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Nonlinear effects of board characteristics on China’s hotel firm performance

This study uses dynamic panel regression tests based on the estimation of the system generalized method of moments to examine the effects of board size (BS), board age (BA), and board education (BE) on China’s hotel firm performance (FP). Test results reveal that the effects of BS and BA on hotel FP are nonlinear, but BE has no effect. Specifically, BS has a cubic effect on hotel growth opportunities in terms of Tobin’s Q with turning points equal to 12 and 18, supporting both agency theory and resource dependence theory. Moreover, the impact of BA on hotel growth opportunities is quadratic (inverted U-shaped) with an optimal point of BA at 51, supporting both similarity–attraction theory and human capital theory. Empirical findings suggest that director-owned resources and experience are essential factors in a hotel’s success, providing strategic guidance for the Chinese hotel industry and making a pioneering addition to the hospitality finance literature.