Leader's Entrepreneurial Resilience a Strong Predictor of New Hotel Performance in Yogyakarta
Keywords:
New Hotels, Performances, Leader's Entrepreneurial Self-Efficacy, Leader's Entrepreneurial Resilience
Abstract
Yogyakarta as one of the leading tourism cities in Indonesia continues to show a trend of new hotel growth in recent years. Even though the Covid-19 pandemic has destroyed the hospitality sector globally, including in Indonesia, it turns out that new hotels are still popping up in this city. This is an interesting phenomenon indicating investor interest in continuing to invest in the hotel sector is still high. On the other hand, the presence of these new hotels keeps the hotel business competition competitive. In this situation, an innovative strategy becomes a determining factor for the sustainability of new hotels in the hotel business competition. The formulation of innovative strategies cannot be separated from the capabilities of the leaders of these new hotels. therefore, this study aims to observe the performance of 80 new hotels in Yogyakarta. The performance of the new hotel will be assessed from the perspective of leader capabilities which include entrepreneurial resilience and entrepreneurial self-efficacy. The findings of this study indicate that the leader's entrepreneurial resilience has a significant effect on the performance of the new hotels. Leader's entrepreneurial self-efficacy is also found to strengthen the effect of entrepreneurial resilience on new hotel performance.
References
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Shvindina, H. (2017). Leadership as a driver for organizational change. Business Ethics and Leadership, 1, 74–82. https://doi.org/10.21272/bel.2017.1-09
Statistics Indonesia. (2023). Statistical yearbook of Indonesia 2023. https://www.bps.go.id/pressrelease/2023/05/02/2041/pemulihan-pariwisata-domestik-indonesia-2022-.html
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Taşkan, B., & Karatop, B. (2022). Development of the field of organizational performance during the Industry 4.0 period. International Journal of Research in Industrial Engineering, 11(2), 134–154. https://doi.org/http://dx.doi.org/10.22105/riej.2022.324520.1286
Ulabor, E. A., & Bosede, A. I. (2019). Employee commitment and organizational performance in selected fast food outlets in Osun State. International Journal of Financial, Accounting, and Management, 1(1), 23–37. https://doi.org/10.35912/ijfam.v1i1.55
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Ayala, J. C., & Manzano, G. (2014). The resilience of the entrepreneur. Influence on the success of the business. A longitudinal analysis. Journal of Economic Psychology, 42, 126–135. https://doi.org/10.1016/j.joep.2014.02.004
Bagheri, A., Lope Pihie, Z. A., & Krauss, S. E. (2013). Entrepreneurial leadership competencies among Malaysian university student entrepreneurial leaders. Asia Pacific Journal of Education, 33(4), 493–508. https://doi.org/10.1080/02188791.2013.822789
Bergman, D., Gustafsson-Sendén, M., & Berntson, E. (2021). From believing to doing: The association between leadership self-efficacy and the developmental leadership model. Frontiers in Psychology, 12. https://doi.org/10.3389/fpsyg.2021.669905
Bernard, M. J., & Barbosa, S. D. (2016). Resilience and entrepreneurship: A dynamic and biographical approach to the entrepreneurial act. Management (France), 19(2), 89–123.
Contin-Pilart, I., Larraza-Kintana, M., & Martin-Sanchez, V. (2020). Entrepreneurs’ planning behavior and new firm performance. Management Research, 18(3), 307–334. https://doi.org/10.1108/MRJIAM-02-2020-1011
Cooper, A. C. (1993). Challenges in predicting new firm performance. Journal of Business Venturing, 8(3), 241–253. https://doi.org/10.1016/0883-9026(93)90030-9
Dencker, J. C., & Gruber, M. (2015). The effects of opportunities and founder experience on new firm performance. Strategic Management Journal, 36(7), 1035–1052. https://doi.org/10.1002/smj.2269
Drnovšek, M., Wincent, J., & Cardon, M. S. (2010). Entrepreneurial self-efficacy and business start-up: Developing a multi-dimensional definition. International Journal of Entrepreneurial Behaviour and Research, 16(4), 329–348. https://doi.org/10.1108/13552551011054516
Dwyer, L. P. (2019). Leadership self-efficacy: review and leader development implications. In Journal of Management Development (Vol. 38, Issue 8, pp. 637–650). https://doi.org/10.1108/JMD-03-2019-0073
Fatoki, O. (2018). The impact of entrepreneurial resilience on the success of small and medium enterprises in South Africa. Sustainability (Switzerland), 10(7). https://doi.org/10.3390/su10072527
Hair, J. F., Risher, J. J., Sarstedt, M., & Ringle, C. M. (2019). When to use and how to report the results of PLS-SEM. European Business Review, 31(1), 2–24. https://doi.org/10.1108/EBR-11-2018-0203
Hermundsdottir, F., & Aspelund, A. (2021). Sustainability innovations and firm competitiveness: A review. Journal of Cleaner Production, 280. https://doi.org/10.1016/j.jclepro.2020.124715
Jin, L., Madison, K., Kraiczy, N. D., Kellermanns, F. W., Crook, T. R., & Xi, J. (2017). Entrepreneurial team composition characteristics and new venture performance: A meta-analysis. Entrepreneurship: Theory and Practice, 41(5), 743–771. https://doi.org/10.1111/etap.12232
Maulana, A., Koesfardani, R. C. F. P. P., & Richard Alan Amory, I. D. G. (2020). The mapping of quality tourists prospects for Indonesia’s tourism markets. Binus Business Review, 11(3), 167–174. https://doi.org/10.21512/bbr.v11i3.6373
McCormick, M. J., Tanguma, J., & Lopez-Forment, A. S. (2002). Extending self-efficacy theory to leadership: A review and empirical test. Journal of Leadership Education, 1(2), 34–49.
McGee, J. E., & Peterson, M. (2019). The long-term impact of entrepreneurial self-efficacy and entrepreneurial orientation on venture performance. Journal of Small Business Management, 57(3), 720–737. https://doi.org/10.1111/jsbm.12324
Morisse, M., & Ingram, C. (2016). A mixed blessing: Resilience in the entrepreneurial socio-technical system of bitcoin. Journal of Information Systems and Technology Management, 13(1), 3–26. https://doi.org/10.4301/s1807-17752016000100001
Nicolau, J. (2002). Assessing new hotel openings through an event study. Tourism Management, 23(1), 47–54. https://doi.org/10.1016/s0261-5177(01)00062-0
Norena-Chavez, D., & Thalassinos, E. I. (2021). The mediation effect of entrepreneurial self-efficacy in the relationship between entrepreneurial passion and leadership styles. Academy of Strategic Management Journal, 20(Special Issue 2), 1–9. https://doi.org/10.1108/s1569-37592022000109b007
O’Neill, J. W. (2011). Hotel occupancy: Is the three-year stabilization assumption justified? Cornell Hospitality Quarterly, 52(2), 176–180. https://doi.org/10.1177/1938965510393733
Oktavio, A., Kaihatu, T. S., & Kartika, E. W. (2019). Learning orientation, entrepreneurial orientation, innovation and their Impacts on new hotel performance: Evidence from Surabaya. Jurnal Aplikasi Manajemen, 17(1), 8–19. https://doi.org/10.21776/ub.jam.2019.017.01.02
Ozili, P. K. (2022). The acceptable R-Square in empirical modelling for social science research. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4128165
Papulova, Z., & Gazova, A. (2016). Role of strategic analysis in strategic decision-making. Procedia Economics and Finance, 39, 571–579. https://doi.org/10.1016/s2212-5671(16)30301-x
Rani, D. A. B. K. (2016). Mapping the hurdles in innovation at the level of policy and practice: The way ahead. International Journal of Science and Research (IJSR), 5(9), 464–468. https://www.ijsr.net/archive/v5i9/ART20161609.pdf
Shafie, D. I., & Mohd Isa, S. (2021). Entrepreneur resilience: How do entrepreneurial self-efficacy and basic psychological needs influence it? The effect of COVID-19 on Malaysia’s small and medium enterprises. Jurnal Intelek, 16(2), 1–10. https://doi.org/10.24191/ji.v16i2.388
Shvindina, H. (2017). Leadership as a driver for organizational change. Business Ethics and Leadership, 1, 74–82. https://doi.org/10.21272/bel.2017.1-09
Statistics Indonesia. (2023). Statistical yearbook of Indonesia 2023. https://www.bps.go.id/pressrelease/2023/05/02/2041/pemulihan-pariwisata-domestik-indonesia-2022-.html
Taouab, O., & Issor, Z. (2019). Firm performance: Definition and measurement models. European Scientific Journal ESJ, 15(1). https://doi.org/10.19044/esj.2019.v15n1p93
Taşkan, B., & Karatop, B. (2022). Development of the field of organizational performance during the Industry 4.0 period. International Journal of Research in Industrial Engineering, 11(2), 134–154. https://doi.org/http://dx.doi.org/10.22105/riej.2022.324520.1286
Ulabor, E. A., & Bosede, A. I. (2019). Employee commitment and organizational performance in selected fast food outlets in Osun State. International Journal of Financial, Accounting, and Management, 1(1), 23–37. https://doi.org/10.35912/ijfam.v1i1.55
Yogyakarta City Government. (2022). Jumlah kunjungan wisatawan Yogya lampaui target, capai 5,1 Juta. Portal Berita Pemerintah Kota Yogyakarta. https://warta.jogjakota.go.id/detail/index/24204.
Published
2023-06-30
How to Cite
Wahyudono, D. B. K. (2023). Leader’s Entrepreneurial Resilience a Strong Predictor of New Hotel Performance in Yogyakarta. Kontigensi : Jurnal Ilmiah Manajemen, 11(1), 313-319. https://doi.org/10.56457/jimk.v11i1.398
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Articles
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