如果您无法下载资料，请参考说明：
1、部分资料下载需要金币，请确保您的账户上有足够的金币
2、已购买过的文档，再次下载不重复扣费
3、资料包下载后请先用软件解压，在使用对应软件打开
HOTELMANAGEMENTCONTRACTSANDDEFICIENCIESINOWNER-OPERATORCAPITALEXPENDITUREGOALCONGRUENCYMichaelTurnerandChrisGuildingTheUniversityofQueensland,AustraliaandGriffithUniversity,AustraliaAbstractAreviewofthefindingsofpriorempiricalresearchconcerninghotelmanagementcontractsbetweenownersandoperatorsisundertaken.Itisnotedthatmanagementcontractshavebecomeincreasinglycommonplaceintheinternationalhotelsectorandthatgrossrevenueandgrossoperatingprofitarethemostextensivelyuseddeterminantsofoperatorincentivefeeremuneration.Thesefindingspresentaplatformforexamininghowrevenueandgrossoperatingprofitaredeficientinpromotingowner-operatorgoalcongruency.Inlightofthis,returnoninvestment(ROI)andresidualincome(RI)areexaminedaspotentialalternativedeterminantsofoperatorreimbursement.WhileitisappearsthatbothROIandRIasdeterminantsofhoteloperatorfeeswouldrepresentanadvanceinpromotingowner-operatorgoalcongruency,arationaleoutlininghowresidualincomeispreferabletoROIisoutlined.Keywords:hotelmanagementcontract,returnoninvestment,residualincome,capitalexpenditureIntroductionCollierandGregory(1995)feelthatcapitalbudgetingresearchisparticularlywarrantedinthehotelsectorduetothesector’sdualroleofpropertyandmanagementandthathotelshaveahighproportionofcapitalintensiveassets.Further,hotelsarevibrantorganisationsthatarecharacterisedbycomplexbuildingsthatarecostlytomaintain(Chan,Leeetal.,2001).Theimportanceoftheseassetsunderscorestheviewthatthemostimportantbudgetinahotelisthecapitalbudget(Condon,Blaneyetal.,1996;Lynch,2002).Guilding(2003;2006)notesheightenedcapitalbudgetingcomplexityinhotelsoperatingwithamanagementcontract,becausethecapitaloutlaydecisionmustcrossanorganisationaldivideinsatisfyingtheinvestmentappraisalcriteriaofbothownerandoperator.Giventhehighnumberofhotelsoperatinginthecontextofanowner-operatormanagementcontractandthegovernancechallengesarisinginthiscontext,Field(1995)expressessurpriseattheminimalamountofacademicresearchdirectedtowardsfurtheringourapp
