier approach to measure hotel managerial efficiency in Taiwan.pdf

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Applying the stochastic frontier approach to measure hotel managerial efficiency in Taiwan

ARTICLE IN PRESS0261-5177/$ - se doi:10.1016/j.to Tel.: +886 6 E-mail addrTourism Management 28 (2007) 696–702 /locate/tourmanResearch article Applying the stochastic frontier approach to measure hotel managerial efficiency in Taiwan Ching-Fu Chen Department of Transportation Communication Management Science, National Cheng Kung University, Tainan 701, Taiwan Received 22 April 2006; accepted 28 April 2006Abstract This paper analyses the cost efficiency of Taiwan’s international tourist hotel sector. A stochastic cost frontier function with three inputs (i.e. labor, food and beverage, and materials) and one output as the total revenue is specified and used to estimate hotel efficiency. The results reveal that hotels in Taiwan are on average operating at 80% efficiency. In addition, the factor of operation type significantly affects hotel efficiency, whereby the efficiency of chain hotels is higher than that of independent hotels. r 2006 Published by Elsevier Ltd. Keywords: International tourist hotel; Managerial efficiency; Stochastic cost frontier1. Introduction The hospitality industry, especially the hotel industry, is encountering a highly competitive environment worldwide. The formulation of a marketing strategy, strengthening hotel operations, and upgrading the quality of service has become essential not only for profitability, but also for a hotel’s survival (Hwang and Chang, 2003). All the factors directly or indirectly depend upon a hotel’s management efficiency. In addition, due to its characteristic of an oligopolistic market, the level of competition in an accommodation market demands efficiency (Barros, 2004; Phillips, 1999). The issue of efficiency may need to be addressed and measured for various reasons (Teague and Eilon, 1973). In terms of strategic reasons, efficiency measurement can compare the global performance of an organization with competitors or similar firms. In terms of tactical reasons, efficiency measurement enables the per- formance c