Evaluating the Current and Future of Corporation and Hotel Industry Performance by Analyzing CEO Messages Using the SBSC Framework Assessment

Abstract

The hotel industry has faced significant challenges in both the short and long term, particularly due to the impact of COVID-19, highlighting the need for strategic adjustments to ensure sustainability and growth. This study investigates the strategic elements emphasized in CEO messages published on hotel company websites and their relationship with current and future corporate performance. Utilizing text mining techniques and the Sustainability Balanced Scorecard (SBSC) framework, this research classifies key strategies into financial, customer, internal business processes, learning and growth, social responsibility, and security and safety perspectives. Empirical analysis using the 2SLS regression model reveals several critical findings. First, strategies emphasizing financial and customer perspectives positively influence future corporate performance, though no significant impact is observed on current performance. Second, internal business processes and learning and growth perspectives show no statistically significant relationship with either current or future corporate performance. Third, social responsibility initiatives have an immediate positive effect on current performance, but their long-term impact is negligible. Finally, security and safety perspectives negatively affect both short-term and long-term corporate performance, largely due to the associated costs. However, additional network analysis demonstrates that security and safety factors are interconnected with other strategic elements, suggesting their complementary importance for overall operational stability. The study highlights the critical role of transparent information delivery through CEO messages as a tool for communicating corporate vision and strategy, offering insights into how stakeholders can utilize this information for decision-making. These findings provide valuable theoretical and managerial implications for sustainable hotel management in a post-pandemic environment.

1. Introduction

Information on companies is very diverse, and the form of information on companies exists not only as quantitative information but also as qualitative information [1]. In addition, information about the company is both inside and outside the company. According to the principal-agent theory, the manager, who is the agent of the company, knows more information about the company than the shareholders, who are the owners of the company [2]. Information asymmetry about a company does not positively affect corporate performance and value because it causes anxiety and uncertainty in people outside the company, such as shareholders and creditors [3]. Therefore, to alleviate this asymmetry of information, managers who know more about the company should inform stakeholders, such as shareholders and creditors outside the company, with as much information as possible.

According to the stakeholder position approach, the resource-based theory includes a company’s managers who can access its core resources that many stakeholders cannot [4]. If managers share key information about the company with shareholders and stakeholders and stably present countermeasures for the company’s problems, the company’s value is likely to be evaluated positively.

In addition, according to stakeholder resource-based theory, managers must recognize that in addition to shareholders, various stakeholders are making their own arguments that help them generate profits in fierce competition to attract resources that can generate profits [5]. In this situation, to understand and accept many stakeholders, managers need to actively disclose the company’s internal information to the outside.

Finally, according to the theory of justification, it is important for a company’s managers to disclose that the company positively contributes to society through active ESG activities in order to respond to the unfriendly attitude of the media [6]. This justification theory provides a basis for the argument that it is right for companies to improve their corporate image and maintain sustainability by returning some of their earned economic benefits to society.

If a company’s managers disclose management information transparently, shareholders, stakeholders, and potential customers will have higher faith and confidence in the company [7]. Active and transparent disclosure of information by such companies may affect current corporate performance in the short term and future corporate performance in the long term. Especially when interest in corporate ESG activities is rising worldwide, companies need to actively engage in ESG activities with social responsibility to improve their corporate image and disclose these activities to the outside of the company [8]. These actions are an effort to resolve information asymmetry in companies, and managers should do their best to reduce it [9].

One of the management’s efforts to reduce such information asymmetry is to disclose information on the company’s vision and strategy through the CEO’s message on the company’s website [10]. Through the CEO message on the corporate website, shareholders and various stakeholders outside the company can learn information on the management philosophy and direction of the corporate development of corporate managers [11].

The corporate website contains various and primary information and delivers much information outside the company [12]. Companies disclose important information directly or indirectly through their websites, especially in the CEO’s message, summarizing and implicitly presenting this important information [13]. When a company’s strategy or marketing team posts a CEO message on its website, it is uploaded after careful review [14]. In other words, the CEO message disclosed on the corporate website summarizes important information about the company, and in particular, it contains key information about the company’s vision, goals, and strategies [15].

Information asymmetry, a core concept of the principal-agent theory, arises when agents possess more knowledge about the company’s operations than principals. This discrepancy can lead to agency problems, such as misaligned interests and decreased stakeholder trust, ultimately affecting corporate performance [16]. In the context of the hotel industry, where service quality and customer trust are paramount, transparent communication through CEO messages on corporate websites serves as a critical tool to mitigate these agency issues.

The stakeholder theory underscores the necessity of addressing the needs of diverse stakeholders, such as customers, employees, and investors, to achieve corporate sustainability [17]. Stakeholders increasingly demand transparent communication, particularly regarding strategies and goals, which CEO messages can effectively deliver. By aligning corporate strategies with stakeholder expectations, organizations can build trust and long-term relationships, critical for resilience in competitive environments.

Moreover, the resource-based view emphasizes that intangible assets, such as effective communication and managerial transparency, are key strategic resources that create sustainable competitive advantages [18]. In the hotel industry, where customer experience heavily depends on trust and service quality, leveraging CEO messages as a strategic resource helps firms differentiate themselves in a competitive market.

While the Balanced Scorecard (BSC) framework has traditionally been employed for performance evaluation by incorporating financial, customer, internal business process, and learning and growth perspectives, it falls short in addressing the increasing significance of social and environmental considerations. In contrast, the Sustainability Balanced Scorecard (SBSC) framework extends the traditional BSC by integrating corporate social responsibility (CSR) and sustainability perspectives, which are crucial in today’s business environment [19]. Particularly in the hotel industry, which has faced heightened concerns over health, safety, and environmental sustainability following the COVID-19 pandemic, the SBSC framework provides a more comprehensive approach to evaluating the strategic priorities communicated in CEO messages.

This research adopts the SBSC framework to analyze CEO messages from hotel companies, aiming to explore their strategic focus on financial performance, customer satisfaction, internal business processes, learning and growth, CSR, and security and safety. By doing so, this research not only bridges gaps in the existing literature but also provides valuable insights into how these strategic priorities influence both current and future corporate performance.

Therefore, this study examines the CEO message posted on the company’s website to obtain important information on what the company is aiming for, what it values, and what it is practicing. Namely, this paper aims to analyze the CEO messages posted on the websites of companies in the hotel industry to investigate the relationship between current and future corporate performance. To investigate this, we first directly collect CEO message data on the websites of companies belonging to the hotel industry through text mining techniques. In addition, text mining techniques are used to extract significantly repeated keywords. Then, through the SBSC framework, keywords are classified into financial, customer, internal business process, learning and growth, and social activity [20,21]. In this paper, we classify security and safety perspectives by category from an internal business process perspective.

The BSC framework is a representative performance evaluation indicator of traditional companies and is a performance evaluation indicator that can balance quantitative and qualitative evaluations [21,22,23]. The framework is categorized into financial, customer, internal business process, and learning and growth perspectives [24]. In addition to quantitative information, such as financial perspectives, this performance evaluation indicator includes qualitative information, such as customer perspective, internal business process perspective, and learning and growth perspective [21]. In recent years, as interest in information on corporate social activities has increased, the SBSC framework, which adds a perspective on corporate social activities to the existing BSC framework, is often used for performance evaluation or research [25,26].

This study aims to evaluate the hotel industry by examining the relationship between the strategic perspectives emphasized in CEO messages and their impact on current and future corporate performance. By employing a convergent and innovative analysis process that integrates text mining techniques and the SBSC framework, this study identifies key strategic priorities articulated by hotel companies. Furthermore, this research highlights specific challenges and factors affecting the performance and evaluation of hotel companies, which are critical for driving the industry’s development both in the present and the future.

The objective of this study is two-fold. First, to examine the relationship between the strategic priorities communicated in CEO messages and current and future corporate performance in the hotel industry. Second, to provide empirical insights into the specific impacts of financial, customer, internal business process, learning and growth, CSR, and security and safety perspectives on corporate performance.

The specific aim of this study is to explore how the strategic priorities communicated in CEO messages influence both the current and future corporate performance of hotel companies. By focusing on the unique characteristics of the hospitality industry, the study seeks to identify the critical role that specific strategic dimensions—financial, customer, internal business process, learning and growth, CSR, and security and safety perspectives—play in shaping organizational outcomes. These strategic priorities, often articulated through CEO messages, serve as a bridge between a company’s vision and its operational objectives, making them an essential component of corporate communication.

To achieve this aim, the study is designed with three specific objectives. First, it seeks to analyze CEO messages from hotel companies using text mining techniques in combination with the SBSC framework. This approach allows for the systematic categorization of strategic priorities and provides a comprehensive view of how these priorities are communicated.

Second, the study aims to identify and evaluate the relationships between the strategic priorities outlined in CEO messages and corporate performance. By examining both short-term and long-term performance outcomes, the research offers insights into how specific strategic dimensions contribute to the success or challenges faced by hotel companies.

Finally, the study seeks to provide actionable recommendations for hotel managers. By understanding the strategic significance of CEO messages and their impact on corporate performance, managers can optimize their stakeholder communication strategies and make informed decisions that enhance organizational resilience and sustainability. Through this comprehensive approach, the study contributes valuable theoretical and practical insights into the role of strategic communication in the hospitality industry.

This study addresses a critical gap in the literature by integrating text mining techniques to analyze CEO messages and employing the SBSC framework to assess their strategic implications. By doing so, it offers both theoretical advancements and practical recommendations for hotel managers aiming to optimize stakeholder communication and enhance organizational performance.

Particularly, the study focuses on the security and safety perspective, which has gained significant importance in the hotel industry following the COVID-19 pandemic. By isolating security and safety from the broader internal business process perspective, this research provides empirical evidence on how prioritizing these aspects influences current and future corporate performance. This approach not only sheds light on strategic decision-making in the hotel industry but also addresses pressing issues that impact its sustainable growth and competitiveness.

This paper is organized in the following order: Section 2 investigates previous studies related to the purpose of this study and derives research hypotheses based on this. Section 3 explains information and research models for empirical analysis in detail. Section 4 presents the results of verifying research hypotheses through empirical analysis and discusses their implications. Finally, Section 5 concludes this paper.

2. Previous Research and Hypothesis Development

2.1. Pror Research

Information asymmetry, a central concept in the principal-agent theory, arises when corporate managers possess more knowledge about the company’s operations and strategies than shareholders and other external stakeholders [16]. This disparity often results in misaligned interests, reduced stakeholder confidence, and inefficiencies in corporate decision-making, ultimately impacting corporate performance. Within the hotel industry, where service quality and customer trust are critical, transparent communication from managers through channels like CEO messages becomes vital to mitigating these agency problems. The disclosure of vision, strategy, and performance goals via CEO messages helps alleviate uncertainty and enhances trust among shareholders and other stakeholders.

Building on the stakeholder theory [17], addressing the needs of a wide range of stakeholders—including customers, employees, and investors—has become increasingly important for achieving sustainable corporate success. Effective communication plays a critical role in aligning corporate strategies with stakeholder expectations. Transparent CEO messages allow organizations to clearly communicate their priorities, fostering trust and long-term relationships that are essential for corporate resilience in a competitive market. This is particularly relevant in the hotel industry, where diverse stakeholder engagement is necessary for creating a sustainable competitive advantage.

The resource-based view [18] highlights intangible resources, such as managerial transparency, corporate communication, and organizational reputation, as critical assets for achieving sustained competitive advantage. In the hotel industry, these intangible resources are particularly valuable due to the industry’s reliance on customer experience and trust. Leveraging CEO messages as a strategic resource enables hotel companies to differentiate themselves in a highly competitive environment by fostering customer loyalty and reinforcing stakeholder confidence. Through effective communication, firms can better articulate their strategic priorities and align them with their resource allocation to achieve superior performance outcomes.

While the traditional BSC framework has been widely used to evaluate organizational performance through financial, customer, internal business process, and learning and growth perspectives [27], it does not adequately address the increasing importance of social and environmental factors in today’s business environment. The SBSC framework extends the traditional BSC by incorporating sustainability and CSR perspectives, providing a more comprehensive evaluation framework [19].

The SBSC framework is particularly suited to the hotel industry, which has faced heightened concerns over health, safety, and environmental sustainability following the COVID-19 pandemic. For example, integrating a security and safety perspective—a unique element added in this study—allows for a more nuanced analysis of the strategies emphasized in CEO messages. By considering these additional dimensions, the SBSC framework enables a deeper understanding of how strategic priorities in financial performance, customer satisfaction, internal business processes, learning and growth, CSR, and security and safety influence current and future corporate performance.

2.2. Hypothesis Development

Building on the aforementioned theories and frameworks, this study formulates the following hypotheses to examine the relationship between strategic priorities communicated in CEO messages and corporate performance. The detailed reasoning behind each hypothesis is provided below.

The financial perspective emphasizes cost efficiency, revenue generation, and profitability improvement. According to the principal-agent theory, shareholders expect managers to maximize financial returns, but achieving immediate improvements in financial performance can be challenging, especially in the hotel industry, which faced unprecedented challenges during the COVID-19 pandemic. By aligning strategies with long-term profitability goals and communicating these priorities effectively, hotel companies can reassure stakeholders and improve future corporate performance, even if short-term results are not immediately evident [25,27]. The financial perspective focuses on cost efficiency and revenue generation. Hotel companies emphasizing financial strategies are expected to improve profitability through long-term efforts, even if immediate financial performance remains constrained due to external challenges like COVID-19 [28,29].

Hypothesis 1. 

Emphasizing the financial perspective positively affects future corporate performance, even if it does not significantly impact current corporate performance.

Customer satisfaction is central to the success of the hotel industry due to its direct interaction with consumers. Investments in customer-oriented strategies, such as service quality improvement, facility upgrades, and personalized experiences, require significant resources and time before yielding tangible benefits. Drawing on stakeholder theory, engaging customers as key stakeholders through these efforts can build loyalty and enhance long-term performance. Although such investments may not show immediate results, they are expected to positively impact future corporate performance [17,19].

Customer satisfaction is critical in the hotel industry due to its direct interaction with consumers. Although investments in customer satisfaction—such as service quality improvement and facility upgrades—may not yield immediate returns, they are likely to enhance customer loyalty and future financial performance [30,31].

Hypothesis 2. 

Emphasizing the customer perspective positively affects future corporate performance, even if it does not significantly impact current corporate performance.

The internal business process perspective involves optimizing operational efficiency and improving managerial processes. While these efforts are necessary for long-term sustainability, they often involve substantial upfront costs and time. From the resource-based view, internal business processes can be considered as intangible resources, but their contribution to financial performance requires time to materialize. Thus, the impact of emphasizing internal business processes on current or future corporate performance may not be statistically significant [18,27].

Operational efficiency and process improvements are vital for hotel sustainability. However, implementing new systems and processes often involves substantial time and costs, making it difficult to achieve immediate or measurable financial benefits [32,33].

Hypothesis 3. 

Emphasizing the internal business process perspective does not significantly affect current or future corporate performance.

Focusing on learning and growth involves enhancing employee satisfaction, supporting workforce development, and fostering innovation. While these efforts improve employee morale and potentially customer satisfaction, the resource-based view suggests that these outcomes are indirect and require mediation through other factors, such as employee engagement or customer loyalty, before translating into financial performance. Therefore, strategies emphasizing learning and growth may not directly impact either current or future corporate performance [18,27].

Support for employee learning and growth is associated with improved satisfaction and productivity. While this indirectly benefits customer satisfaction and corporate performance, a direct causal relationship with financial outcomes is difficult to establish without intermediary factors like employee satisfaction [34,35].

Hypothesis 4. 

Emphasizing the learning and growth perspective does not significantly affect current or future corporate performance.

CSR activities are increasingly favored by customers and investors. By engaging in activities such as environmental sustainability, ethical governance, and community development, companies can enhance their reputation and strengthen customer trust. According to stakeholder theory, CSR aligns corporate actions with stakeholder expectations, leading to immediate positive outcomes, such as increased customer preference and loyalty. However, the long-term financial effects of CSR initiatives remain unclear, as they often involve high costs and are difficult to quantify [17,19].

CSR activities have gained prominence in the hotel industry, with customers increasingly favoring socially responsible companies. Unlike in the past, CSR initiatives now contribute positively to short-term financial performance, serving as an effective marketing tool [36,37,38,39,40].

Hypothesis 5. 

Emphasizing the social responsibility perspective positively affects current corporate performance but does not significantly impact future corporate performance.

The hotel industry has faced heightened concerns over health and safety due to the COVID-19 pandemic. Investments in security and safety measures, such as enhanced hygiene protocols and emergency preparedness, are critical for customer trust and operational continuity. However, these efforts involve substantial costs without immediate revenue generation. Drawing on the resource-based view and stakeholder theory, while safety measures are essential for maintaining trust, their short-term and long-term financial impacts may be negative due to high implementation costs [17,18].

Security and safety have become critical considerations in the hotel industry following the COVID-19 pandemic. However, investments in safety measures may not directly translate into financial gains, and the associated costs could negatively impact short- and long-term performance [41,42].

Hypothesis 6. 

Emphasizing the security and safety perspective negatively affects current and future corporate performance.

By integrating insights from principal-agent theory, stakeholder theory, and the resource-based view, and extending them with an SBSC-based classification, this study provides a structured framework for examining the relationship between CEO message content and corporate performance. It aims to bridge gaps in the existing literature while offering valuable insights for hotel management and strategic decision-making.

3. Research Methodology

3.1. Sample Selection

3.1.1. Financial Data

The sample targets for this study are companies in Korea’s hotel industry, and the sample period is 2021. First of all, the reason for limiting the sample to companies belonging to the Korean hotel industry is to understand what strategies or goals the hotel industry, an industry that was very difficult during the COVID-19 period, is establishing during the post-COVID-19 period and to investigate whether these strategies and goals are reflected in corporate performance.

Our researchers inquired about the hotel’s CEO’s message information to employees working in the marketing and strategy team of a hotel located in Korea. As a result of the inquiry, the CEO message posted on the hotel website is said to be strategically written through several meetings and reviews between the strategy and marketing teams. In particular, it is said that important keywords are used in CEO messages so that potential customers who want to use the hotel can see the CEO message as much as possible through online searches. In addition, for the promotion of the hotel, the CEO’s message records the characteristics of the hotel or the emphasis on the hotel.

Considering the characteristics of the Korean people and the characteristics of Korean hotel companies, the sample target is suitable for grasping the relationship between what is emphasized in the CEO message on the hotel company website to be identified in this study and corporate performance.

The reasons why this study’s sample period is a single period in 2021 are as follows. First, the CEO message posted on the company’s website is not updated yearly like the financial statements. In this study, CEO messages published on the website were collected during the 2021 survey. After collecting CEO message data in 2021, a significant number of CEO messages may not differ in content, even if CEO message data were collected again in 2022.

Second, this study investigates the impact of what is emphasized in the CEO message on hotel companies’ current and future corporate performance. The most recent corporate financial data released as of 2023 is 2022 data. This paper uses this year’s ROA as the current corporate performance and next year’s ROA as the future corporate performance. In other words, because we use 2021 CEO message data, 2021 ROA is current corporate performance, and 2022 ROA is future corporate performance.

This study focuses on companies within Korea’s hotel industry, with a sample period limited to the year 2021. The reason for this selection is to analyze the strategies and goals of hotel companies during the post-COVID-19 recovery phase—a time marked by significant challenges and restructuring. The study aims to understand how these strategies are reflected in corporate performance and to provide insights into the resilience and adaptability of the hotel industry.

Companies were selected based on their classification under the Korean Standard Industrial Classification (KSIC) as part of the hotel industry. Financial data for these companies were obtained from the Kis-Value database, which is a trusted source of corporate financial information in Korea. Companies that did not disclose CEO messages on their websites or lacked financial data were excluded from the analysis, leaving a final sample of 224 companies.

The focus on the Korean hotel industry is particularly relevant due to its unique characteristics, such as its heavy reliance on domestic tourism and relatively limited financial stability compared to international hotel chains. These factors make the Korean hotel industry an ideal context for studying the relationship between CEO messaging and corporate performance.

The study centers on the year 2021 for CEO message data because such messages are not updated annually, unlike financial statements. Furthermore, the most recent financial data available for analysis in 2023 pertains to 2022. As a result, this study uses the 2021 return on assets (ROAs) as a measure of current corporate performance and the 2022 ROA as a measure of future corporate performance. Although this approach may not capture long-term strategic impacts, it provides a focused analysis of short- and medium-term effects.

The final sample of 224 companies ensures a robust analysis of the Korean hotel industry. While the findings may not be fully generalizable to other markets, the study offers valuable insights into the strategies of an industry that faced unique challenges during the COVID-19 pandemic. Future research could extend this analysis to a global context for broader applicability.

The reliance on publicly available CEO messages introduces potential selection bias, as not all companies update their websites consistently. To mitigate this, only companies with regularly maintained online messaging were included. Additionally, while the study focuses on a single period, it provides a foundation for longitudinal analyses in future research.

In this study, data analysis and statistical processing were conducted using R version 4.3.1, while text mining was performed with the Python-based software NLTK (Natural Language Toolkit) version 3.8.0. Additionally, CONCOR analysis was carried out using UCINET version 6.855.

Table 1. Sample selection criteria.

Criteria	Number of Samples
Firms classified as the hotel industry by the Korean standard industry classification code as of 2021	337
Firms that did not disclose CEO messages on their websites	(82)
Firms that did not disclose financial data on the database	(31)
Final observations	224

presents information on financial data used in the empirical analysis of this study. In this study, financial data of companies classified in the hotel industry by the Korean standard industry classification code as of 2021 were collected from the Valeu-search site (https://www.valuesearch.co.kr, accessed on 1 September 2024). There are 337 companies, most of them belonging to unlisted companies. Among these companies, 82 companies that did not disclose CEO messages on their websites were excluded from the sample, and 31 additional companies that did not disclose financial data on the Value-search site were excluded. Therefore, the number of final sample companies used in the empirical analysis of this study was 224.

3.1.2. Text Data

Text mining is a technique for extracting valuable insights from textual data by applying natural language processing (NLP) [43]. This approach empowers users to uncover and leverage valuable information hidden within extensive text data [44]. The desired text is automatically gathered using Java API functions, and unnecessary words are filtered out during the keyword selection process [45]. The text mining procedure employed in this study can be outlined as follows: Initially, our researchers applied the bag-of-words (BoWs) methodology [46] to identify frequently occurring terms within the CEO messages on corporate websites. Using the bag-of-words (BoWs) methodology, we constructed a term frequency-inverse document frequency (TF-IDF) matrix [47], which quantifies the frequency of word occurrence in CEO messages across various company websites. TF-IDF is a widely adopted technique for text-mining vectorization [48].

The data collection process in this study is as follows. CEO messages were manually collected from the official websites of the selected hotel companies. Researchers identified sections explicitly labeled as “CEO Messages” or equivalent. To ensure the authenticity of the data, these messages were cross-referenced with other company publications, such as press releases and annual reports, whenever possible.

The CEO messages were analyzed using text mining techniques to extract meaningful keywords. These keywords were selected based on their relevance and frequency using the TF-IDF method. The following steps were taken to ensure the reliability of the keyword selection process and to minimize potential biases.

For filtering unnecessary words, such as common stop words, redundant expressions, and non-essential adjectives, were removed using NLP techniques. This process helped to focus the analysis on terms with substantive meaning.

Also, to mitigate subjective bias, multiple researchers independently reviewed the list of keywords. Only keywords that were consistently deemed relevant by all reviewers were included in the final analysis. The TF-IDF method was selected because it effectively highlights terms that are both frequently used in individual documents and unique across multiple documents. This approach is well-suited to identifying strategic priorities expressed in CEO messages.

The study employed the BoW model to identify frequently occurring terms within CEO messages. TF-IDF was used to assign weights to these terms based on their relevance. Specific NLP techniques, including tokenization, stemming, and stop-word removal, were applied using tools such as Python libraries and Java API functions. To ensure reliability, outputs were cross-validated against manually reviewed subsets of the data.

3.1.3. Classification of CEO Messages by the SBSC Framework

The BSC has been used as a research method in many previous studies and has been actively used in practice [21,22,23]. The BSC identifies interactions among financial customers, internal business processes, and learning and growth perspectives [27]. These four standpoints of the BSC are interlinked by cause-and-result relations [24]. By estimating and explaining major success factors based on these four perspectives, the BSC method helps accomplish the corporation’s successful visions and aims [49]. Actually, for sustainable growth of the company, the BSC approach can provide important factors and suggest clear strategies [50]. However, the performance evaluation elements of the BSC framework are missing elements of corporate social responsibility [51].

To overcome the shortcomings of the existing BSC framework, not including the social responsibility perspective, the SBSC framework is created by adding corporate social responsibility elements to the existing BSC framework, and this framework is becoming more actively used [25,26]. In this paper, our researchers utilize the SBSC framework, including a corporate social responsibility perspective, in addition to the prior four perspectives. Yet, the CEO’s message on the company homepage involves a lot of keywords related to the management environment outside of the firm. Therefore, this study classifies the keywords of CEO messages utilizing six standpoints (finance, customer, internal business process, learning and growth, social responsibility, and external management environment). In this study, the external management environment is excluded from the analysis because it is an area the company cannot control.

We highlighted the shortcomings of the traditional BSC framework in not including the social responsibility perspective, which led to the development of the SBSC framework by incorporating corporate social responsibility (CSR) elements. This enhanced framework has gained wider application and recognition in recent years. Regarding the positive impact of the social responsibility perspective on performance before and after its integration, our study acknowledges that while the SBSC framework allows for a more holistic view of organizational performance by addressing both internal and external stakeholder expectations. Moreover, while the CEO’s communication methods on company homepages might remain fixed, the inclusion of social responsibility in this study offers additional insights. Specifically, this aspect highlights the alignment of organizational priorities with broader societal and environmental challenges, which can indirectly influence stakeholder perceptions and, consequently, performance.

In addition, security- and safety-related predictions are added to the SBSC frame in this study. The security and safety-related perspective is a separate classification of keywords related to security and safety in internal business processes. The reason why the security and safety-related perspectives are classified and analyzed separately in this study is that the importance of security and safety in the hotel industry has grown greatly during the COVID-19 period [52]. Another reason is that hotels are public places where many people gather, so they can be dangerous, like terrorism or when. Therefore, it is important to determine whether hotels are taking care of preparing for sudden accidents such as terrorism [53]. However, most hotel companies are not as financially stable as unlisted companies, so if they spend a lot of money to increase security and safety levels, it can negatively affect current and future corporate performance.

Due to the nature of the hotel, which is where many people stay, it is essential to ensure customers’ safety [54]. In addition, although the hotel’s emphasis on security and safety and spending a lot of money on this part is not necessarily linked to financial corporate performance, customers staying in the hotel will have confidence in the hotel if the hotel they stay in emphasizes security and safety [52,54]. Although this does not seem to significantly impact the hotel’s corporate performance, it is expected to positively improve the value of the hotel brand and increase hotel reliability. Therefore, this study conducts an empirical analysis by adding security and safety-related perspectives to the SBSC framework, considering the characteristics of companies in the hotel industry.

The SBSC framework application in this research is as follows. In this study, keywords extracted from CEO messages were categorized using the SBSC framework. The SBSC framework extends the traditional BSC framework by incorporating a CSR perspective, which is increasingly significant in today’s business environment. Furthermore, this study introduces an additional security and safety perspective, recognizing the heightened importance of these aspects in the hotel industry, especially in light of the challenges posed by the COVID-19 pandemic. By including this new perspective, the SBSC framework used in this study provides a more comprehensive approach to analyzing the strategic priorities communicated in CEO messages.

Keywords were classified into six perspectives under the SBSC framework based on their thematic focus and relevance. The criteria for classification under each perspective are as follows.

(1)

Financial Perspective: This category includes keywords associated with financial performance, such as profitability, revenue growth, cost efficiency, and investment. Examples of terms classified under this perspective include “profitability”, “investment”, “revenue”, and “cost reduction”.

(2)

Customer Perspective: Keywords in this category emphasize customer satisfaction, experience, and loyalty. These terms reflect the hotel industry’s direct interaction with customers and its focus on providing exceptional service. Examples include “guest satisfaction”, “service quality”, “customer loyalty”, and “personalized experience”.

(3)

Internal Business Process Perspective: This perspective includes keywords related to operational efficiency, innovation, and process improvement. Terms such as “efficiency”, “innovation”, “process improvement”, and “technology integration” fall into this category, as they highlight the internal mechanisms that support organizational success.

(4)

Learning and Growth Perspective: Keywords under this perspective focus on employee development, training, and organizational learning. Examples include “employee training”, “skill development”, “talent management”, and “innovation culture”. These terms highlight the importance of fostering a knowledgeable and skilled workforce as a foundation for long-term growth.

(5)

CSR Perspective: This category captures keywords addressing social and environmental initiatives, reflecting the growing importance of corporate social responsibility in the hotel industry. Examples include “sustainability”, “community engagement”, “environmental protection”, and “social impact”.

(6)

Security and Safety Perspective: Recognizing the critical role of safety and security in the post-pandemic hotel industry, this perspective includes keywords related to health, safety, and risk management. Examples include “safety measures”, “emergency preparedness”, “hygiene protocols”, and “security enhancements”. These terms emphasize the efforts made by hotels to ensure the safety and well-being of their customers and employees.

The process of classifying keywords was conducted with meticulous care to ensure accuracy and consistency. When ambiguities arose in the classification of certain keywords, they were addressed through iterative discussions among the research team. Each term was thoroughly evaluated within its context to determine its most appropriate category. In cases of disagreement, researchers consulted industry-specific reports and academic literature to gain a deeper understanding of the term’s relevance and significance. This collaborative and informed approach ensured that the classification of keywords was accurate and contextually relevant to the study. By applying these detailed classification criteria, the study was able to categorize strategic priorities articulated in CEO messages effectively. This process provides a comprehensive understanding of how hotel companies communicate their focus areas and align them with their overall strategic goals.

3.1.4. Research Method

The specific methodology used for empirical analysis in this study is described below. First, according to the Korean Standard Industrial Code in 2021, our researchers select companies from the hotel industry as a sample. Financial data on these hotel companies are acquired from the Kis-value database and converted into variables.

Second, as of 2021, we visited all the websites of companies in the hotel industry and collected publicly announced CEO messages directly. In this study, text data are extracted and quantified using text mining. After collecting text data, keywords are selected based on nouns by NLP, and unnecessary words are excluded [44]. In addition, TF-IDF values are derived, and words with high TF-IDF values are finally selected as keywords [46].

Third, in this study, the SBSC framework is used to categorize the CEO messages of companies belonging to the hotel industry [22]. Keywords existing in the CEO message of the hotel industry’s corporate website are categorized by the SBSC framework into financial perspective, customer perspective, internal business process, learning and growth perspective, and corporate social perspective. Additionally, a security and safety perspective are added. In other words, this study quantifies text data by calculating the average TF-IDF value of keywords corresponding to the five elements of SBSC and security and safety-related elements. Among the five elements of SBSC and security and safety-related factors, the factor with the highest average TF-IDF value for each company in the hotel industry is selected as the most emphasized factor by the company.

Fourth, this paper verifies whether the hotel’s current or future corporate performance changed according to the factors emphasized in the CEO message posted on the website through regression analysis. In particular, the analysis results are presented by the 2SLS model to verify whether consistent results are produced even after controlling for endogeneity [55]. Additionally, the association between keywords is presented through CONCOR analysis [56] among network analysis techniques. CONCOR analysis was employed to explore relationships between keywords in CEO messages. This network analysis, conducted using UCINET software version 6.855, identified clusters of interconnected keywords and provided insights into the strategic priorities emphasized by hotel companies.

The selection of the hotel sample for this study was guided by several criteria to ensure relevance, accessibility, and the robustness of the data. First, the hotels were chosen based on the availability of CEO messages published on their official websites, as well as the accessibility of financial data for both the current performance year (2021) and the subsequent year (2022). This approach ensured consistency in data collection and allowed for a systematic analysis of the relationship between CEO messaging and financial outcomes.

In terms of industry representation, the selected hotels reflect a diverse range of sizes, geographic locations, and business models within the hospitality sector. This diversity was intentionally incorporated to provide a balanced and comprehensive understanding of how CEO messages correlate with managerial and financial performance. To maintain consistency in the analysis, only hotels with standardized and publicly available data were included in the sample. This criterion helped to address potential discrepancies caused by variations in reporting practices across different hotels, ensuring homogeneity in the data sources used for analysis.

The sample size was determined with careful consideration of both practical constraints and the need for sufficient depth in the analysis. While acknowledging that hotels may vary significantly in their operational and strategic approaches, statistical methods were applied to validate the sufficiency of the sample size. This included tests for reliability and representativeness, which confirmed that the sample was adequate to support the testing of the hypotheses and to draw meaningful conclusions.

However, the study recognizes that the sample may not capture every possible variation within the hospitality industry. This limitation is acknowledged, and the research suggests that future studies should incorporate larger and more diverse samples to enhance generalizability. In Figure 1, it is visualized and presented to help understand the research methodology of this paper.

3.2. Descriptive Statistics and Correlation Analysis Results

The definitions of the variables used in this paper’s empirical analysis are summarized and presented in

Table 2. Variable definition.

Variables	Definition
Finance	The mean of word’s TF-IDF related to financial perspective by SBSC framework
Customer	The mean of word’s TF-IDF related to customer perspective by SBSC framework
Internal Business Process	The mean of word’s TF-IDF related to internal business process perspective by SBSC framework
Learning and Growth	The mean of word’s TF-IDF related to learning and growth perspective by SBSC framework
Social Responsibility	The mean of the word TF-IDF is related to the social responsibility perspective of the SBSC framework.
Security and Safety	The mean of the word TF-IDF is related to the security and safety of internal business process perspective by the SBSC framework.
ROAt	Measures for current company value 1: the current year’s net income is divided by total assets.
ROAt+1	Measures for future company value 1: next year’s net income is divided by total assets
SIZE	Natural logarithm of total assets
LEV	The debt ratio: total liabilities ÷ total assets
BIG4	Dummy variable: 1 if a large foreign accounting company audits a company called Big4 otherwise, 0
GRW	The growth ratio: (this year-end sale—lagged year-end sales) ÷ lagged year-end sales.
LOSS	Dummy variable: 1 if the company reports loss otherwise, 0
CFO	Operating cash ratio: operating cash ÷ total assets

below. The variables that quantify the five elements of the SBSC framework are finance, customer, internal business process, learning and growth, and social responsibility. In addition, among the keywords belonging to the Internal Business Process, the variable that separately extracted and quantified the Security and Safety element is Security and Safety. All of these variables are quantified by deriving the average values of the keywords’ TF-IDF values.

In this study, this year’s ROA was used as a proxy variable for current corporate performance, and next year’s ROA was used as a proxy variable for future corporate performance. Since most of the hotel industry companies, which are the sample targets of this study, are unlisted companies, stock price data were not disclosed, so Tobin’s Q, which means future corporate governance, could not be calculated.

Table 3. Descriptive statistics.

Variables	N	Means	SD	Min	Q1	Median	Q3	Max
ROAt	224	−0.055	0.146	−1.428	−0.065	−0.030	−0.008	0.243
ROAt+1	224	−0.023	0.106	−0.857	−0.043	−0.020	0.002	1.012
SIZE	224	24.671	1.226	23.292	23.672	24.315	25.289	27.247
LEV	224	0.728	0.251	0.245	0.542	0.746	0.911	1.178
BIG4	224	0.179	0.384	0.000	0.000	0.000	0.000	1.000
GRW	224	−0.327	0.293	−0.795	−0.522	−0.369	−0.151	0.327
LOSS	224	0.804	0.398	0.000	1.000	1.000	1.000	1.000
CFO	224	−0.015	0.043	−0.114	−0.039	−0.009	0.011	0.066

ROA_t: measures for current company value 1: current year’s net income is divided by total assets; ROA_t+1: measures for future company value 1: next year’s net income is divided by total assets; SIZE: natural logarithm of total assets; LEV: total liabilities ÷ total assets; BIG4: Dummy variable; 1 if a large foreign accounting company audits a company called Big4, otherwise 0; GRW: (this year-end sales—lagged year-end sales) ÷ lagged year-end sales; LOSS: dummy variable, one if the company reports loss, otherwise 0; CFO: operating cash ratio; operating cash ÷ total assets.

contains descriptive statistics for the financial variables used in this study. The average value of ROA_t, which means current corporate performance, is −0.055, the standard deviation is 0.146, and the median value is −0.030. In addition, the average value of ROA_t+1, which means future corporate performance, is −0.023, the standard deviation is 0.106, and the median value is −0.020. Perhaps because the aftermath of COVID-19 has not yet completely disappeared, both the 2021 average asset return and 2022 average asset return of companies in the hotel industry were found to be negative (−). In addition, looking at the technical statistics of financial ratios for companies belonging to the Korean hotel industry, the following facts can be inferred. It was found that most of them are unlisted companies and have a high debt ratio due to their financial stability, and most accounting firms subject to external audits are not major accounting firms. Due to the difficulties caused by COVID-19, most companies reported losses, and the sales growth rate was also negative on average.

Table 4. The result of the correlation analysis.

Variables	ROAt	ROAt+1	Finance	Customer	Internal Business Process	Learning and Growth	Social Responsibility	Security and Safety	SIZE	LEV	BIG4	GRW	LOSS	CFO
ROAt	1
	***
ROAt+1	0.526	1
	***	***
Finance	0.043	−0.004	1
			***
Customer	−0.028	0.129	−0.069	1
		*		***
Internal Business Process	0.003	−0.006	0.364	0.312	1
			***	***	***
Learning and Growth	0.016	−0.017	0.028	0.023	0.091	1
						***
Social Responsibility	0.060	0.177	0.458	0.065	0.273	0.237	1
		***	***		***	***	***
Security and Safety	−0.048	−0.070	−0.016	−0.059	0.175	0.089	0.015	1.000 ***
					***
SIZE	0.099	0.080	−0.039	−0.063	−0.132	−0.064	−0.138	−0.049	1
					**		**		***
LEV	−0.213	−0.113	0.071	0.183	0.188	0.070	0.097	0.042	−0.340	1
	***	*		***	***				***	***
BIG4	−0.143	−0.088	−0.04	−0.128	−0.085	−0.064	−0.113	−0.010	0.529	−0.212	1
	**			*			*		***	***	***
GRW	0.183	0.187	0.054	0.044	0.122	−0.017	0.103	0.052	0.014	0.184	−0.055	1
	***	***			*					***		***
LOSS	−0.298	−0.169	−0.141	0.020	−0.095	−0.043	−0.142	−0.136	0.124	0.044	0.143	−0.447	1
	***	**	**				**	**	*		**	***	***
CFO	0.352	0.293	0.069	0.041	0.066	0.025	0.138	−0.019	0.051	−0.011	−0.057	0.424	−0.318	1
	***	***					**					***	***	***

Finance: the mean of word’s TF-IDF related to financial perspective by SBSC framework; Customer: the mean of word’s TF-IDF related to customer perspective by SBSC framework; Internal Business Process: the mean of word’s TF-IDF related to internal business process perspective by SBSC framework; Learning and Growth: the mean of word’s TF-IDF related to learning and growth perspective by SBSC framework; Social Responsibility: the mean of word’s TF-IDF related to social responsibility perspective by SBSC framework; Security and Safety: the mean of word’s TF-IDF related to security and safety of internal business process perspective by SBSC framework; ROA_t: measures for current company value 1: current year’s net income is divided by total assets; ROA_t+1: measures for future company value 1: next year’s net income is divided by total assets; SIZE: natural logarithm of total assets; LEV: total liabilities ÷ total assets; BIG4: Dummy variable; 1 if a company is audited by a large foreign accounting company called Big4, otherwise 0; GRW: (this year-end sales—lagged year-end sales) ÷ lagged year-end sales; LOSS: dummy variable, 1 if the company reports loss, otherwise 0; CFO: operating cash ratio; operating cash ÷ total assets; *, **, *** means statistically significant at levels of 10%, 5%, and 1%, respectively.

shows the result of the correlation analysis of variables used in the empirical analysis of this study. First of all, ROA_t and ROA_t+1 have a positive (+) correlation, and Customer and ROA_t+1 have a positive (+) correlation. Internal business processes and finance have a positive (+) correlation, and internal business processes and Customers also have a positive (+) correlation. Social Responsibility and ROA_t+1 have a positive (+) correlation, and Social Responsibility and Finance also have a positive (+) correlation. In addition, Social Responsibility has a positive (+) correlation with the Internal Business Process and Learning and Growth, respectively. Finally, Security and Safety have a positive (+) correlation with the Internal Business Process.

3.3. Research Model

Research Model for the Test of Hypotheses

This paper verifies the hypotheses through empirical analysis. This research uses a regression analysis to test hypotheses. In this study, empirical analysis is performed using a two-stage least squares (2SLS) regression model to control endogenous problems in performing empirical analysis. The endogenous problem arises from regression analysis, which occurs when the independent variable affects the dependent variable and, simultaneously, the independent variable is affected by the dependent variable [57]. Since the endogenous problem can distort the results of regression analysis, the results of the 2SLS model are also presented in this paper to present more objective and reliable results. A 2SLS regression model was used to address potential endogeneity, which could arise from reverse causality between CEO message content and corporate performance.

In this study, in order to check the robustness of the research results, the results were first derived by the OLS (ordinary least squares) model, and then the analysis was performed by the 2SLS model. As a result of the analysis, the results by OLS and the results by 2SLS were consistent, and the body of the paper presents the results by 2SLS, a research model that controls for endogenousness. The research model designed for empirical analysis in this paper is as follows.

ROA_t/ROA_t+1 = β₀ + β₁ Finance/Customer/Internal Business Process/Learning and Growth/Social Responsibility/Secure and Safety + β₂ SIZE + β₃ LEV + β₄ BIG4 + β₅ GRW + β₆ LOSS + β₇ CFO + ε

Finance: the mean of word’s TF-IDF related to financial perspective by SBSC framework; Customer: the mean of word’s TF-IDF related to customer perspective by SBSC framework; Internal Business Process: the mean of word’s TF-IDF related to internal business process perspective by SBSC framework; Learning and Growth: the mean of word’s TF-IDF related to learning and growth perspective by SBSC framework; Social Responsibility: the mean of word’s TF-IDF related to social responsibility perspective by SBSC framework; Security and Safety: the mean of word’s TF-IDF related to security and safety of internal business process perspective by SBSC framework; ROA_t: measures for current company value 1: current year’s net income is divided by total assets; ROA_t+1: measures for future company value 1: next year’s net income is divided by total assets; SIZE: natural logarithm of total assets; LEV: total liabilities ÷ total assets; BIG4: Dummy variable; 1 if a company is audited by a large foreign accounting company called Big4, otherwise 0; GRW: (this year-end sales—lagged year-end sales) ÷ lagged year-end sales; LOSS: dummy variable, 1 if the company reports loss, otherwise 0; CFO: operating cash ratio; operating cash ÷ total assets.

In the research model, the dependent variable is set to ROA_t, which means current corporate performance, and ROA_t+1, which means future corporate performance [58,59]. We establish independent variables, such as finance, customer, internal business process, learning and growth, and social responsibility, which classify CEO messages published on the websites of companies in the hotel industry by the SBSC framework. In addition, this study uses Secure and Safety, separately selected from the Internal Business Process, as an independent variable.

This study analyzed six independent variables—finance, Customer, Internal Business Process, Learning and Growth, Social Responsibility, and Security and Safety—to assess their impact on performance, whether positive or negative. Each variable contributes differently to organizational outcomes. The finance variable positively influences performance by reflecting financial stability, profitability, and effective resource allocation, essential for organizational success. Customer variables positively impact performance, as observed in customer satisfaction and loyalty, which drive revenue growth and enhance market competitiveness. Internal Business Process variable streamlined and efficient processes, improve operational performance, reduce costs, and enhance service quality, positively affecting organizational results. Learning and Growth variable employee development and innovation investments foster long-term performance improvement, creating sustainable competitive advantages. While social Responsibility enhances corporate reputation and stakeholder trust, its impact on short-term financial performance may be neutral or slightly negative due to associated costs. Secure and safety variables contribute positively by mitigating risks, ensuring compliance, protecting assets, and supporting stable operations. These variables collectively provide a comprehensive framework to analyze how organizational strategies and practices influence performance across multiple dimensions. The control variables used in the regression analysis model in this study are financial factors that can affect corporate performance. Control variables are used in the design of the regression analysis model by referring to previous studies that are related. First of all, SIZE is used to control the impact of the size of a company on corporate performance [60]. The larger the company’s size, the more stable capital power can be utilized to positively affect corporate performance through large-scale investment or active marketing [61]. Next, LEV controls the effect of a company’s debt ratio on corporate performance [62]. The higher a company’s debt ratio, the more unstable its financial soundness, which increases the risk of bankruptcy or bankruptcy [63]. This increase in risk is likely to have a negative impact on corporate performance by reducing investment or expenditure for continuous profit generation by companies. BIG4 is used to control the impact of whether an entity received an external audit from a major accounting firm on corporate performance [64]. The more external audits are received from major accounting firms, the higher the audit quality tends to be [65]. This helps improve corporate accounting transparency and can have a good effect on corporate performance, as corporate reliability positively affects the image [66]. GRW is used to control the effect of corporate growth on corporate performance [67]. If a company’s sales growth rate increases, profitability will increase, and, of course, corporate performance will improve [68]. LOSS controls the impact of a company’s loss reporting on corporate performance [69]. If a company reports a loss, it may be financially at risk, negatively affecting corporate performance [70].

If the value of β₁, the regression coefficient of the independent variable, is significantly positive (+) when the dependent variable is ROA_t, meaning current corporate performance tends to increase as the independent variable element is strategically emphasized through the hotel’s CEO message. By the same logic, if the dependent variable is ROA_t+1, which means future corporate performance, and the value of β₁, the regression coefficient of the independent variable, is significantly positive (+), it can be interpreted that future corporate performance tends to increase as the hotel’s CEO message strategically emphasizes the independent variable element.

Conversely, suppose the analysis result is significantly negative (−) when the dependent variable is ROA_t, which means current corporate performance; the value of β1, the regression coefficient of the independent variable, is significantly negative (−). In that case, it can be interpreted that the current corporate performance tends to decrease as the independent variable element is strategically emphasized through the hotel’s CEO message. By the same logic, if the dependent variable is ROA_t+1, which means future corporate performance, and the value of β₁, the regression coefficient of the independent variable, is significantly negative (−), it can be interpreted that future corporate performance tends to decrease as the hotel’s CEO message strategically emphasizes the independent variable element.

4. Research Results

4.1. 2SLS Analysis Results

This paper presents the results of the study on how the factors strategically emphasized by companies in the hotel industry affect current and future corporate performance, respectively, through the website CEO message. The research model used the five elements of the SSC framework, finance, customers, internal business processes, learning and growth, and social responsibility, as independent variables. In addition, the secure and safety elements, which were classified separately among the internal business process elements, were also set as independent variables. The dependent variables in the research model are current and future corporate performance.

Table 5. 2SLS results of Hypothesis 1 (Independent variables: Finance, Dependent variables ROA_t/ROA_t+1, n = 224).

	1st Stage		2nd Stage (ROAt)		2nd Stage (ROAt+1)
Variables	β	t-Value	β	t-Value	β	t-Value
Intercept	0.016	2.058 **	−0.465	−1.972 *	−0.301	−1.673 *
Finance			5.748	1.264	8.163	2.356 **
SIZE	−0.000	−0.060	0.022	2.396 **	0.011	1.584
LEV	0.007	1.378	−0.190	−2.864 ***	−0.150	−2.968 ***
BIG4			−0.091	−3.312 ***	−0.042	−1.992 **
GRW			0.051	1.438	0.058	2.146 **
LOSS	−0.013	−1.975 **	−0.009	−0.135	0.085	1.712 *
CFO	−0.000	−0.003
Adj_Rsq	1.17%		16.97%		8.23%
F-value	1.662		8.596 ***		4.334 ***

Finance: the mean of word’s TF-IDF related to financial perspective by SBSC framework; Customer: the mean of word’s TF-IDF related to customer perspective by SBSC framework; Internal Business Process: the mean of word’s TF-IDF related to internal business process perspective by SBSC framework; Learning and Growth: the mean of word’s TF-IDF related to learning and growth perspective by SBSC framework; Social Responsibility: the mean of word’s TF-IDF related to social responsibility perspective by SBSC framework; Security and Safety: the mean of word’s TF-IDF related to security and safety of internal business process perspective by SBSC framework; ROA_t: measures for current company value 1: current year’s net income is divided by total assets; ROA_t+1: measures for future company value 1: next year’s net income is divided by total assets; SIZE: natural logarithm of total assets; LEV: total liabilities ÷ total assets; BIG4: Dummy variable; 1 if a company is audited by a large foreign accounting company called Big4, otherwise 0; GRW: (this year-end sales—lagged year-end sales) ÷ lagged year-end sales; LOSS: dummy variable, 1 if the company reports loss, otherwise 0; CFO: operating cash ratio; operating cash ÷ total assets; *, **, *** means statistically significant at levels of 10%, 5%, and 1%, respectively.

below is the result of a study verifying Hypothesis 1 and presents the results of an empirical analysis of how companies in the hotel industry affect current and future corporate performance when strategically emphasizing Finance factors. As a result of the 2SLS analysis, when the dependent variable is ROA_t, the regression coefficient β₁ of Finance, an independent variable, was 5.748, and the t-value was 1.264, which was not statistically significant. However, when the dependent variable is ROA_t+1, the regression coefficient β₁ of Finance, an independent variable, was 8.163, and the t-value was 2.356, indicating statistically significant analysis results at the 5% level.

The results presented in Table 5 provide empirical evidence supporting the positive correlation between financial emphasis and future corporate performance. Specifically, the coefficient for the Finance variable in the second-stage regression for ROA_t+1 is 8.163, with a statistically significant t-value of 2.356 (p < 0.05). This finding suggests that strategically prioritizing financial factors has a meaningful and positive impact on future performance, aligning with the hypothesis that financial emphasis contributes to long-term corporate success.

Furthermore, a comparison of the coefficients for ROA_t and ROA_t+1 further reinforces this observation. While the Finance coefficient for ROA_t is 5.748 and statistically insignificant, the coefficient for ROA_t+1 is 8.163 and statistically significant. This progression indicates that the effect of financial strategies strengthens over time, demonstrating an increasing influence on corporate performance as companies continue to implement financial initiatives.

To enhance the clarity of these findings, a notation or remark may be added to Table 5 to explicitly highlight the positive correlation and the increasing impact of financial emphasis on future performance. Additionally, a statement will be incorporated into the main text to emphasize the observed trend, ensuring that the results are clearly interpreted within the broader context of the study.

These results imply that if a company in the hotel industry strategically emphasizes financial factors, there is no significant impact on current corporate performance. Still, there is a positive effect on improving future corporate performance. In other words, hotel companies that emphasize their financial perspective must pay much attention to financial performance while operating hotels. However, it is not expected that it would have been easy for hotel companies that suffered during COVID-19 to recover their financial conditions and improve their financial performance quickly. Nevertheless, hotel companies that emphasize financial perspectives will have improved their financial performance in the long run by continuously striving to increase profits and reduce costs.

Therefore, hotel companies that emphasize financial perspectives are inferred to have improved their future corporate performance in the long run, although their current corporate performance did not improve immediately.

We acknowledge that the financial perspective hypothesis presented in this study may appear contradictory to the observed results during the COVID-19 period, where most companies reported losses and negative sales growth. However, the hypothesis was framed to analyze whether emphasizing a financial perspective could serve as a foundational factor in predicting future corporate performance, even under adverse conditions. The significant impact observed during the COVID-19 period highlights the resilience and strategic importance of the financial perspective in mitigating crises.

That said, we agree that further analysis involving samples that distinguish between companies severely affected by COVID-19 and those less impacted could provide deeper insights. Such an approach would allow for a clearer understanding of the factors contributing to performance development under varying conditions and their implications for future corporate performance. This limitation is acknowledged in the study, and future research is recommended to refine this analysis with more targeted sample selection.

Table 6. 2SLS results of Hypothesis 2 (Independent variables: Customer, Dependent variables ROA_t/ROA_t+1, n = 224).

	1st Stage		2nd Stage (ROAt)		2nd Stage (ROAt+1)
Variables	β	t-Value	β	t-Value	β	t-Value
Intercept	0.032	2.900 ***	−0.494	−2.081 **	−0.317	−1.748 *
Customer			2.461	1.597	2.795	2.376 **
SIZE	−0.003	−0.459	0.024	2.598 **	0.013	1.902 *
LEV	0.020	2.750 ***	−0.208	−3.138 ***	−0.151	−2.985 ***
BIG4			−0.091	−3.321 ***	−0.043	−2.025 **
GRW			0.048	1.366	0.055	2.039 **
LOSS	0.005	0.523	−0.091	−3.472 ***	−0.029	−1.470
CFO	0.001	0.183
Adj_Rsq	2.44%		17.33%		8.27%
F-value	2.394 *		8.791 ***		4.351 ***

Finance: the mean of word’s TF-IDF related to financial perspective by SBSC framework; Customer: the mean of word’s TF-IDF related to customer perspective by SBSC framework; Internal Business Process: the mean of word’s TF-IDF related to internal business process perspective by SBSC framework; Learning and Growth: the mean of word’s TF-IDF related to learning and growth perspective by SBSC framework; Social Responsibility: the mean of word’s TF-IDF related to social responsibility perspective by SBSC framework; Security and Safety: the mean of word’s TF-IDF related to security and safety of internal business process perspective by SBSC framework; ROA_t: measures for current company value 1: current year’s net income is divided by total assets; ROA_t+1: measures for future company value 1: next year’s net income is divided by total assets; SIZE: natural logarithm of total assets; LEV: total liabilities ÷ total assets; BIG4: Dummy variable; 1 if a company is audited by a large foreign accounting company called Big4, otherwise 0; GRW: (this year-end sales—lagged year-end sales) ÷ lagged year-end sales; LOSS: dummy variable, 1 if the company reports loss, otherwise 0; CFO: operating cash ratio; operating cash ÷ total assets; *, **, *** means statistically significant at levels of 10%, 5%, and 1%, respectively.

shows the result of a study verifying Hypothesis 2 and presents the results of an empirical analysis of how companies in the hotel industry affect current and future corporate performance when strategically emphasizing Customer factors. As a result of the 2SLS analysis, as the dependent variable is ROA_t, the regression coefficient β₁ of Customer, an independent variable, was 2.461, and the t-value was 1.597, which was not statistically significant. Yet, as the dependent variable is ROA_t+1, the regression coefficient β₁ of Customer, an independent variable, was 2.795, and the t-value was 2.376, indicating statistically significant analysis results at the 5% level.

The results presented in Table 6 provide empirical evidence supporting the positive correlation between customer emphasis and future corporate performance. Specifically, the coefficient for the Customer variable in the second-stage regression for ROA_t+1 is 2.795, with a statistically significant t-value of 2.376 (p < 0.05). This finding suggests that a strategic focus on customer-related factors positively influences future corporate performance, aligning with the hypothesis that customer-centric strategies contribute to long-term business success.

Moreover, comparing the coefficients for ROA_t and ROA_t+1 highlights the increasing impact of customer emphasis over time. While the Customer coefficient for ROA_t is 2.461 and statistically insignificant, the coefficient for ROA_t+1 increases to 2.795 and becomes statistically significant. This progression indicates that customer-focused strategies may require time to manifest their full impact on financial performance, further reinforcing the long-term benefits of prioritizing customer engagement and satisfaction.

To enhance the clarity of these findings, we will consider adding a notation or remark to Table 6 to explicitly highlight the positive correlation and the growing influence of customer emphasis on future performance. Additionally, a statement will be incorporated into the main text to emphasize this observed trend, ensuring that the results are clearly interpreted within the broader context of the study.

These results mean that if a company in the hotel industry strategically emphasizes customer elements, there is no significant effect on current firm performance but a positive impact on increasing future firm performance. Namely, hotel companies that value customer perspective will focus on customer satisfaction and make company-wide efforts. In particular, the hotel industry is a C2C industry that directly contacts customers due to its nature, so it will make relatively more effort for customers than other industries.

Hotel companies that value customer perspective will not be able to show good corporate performance in the short term due to improved customer service quality, the cost of continuous customer management, and facility replacement for customer satisfaction. However, this continuous effort for customers helps attract customers in the long run because it is promoted to potential customers in terms of marketing, which can lead to positive results for future corporate performance in the long run.

Table 7. 2SLS results of Hypothesis 3 (Independent variables: Internal Business Process, Dependent variables ROA_t/ROA_t+1, n = 224).

	1st Stage		2nd Stage (ROAt)		2nd Stage (ROAt+1)
Variables	β	t-Value	β	t-Value	β	t-Value
Intercept	0.049	5.269 ***	−0.589	−1.610	−0.318	−1.128
Internal Business Process			1.507	0.640	0.819	0.452
SIZE	−0.012	−1.940 *	0.027	2.227 **	0.014	1.511
LEV	0.007	1.113	−0.146	−2.723 ***	−0.067	−1.623
BIG4			−0.094	−3.407 ***	−0.046	−2.142 **
GRW			0.052	1.473	0.059	2.158 **
LOSS	−0.009	−1.186	−0.070	−2.022 **	−0.014	−0.543
CFO	−0.003	−0.515
Adj_Rsq	2.19%		16.52%		5.97%
F-value	2.25 *		8.353 ***		3.361 ***

Finance: the mean of word’s TF-IDF related to financial perspective by SBSC framework; Customer: the mean of word’s TF-IDF related to customer perspective by SBSC framework; Internal Business Process: the mean of word’s TF-IDF related to internal business process perspective by SBSC framework; Learning and Growth: the mean of word’s TF-IDF related to learning and growth perspective by SBSC framework; Social Responsibility: the mean of word’s TF-IDF related to social responsibility perspective by SBSC framework; Security and Safety: the mean of word’s TF-IDF related to security and safety of internal business process perspective by SBSC framework; ROA_t: measures for current company value 1: current year’s net income is divided by total assets; ROA_t+1: measures for future company value 1: next year’s net income is divided by total assets; SIZE: natural logarithm of total assets; LEV: total liabilities ÷ total assets; BIG4: Dummy variable; 1 if a company is audited by a large foreign accounting company called Big4, otherwise 0; GRW: (this year-end sales—lagged year-end sales) ÷ lagged year-end sales; LOSS: dummy variable, 1 if the company reports loss, otherwise 0; CFO: operating cash ratio; operating cash ÷ total assets; *, **, *** means statistically significant at levels of 10%, 5%, and 1%, respectively.

is the result of a study verifying Hypothesis 3 and shows the results of an empirical analysis of how companies in the hotel industry affect current and future corporate performance when strategically emphasizing Internal Business Process factors. As a result of the 2SLS analysis, when the dependent variable is ROA_t, the regression coefficient β₁ of Internal Business Process, an independent variable, was 1.507, and the t-value was 0.640, which was not statistically significant. Also, when the dependent variable is ROA_t+1, the regression coefficient β₁ of Internal Business Process, an independent variable, was 0.819, and the t-value was 0.452, which was not statistically significant.

The empirical results presented in Table 7 provide insight into the relationship between an emphasis on Internal Business Process and corporate performance. The coefficient for the Internal Business Process variable in the second-stage regression for ROA_t+1 is 0.819, but its t-value (0.452) is statistically insignificant. This suggests that an emphasis on internal business processes does not have a strong or statistically significant direct impact on future corporate performance.

However, in the second-stage regression for ROA_t, the coefficient for Internal Business Process is 1.507, with a t-value of 0.640, also indicating an insignificant effect on current corporate performance. This implies that, unlike financial and customer-related strategies, focusing on internal business processes does not immediately translate into performance improvements, at least based on the sample and model used in this study. On the other hand, GRW demonstrates a statistically significant positive impact on ROA_t+1 (β = 0.059, t = 2.158, p < 0.05), suggesting that growth-related factors may moderate or interact with internal processes in shaping long-term corporate performance. These findings imply that hotel companies that emphasize internal business processes do not significantly improve their current and future corporate performance. Hotel companies that emphasize internal business processes will strive to introduce an efficient and effective hotel operation and management system. Of course, improving the internal business process is necessary to improve the sustainability of hotel companies and successfully manage them.

However, introducing a new internal business process system or improving the internal business process system is time-consuming and expensive. Therefore, even if hotel companies try to improve their internal business processes, it may be difficult to confirm that these efforts lead to financial performance.

Table 8. 2SLS results of Hypothesis 4 (Independent variables: Learning and Growth, Dependent variables ROA_t/ROA_t+1, n = 224).

	1st Stage		2nd Stage (ROAt)		2nd Stage (ROAt+1)
Variables	β	t-Value	β	t-Value	β	t-Value
Intercept	0.026	5.554 ***	−1.132	−2.060 **	−0.453	−1.069
Learning and Growth			17.153	1.453	5.545	0.608
SIZE	−0.002	−0.762	0.035	2.766 ***	0.015	1.601
LEV	0.001	0.325	−0.164	−3.373 ***	−0.068	−1.802 *
BIG4			−0.095	−3.464 ***	−0.046	−2.159 **
GRW			0.047	1.313	0.057	2.076 **
LOSS	−0.002	−0.491	−0.048	−1.344	−0.011	−0.385
CFO	0.000	0.031
Adj_Rsq	−1.21%		17.16%		6.05%
F-value	0.337		8.701 ***		3.391 ***

Finance: the mean of word’s TF-IDF related to financial perspective by SBSC framework; Customer: the mean of word’s TF-IDF related to customer perspective by SBSC framework; Internal Business Process: the mean of word’s TF-IDF related to internal business process perspective by SBSC framework; Learning and Growth: the mean of word’s TF-IDF related to learning and growth perspective by SBSC framework; Social Responsibility: the mean of word’s TF-IDF related to social responsibility perspective by SBSC framework; Security and Safety: the mean of word’s TF-IDF related to security and safety of internal business process perspective by SBSC framework; ROA_t: measures for current company value 1: current year’s net income is divided by total assets; ROA_t+1: measures for future company value 1: next year’s net income is divided by total assets; SIZE: natural logarithm of total assets; LEV: total liabilities ÷ total assets; BIG4: Dummy variable; 1 if a company is audited by a large foreign accounting company called Big4, otherwise 0; GRW: (this year-end sales—lagged year-end sales) ÷ lagged year-end sales; LOSS: dummy variable, 1 if the company reports loss, otherwise 0; CFO: operating cash ratio; operating cash ÷ total assets; *, **, *** means statistically significant at levels of 10%, 5%, and 1%, respectively.

indicates the result of a study verifying Hypothesis 4 and presents the results of an empirical analysis of how companies in the hotel industry affect current and future corporate performance when strategically emphasizing employees’ Learning and Growth factors. As a result of the 2SLS analysis, as the dependent variable is ROA_t, the regression coefficient β₁ of Learning and Growth, an independent variable, was 17.153 and the t-value was 1.453, which was not statistically significant. Also, when the dependent variable is ROA_t+1, the regression coefficient β₁ of Internal Business Process, an independent variable, was 5.545, and the t-value was 0.608, which was not statistically significant.

Hotel companies that emphasize the perspective of learning and growth intend to ultimately improve employee satisfaction by encouraging employee growth through active support. Active support for employees leads to improved employee satisfaction, which can positively affect customers as well, thereby improving corporate performance.

However, since there is no direct causal relationship between emphasizing learning and sexual orientation and improving corporate performance, no significant relationship has been derived. Based on employee satisfaction, it is expected that support for employee learning and growth has a positive effect on hotel companies’ financial performance.

Table 9. 2SLS results of Hypothesis 5 (Independent variables: Social Responsibility, Dependent variables ROA_t/ROA_t+1, n = 224).

	1st Stage		2nd Stage (ROAt)		2nd Stage (ROAt+1)
Variables	β	t-Value	β	t-Value	β	t-Value
Intercept	0.043	6.387 ***	−0.977	−2.495 **	−0.594	−1.971 *
Social Responsibility			7.749	1.799 *	5.111	1.540
SIZE	−0.005	−1.112	0.033	3.031 ***	0.019	2.224 **
LEV	0.005	1.169	−0.202	−3.422 ***	−0.107	−2.344 **
BIG4			−0.094	−3.421 ***	−0.045	−2.147 **
GRW			0.045	1.276	0.054	1.993 **
LOSS	−0.010	−1.821 *	0.000	−0.001	0.033	0.807
CFO	0.001	0.122
Adj_Rsq	1.92%		17.59%		6.90%
F-value	2.091 *		8.931 ***		3.756 ***

Finance: the mean of word’s TF-IDF related to financial perspective by SBSC framework; Customer: the mean of word’s TF-IDF related to customer perspective by SBSC framework; Internal Business Process: the mean of word’s TF-IDF related to internal business process perspective by SBSC framework; Learning and Growth: the mean of word’s TF-IDF related to learning and growth perspective by SBSC framework; Social Responsibility: the mean of word’s TF-IDF related to social responsibility perspective by SBSC framework; Security and Safety: the mean of word’s TF-IDF related to security and safety of internal business process perspective by SBSC framework; ROA_t: measures for current company value 1: current year’s net income is divided by total assets; ROA_t+1: measures for future company value 1: next year’s net income is divided by total assets; SIZE: natural logarithm of total assets; LEV: total liabilities ÷ total assets; BIG4: Dummy variable; 1 if a company is audited by a large foreign accounting company called Big4, otherwise 0; GRW: (this year-end sales—lagged year-end sales) ÷ lagged year-end sales; LOSS: dummy variable, 1 if the company reports loss, otherwise 0; CFO: operating cash ratio; operating cash ÷ total assets; *, **, *** means statistically significant at levels of 10%, 5%, and 1%, respectively.

is the result of a study verifying Hypothesis 5 and presents the results of an empirical analysis of how companies in the hotel industry affect current and future corporate performance when strategically emphasizing Social Responsibility factors. As a result of the 2SLS analysis, when the dependent variable is ROA_t, the regression coefficient β₁ of Social Responsibility, an independent variable, was 7.749, and the t-value was 1.799, which was statistically significant at a 10% level. Yet, when the dependent variable is ROA_t+1, the regression coefficient β₁ of Social Responsibility, an independent variable, was 5.111, and the t-value was 1.540, which was not statistically significant.

Hotel companies that emphasize the perspective of corporate social activities can be said to actively engage in ESG activities of companies that have recently attracted worldwide attention. In the past, it was thought that corporate ESG activities did not help improve financial performance; only costs were spent. It was also known that it takes a long time for corporate social activities to lead to improved financial performance.

However, the results of this study mean that, unlike in the past, customers are very favorable to companies that are active in ESG activities in the present, and the response immediately leads to improved corporate performance, unlike in the past. Companies are also aware of customer changes in response to these ESG activities, so the cost of ESG activities is often regarded as marketing costs. In recent years, it can be said that the promotional effect of such corporate social activities is more reliable than commercial advertising, so it can be said that it has immediate good results in improving corporate performance.

Table 10. 2SLS results of Hypothesis 6 (Independent variables: Security and Safety, Dependent variables ROA_t/ROA_t+1, n = 224).

	1st Stage		2nd Stage (ROAt)		2nd Stage (ROAt+1)
Variables	β	t-Value	β	T-Value	β	t-Value
Intercept	0.028	5.370 ***	−0.065	−0.209	0.087	0.369
Security and Safety			−5.435	−1.674 *	−4.854	−1.948 *
SIZE	−0.005	−1.528	0.013	1.250	0.003	0.426
LEV	−0.004	−1.126	−0.145	−3.494 ***	−0.075	−2.334 **
BIG4			−0.092	−3.357 ***	−0.044	−2.084 **
GRW			0.039	1.076	0.047	1.709 *
LOSS	−0.009	−2.155 **	−0.131	−3.465 ***	−0.063	−2.194 **
CFO	−0.005	−1.383
Adj_Rsq	2.03%		17.42%		7.50%
F-value	2.152 *		8.842 ***		4.015 ***

Finance: the mean of word’s TF-IDF related to financial perspective by SBSC framework; Customer: the mean of word’s TF-IDF related to customer perspective by SBSC framework; Internal Business Process: the mean of word’s TF-IDF related to internal business process perspective by SBSC framework; Learning and Growth: the mean of word’s TF-IDF related to learning and growth perspective by SBSC framework; Social Responsibility: the mean of word’s TF-IDF related to social responsibility perspective by SBSC framework; Security and Safety: the mean of word’s TF-IDF related to security and safety of internal business process perspective by SBSC framework; ROA_t: measures for current company value 1: current year’s net income is divided by total assets; ROA_t+1: measures for future company value 1: next year’s net income is divided by total assets; SIZE: natural logarithm of total assets; LEV: total liabilities ÷ total assets; BIG4: Dummy variable; 1 if a company is audited by a large foreign accounting company called Big4, otherwise 0; GRW: (this year-end sales—lagged year-end sales) ÷ lagged year-end sales; LOSS: dummy variable, 1 if the company reports loss, otherwise 0; CFO: operating cash ratio; operating cash ÷ total assets; *, **, *** means statistically significant at levels of 10%, 5%, and 1%, respectively.

shows the result of a study verifying Hypothesis 6 and presents the results of an empirical analysis of how companies in the hotel industry affect current and future corporate performance when strategically emphasizing Security and Safety. As a result of the 2SLS analysis, as the dependent variable is ROA_t, the regression coefficient β₁ of Security and Safety, an independent variable, was −5.435, and the t-value was −1.674, a statistically significant result at a 10% level. Also, as the dependent variable is ROA_t+1, the regression coefficient β1 of Security and Safety, an independent variable, was −4.854, and the t-value was −1.948, now a statistically significant analysis result.

The findings presented in Table 10 demonstrate that the impact of Security and Safety on corporate performance is not consistently positive. Specifically, in the short term (ROA_t), the coefficient for Security and Safety is −5.435, with a negative t-value (−1.674, p < 0.10). This result suggests that increased expenditures on security and safety measures do not immediately translate into improved financial performance. Instead, such expenditures may impose a financial burden on hotel operations, potentially leading to negative short-term outcomes due to increased operational costs. Furthermore, the negative coefficients for control variables such as LEV (−0.145, p < 0.01) and BIG4 (−0.092, p < 0.01) suggest that additional financial pressures, such as leverage levels and external audit requirements, could further hinder the immediate benefits of security and safety investments.

In the long term (ROA_t+1), the coefficient for Security and Safety remains negative at −4.854, with a t-value of −1.948 (p < 0.10), indicating that even over time, increased emphasis on security and safety does not necessarily contribute to financial growth. These results imply that while security and safety measures are essential for maintaining operational stability and customer confidence, their financial benefits may not be directly reflected in improved profitability. However, certain structural factors appear to have a more positive influence on performance. For example, SIZE (β = 0.003, t = 0.426) and GRW (β = 0.047, t = 2.146, p < 0.05) suggest that larger hotel companies and those experiencing growth trends may benefit more from security and safety investments compared to smaller or stagnant businesses.

These findings highlight the complex nature of security and safety expenditures in the hospitality industry. While these measures are critical for risk management and ensuring guest satisfaction, they may not directly lead to improved financial performance, particularly in the short term.

The empirical analysis results of this study can be interpreted as follows: hotel companies that are highly interested in security and safety negatively affect corporate performance in the short and long term due to the costs required to strengthen security and safety.

As a result of hotel companies strengthening security and safety during the Corona period, there are several main reasons for the decline in corporate performance. First, it is an excessive cost burden. Since the hotel industry was already in a difficult situation due to a decrease in sales and customers, additional expenditures such as the introduction of quarantine equipment and the establishment of a non-face-to-face system were a big burden. Second, it is the limitation of service provision. Customer satisfaction decreased as customer experience was limited or public facility operation was reduced due to the reinforced safety measures, which led to a decrease in the revisit rate. Third, it is a problem of customer reliability. Excessive quarantine measures caused inconvenience to some customers, which negatively affected corporate image and brand value. Fourth, it is a problem of adaptation to technological changes. The introduction of non-face-to-face services and mobile check-in systems initially put a burden on companies, and there were cases where it was difficult for customers to fully adapt to the new system. Finally, it is a loss of competitiveness. Some companies that focused too much on strengthening security and safety failed to meet various demands of customers or fell behind in competition. Overall, strengthening security and safety during the COVID-19 period was essential, but it can be seen that a combination of factors such as cost, service restrictions, and customer inconvenience negatively affected corporate performance.

4.2. Additional Test Results (CONCOR Analysis)

Among the empirical analysis results of this paper, the verification of Hypothesis 6 shows that among hotel companies, firms that emphasize security and safety tend to significantly decrease their current and future corporate performance. Apart from improving corporate performance, hotel security and safety is an essential and fundamental factor for a hotel to run its business, even though corporate performance decreases in the short and long term due to the hotel’s spending to secure security and safety.

Therefore, this study additionally conducts network analysis using text mining techniques to identify the relationship between safety and security elements and the factors strategically emphasized by hotel companies. For further analysis, this study directly collected CEO messages posted on the websites of companies belonging to the hotel industry and extracted keywords through text mining analysis. The top 50 keywords were selected in the order of the highest TF-IDF values among the keywords, and a CONCOR analysis was performed among the techniques to confirm the connection between these keywords. Figure 2 below presents the results of the CONCOR analysis of this study. The keywords marked * in Figure 2 are related to Security and Safety factors.

The results of the additional analysis are summarized and presented as follows. The word safety was found to be related to words such as Image, Service, Reward, Ready, Paradigm, Utilization, Comfort, High Quality, Relax, and Reinforcement etc. Health relates to words such as Energy, Recreation, Vitality, Nature, Refresh, and Room. Quarantine was found to be related to words such as Protection, Market, Competitiveness, and Responsibility. Disinfection was related to words such as Hygiene, Refresh, Nature, Ready, Image, Reward, and Service.

These imply that hotel companies’ security and safety are complementarily connected to various factors. In other words, the results of the CONCOR analysis show that even though the hotel company’s security and safety directly negatively affect the company’s short-term and long-term corporate performance, as in Hypothesis 6, it is indirectly related to many important factors of hotel companies, so hotel companies should pay attention to and manage security and safety elements.

The results of the CONCOR analysis, as illustrated in Figure 2, provide a comprehensive understanding of the connections between security and safety elements and other strategic priorities emphasized in CEO messages within the hotel industry. This analysis is particularly significant in validating Hypothesis 6, which posits that a focus on security and safety measures negatively impacts both current and future corporate performance due to the associated financial burden and operational challenges.

The CONCOR analysis reveals that keywords such as “Safety”, “Quarantine”, “Disinfection”, and “Protection” are central to the discussion and form a distinct cluster. These keywords are interconnected with terms like “Hygiene”, “Convenience”, “Medical Care”, and “Prevention”, highlighting the strategic emphasis placed on health and safety, particularly during the COVID-19 pandemic. This cluster reflects the critical need for hotels to address customer concerns about hygiene and safety to rebuild trust and confidence during a period of heightened health awareness.

The analysis confirms the findings of Hypothesis 6, indicating that while security and safety measures are essential, they incur significant costs that negatively affect both short-term and long-term financial performance. The implementation of enhanced sanitation protocols, quarantine systems, and non-contact service technologies imposes a substantial financial burden on hotel operations. Moreover, these measures often disrupt standard operational processes, further limiting short-term profitability and growth potential.

Although the direct financial impact of security and safety measures is negative, the CONCOR analysis highlights their indirect strategic contributions. Security-related keywords are closely linked to terms such as “Service”, “Comfort”, and “Responsibility”, suggesting that these measures play a critical role in building customer trust and enhancing the overall reputation of hotels. For instance, the connection between “Disinfection” and “Service” or “Hygiene” and “Comfort” indicates that customers perceive safety measures as integral to an enhanced service experience, even if these measures do not result in immediate financial gains.

The analysis also reveals connections between “Quarantine” and terms like “Competitiveness”, “Convenience”, and “Medical Care”, emphasizing the evolving expectations of customers in the post-pandemic hospitality market. These findings suggest that while costly, safety measures are now considered a baseline requirement for competitiveness in the industry. Hotels that fail to prioritize these elements may risk losing market share and customer loyalty.

While safety measures negatively impact profitability in the short term, the analysis underscores their importance as a foundation for customer satisfaction and long-term brand loyalty. Keywords like “Comfort” and “Responsibility” demonstrate that customers increasingly expect hotels to integrate safety measures as part of their broader CSR efforts. This shift in customer expectations positions safety initiatives not only as operational necessities but also as strategic investments in the hotel’s reputation and trustworthiness.

The results of the CONCOR analysis support Hypothesis 6 by confirming that security and safety measures entail significant costs, resulting in direct negative effects on corporate performance. However, the analysis also highlights the indirect strategic benefits of these measures, which include. First, customer trust and safety measures help establish and maintain trust, which is critical for fostering long-term customer loyalty and repeat business. Second, market competitiveness: in the post-pandemic era, prioritizing health and safety is essential for staying competitive in a rapidly changing hospitality landscape. Third, reputation management, by demonstrating a commitment to safety, hotels can reinforce their image as responsible and customer-focused organizations, thereby enhancing brand equity and appeal.

The findings of the CONCOR analysis emphasize the dual nature of security and safety measures in the hotel industry. While these measures pose immediate financial challenges, their indirect benefits, such as enhancing customer trust, improving service quality, and aligning with CSR priorities, cannot be overlooked. These results suggest that hotel managers must carefully balance the financial costs of implementing safety measures with their long-term strategic importance. Integrating safety initiatives into broader strategic goals will ensure that hotels remain resilient, competitive, and aligned with evolving customer expectations, as emphasized in the study’s objectives and the validation of Hypothesis 6.

5. Discussion

5.1. Main Findings

This paper investigated the CEO message posted on the company’s website to investigate important information about what the company is strategically aiming for, what it values, and what it is practicing through the SBSC framework and text mining techniques.

Our researchers classified corporate strategies from a financial perspective, a customer perspective, an internal business process perspective, a learning and growth perspective, and a social activity perspective and analyzed security and safety perspectives separately among keywords classified as internal business process perspectives to reflect the characteristics of hotel companies. In addition, a regression analysis was performed to investigate the relationship between the strategies emphasized by hotel companies and the current and future corporate performance. The 2SLS model was used to control the endogenous problems that may arise at this time. Finally, a CONCOR analysis was performed using network analysis techniques to analyze how keywords from a security and safety perspective relate to important keywords from other perspectives through additional analysis.

The main analysis results of this paper are summarized as follows. First, hotel companies that strategically emphasize financial perspectives have no significant impact on current corporate performance, but future corporate performance is increasing. Second, hotel companies that strategically emphasize customer perspective have no significant impact on current corporate performance, but they have been found to improve future corporate performance. Third, hotel companies that strategically emphasize the perspective of internal business processes had no significant impact on current and future corporate performance. Fourth, it was found that hotel companies that strategically emphasize the perspective of learning and growth had no significant impact on both current and future corporate performance. Fifth, hotel companies that strategically emphasize the perspective of social activities have improved their current corporate performance but have had no significant impact on future corporate performance. Finally, hotel companies that strategically emphasize security and safety perspectives decreased current and future corporate performance.

The results of the additional test are summarized as follows. The word safety was related to words such as Image, Service, Reward, Ready, Paradigm, Utilization, Comfort, High Quality, Relax, and Reinforcement etc. Health was pleased with words such as Energy, Recreation, Vitality, Nature, Refresh, and Room. The word Quarantine was related to words such as Protection, Market, Competitiveness, and Responsibility. The word Disinfection was related to words such as Hygiene, Refresh, Nature, Ready, Image, Reward, and Service.

Detailed interpretation and meaning of research findings are as follows. First, in the financial respective, the analysis demonstrates that while emphasizing financial factors does not significantly affect current corporate performance, it has a positive influence on future corporate performance. This result aligns with the principles of the resource-based view, which emphasizes that strategic investments in financial resources often yield benefits over the long term rather than immediately. Hotel companies that strategically focus on financial aspects, such as profitability, cost efficiency, and revenue growth, are more likely to achieve improved financial performance in the future. However, the immediate challenges brought about by the COVID-19 pandemic, such as decreased tourism and increased operational costs, hindered the short-term recovery of financial stability. This underscores the importance of maintaining a long-term outlook when making financial investments, even during periods of economic uncertainty.

Second, from the customer perspective, the study finds a significant positive relationship between customer-oriented strategies and future corporate performance. This reinforces the critical role of customer satisfaction and loyalty in driving sustainable growth, particularly in the hospitality industry. Drawing on the stakeholder theory, the results suggest that hotel companies that prioritize customer-centric initiatives—such as enhancing service quality, upgrading facilities, and providing personalized experiences—are better positioned to build long-term trust and engagement with their customers. Although these efforts may require substantial resources and may not yield immediate financial returns, they contribute to attracting and retaining customers over time, thereby ensuring sustained growth in future performance.

Third, in the internal business process perspective, contrary to initial expectations, improvements in internal business processes were not found to have significant effects on either current or future corporate performance. This finding highlights the inherent challenges associated with process optimization, including the time and resources required for implementation. According to the RBV, internal business processes represent intangible assets that are critical for organizational efficiency and effectiveness but may take longer to deliver measurable results. For hotel companies, the introduction or enhancement of internal business systems involves significant upfront investments and restructuring efforts, which may delay their impact on financial performance. These results suggest that while process improvements are essential for long-term sustainability, their direct contribution to performance requires a more extended timeline to materialize.

Fourth, in the learning and growth perspective, the analysis reveals no significant direct relationship between learning and growth initiatives and corporate performance, either in the short or long term. This result can be attributed to the indirect pathways through which such initiatives affect performance. For instance, employee satisfaction and engagement—often fostered through investments in training and development—may lead to improved customer service and operational efficiency. However, these outcomes are typically mediated by other factors and do not directly translate into financial gains. This finding aligns with the RBV framework, which highlights the importance of intangible resources, such as human capital, in creating competitive advantages. While learning and growth initiatives may not immediately influence financial performance, they remain essential for fostering a resilient and adaptable workforce that contributes to the organization’s overall success over time.

Fifth, in the social responsibility perspective, the findings indicate that CSR activities have an immediate positive effect on current corporate performance but do not significantly impact long-term performance. This marks a notable shift from traditional assumptions that CSR primarily yields long-term benefits. As societal expectations evolve, customers are increasingly favoring companies that actively engage in social and environmental initiatives. This aligns with stakeholder theory, which emphasizes the importance of addressing stakeholder values and expectations. Hotel companies that prioritize CSR activities, such as sustainability programs and community engagement, benefit from enhanced brand reputation and customer loyalty, leading to immediate improvements in performance. However, the absence of a significant long-term effect suggests that while CSR serves as an effective short-term marketing tool, its sustained impact on performance may require continued and consistent engagement.

Sixth, from the security and safety perspective, the analysis reveals a negative relationship between security and safety measures and both current and future corporate performance. This result reflects the significant cost burden associated with implementing such measures, particularly during the COVID-19 pandemic. Hotel companies faced considerable expenses related to health and safety protocols, such as installing quarantine equipment, adopting contactless systems, and increasing hygiene standards. These costs, coupled with reduced customer demand during the pandemic, negatively affected financial performance. Despite these financial challenges, additional analysis, including CONCOR analysis, highlights the indirect benefits of security and safety measures. These efforts are closely linked to factors such as customer trust, service quality, and market competitiveness, underscoring their strategic importance for the hotel industry. While the short-term and long-term financial impacts may be negative, maintaining a strong emphasis on security and safety remains critical for preserving customer confidence and ensuring operational continuity in the face of future challenges.

5.2. Theoretical Implications

This paper is expected to contribute academically in the following respects. First of all, the research method used in this study is expected to present new research methods in hotel management and tourism research. Many studies have been conducted in the field of hotel management and tourism research, but according to the authors’ research, no research method has yet been used for empirical analysis by quantifying keywords extracted through text mining. A lot of information related to hotel management and tourism exists not only in the form of quantitative data but also in the form of qualitative data. In recent years, there have been many studies that use text mining techniques to analyze text, which is qualitative data. However, the text mining analysis results are weak because they do not finally present statistical significance between major variables. If text mining quantifies keywords derived from text mining, generates variables, and presents results through empirical analysis, as in the research method conducted in this paper, more useful and meaningful results will be obtained. Therefore, in this paper, the projected research method is expected to provide good guidelines for hotel management and tourism research researchers.

Second, in this study, it was confirmed that the performance of hotel companies can be predicted to some extent through the CEO message posted on the hotel company’s website. Through empirical analysis, this paper proved that information on corporate strategies can be inferred from CEO messages published on the corporate website. The CEO message disclosed by a company is to present the company’s vision, strategy, and goal after several reviews by the marketing team or team. In this study, key keywords related to strategies emphasized in the CEO message of hotel companies were extracted through text mining analysis, and the SSC framework classified the types of strategies. Finally, through statistical analysis, our researchers verified whether current and future corporate performance can be predicted according to the strategies emphasized by hotel companies. As a result of the verification, statistically significant results were derived for those with direct causal relationships as expected. The CEO message of a hotel company implicitly contains information on strategy, which can be an “indicator” to predict corporate performance, according to the research results of this paper.

Third, this paper reminds researchers of the necessity and importance of introducing convergence research into the field of hotel management and tourism research. This paper used corporate financial data on hotel companies as data and presented research results through regression analysis. This is a research technique mainly used in the accounting field. Meanwhile, this study utilized unstructured text data from hotel companies and derived research results using TF-IDF analysis and CONCOR analysis among text mining techniques. This is a research methodology mainly used in the field of management information systems. The research topic of this paper is hotel management and tourism. In other words, this study was conducted using innovative ideas from a convergent perspective from when the research method and research topic were designed. The convergence research design presented in this study is a research flow suitable for the era of accelerating the introduction of artificial intelligence, and it is expected to be able to present future-oriented research directions for conducting creative research, not limited to majors.

5.3. Managerial Implications

The managerial implications that can be obtained through this study are as follows. First of all, hotel companies that strategically emphasize their financial perspectives pay a lot of attention to financial performance while operating hotels. However, due to COVID-19, it was not easy for hotel companies to recover their financial conditions and improve their financial performance in a short period of time. Nevertheless, hotel companies that consistently emphasize financial perspectives found that their current corporate performance did not improve immediately, but their future corporate performance improved in the long run.

Second, hotel firms that strategically emphasize customer factors have made company-wide efforts focusing on customer satisfaction, but good corporate performance in the short term has not been confirmed due to improved customer service quality, continuous customer management costs, and facility replacement for customer satisfaction. However, continuous efforts for these customers have led to an increase in customer attraction in the long run, improving future corporate performance in the long run.

Third, hotel companies that strategically emphasize internal business processes strive to introduce efficient and effective systems. Of course, improving the internal work process is necessary to improve the sustainability of hotel companies and successfully manage them, but the new introduction and improvement of the internal work process system takes a lot of time and money. Therefore, even if hotel companies try to improve their internal business processes, these efforts do not actually lead to short-term and long-term financial performance.

Fourth, hotel corporations that strongly emphasize the perspective of learning and growth want to improve employee satisfaction by inducing employee growth through active employee support. Hotel companies’ support for employees can lead to improved employee satisfaction and have a positive effect on customers. However, there was no significant relationship between strategies emphasizing learning and growth and improving corporate performance due to the lack of a direct causal relationship.

Fifth, hotel companies that strategically emphasize the perspective of corporate social activities can be said to be companies that actively engage in ESG activities. The results of this study mean that, unlike in the past, customers are very favorable to companies with active ESG activities, and the response immediately leads to improvement in corporate performance. In recent years, since the promotional effect of such corporate social activities has been more reliable than that of commercial advertisements, it can be said that immediate good results have been produced in improving corporate performance.

Sixth, hotel firms that strategically value security and safety perspectives have increased their intention to prioritize hotel safety and prepare for customers’ health and medical accidents in advance as they experience COVID-19. Due to the nature of the hotel, a public place where many people gather, it is very important to secure the safety of customers from infectious diseases such as COVID-19 or accidents such as terrorism and to establish countermeasures. However, hotel companies that strategically value security and safety perspectives showed that their performance decreased in the short term and long term. Nevertheless, the safety and security issues of hotels are basically important factors that hotels must secure, and only when these factors are stabilized will the financial performance of hotel companies, due to other factors, be improved.

Through additional test results, we can find that hotel companies’ security and safety are complementarily connected to various other factors. Namely, the results of the CONCOR analysis present that even though the hotel company’s security and safety directly negatively affect the hotel corporation’s short-term and long-term firm performance, as in Hypothesis 6, they are indirectly related to many important factors of hotel companies. Thus, hotel companies should manage and pay attention to security and safety elements.

Overall, the results of this paper present strategic prioritization. Hotel managers must carefully allocate resources to balance financial objectives with customer satisfaction and CSR activities. The findings of this study highlight the importance of adopting a strategic approach to resource allocation. Investments in customer-centric strategies, such as improving service quality and enhancing guest experiences, have proven to yield significant long-term benefits by fostering customer loyalty and engagement. Similarly, CSR activities play a vital role in building stronger relationships with stakeholders, including customers, employees, and the broader community. These initiatives enhance the company’s reputation and generate immediate positive effects on performance. Managers should view these efforts not as optional expenses but as essential components of a sustainable growth strategy.

Also, this research results demonstrate the importance of security and safety in the hotel industry. The results emphasize the critical importance of security and safety measures, especially in the context of the COVID-19 pandemic. Although these measures can impose significant costs on operations, they are vital for maintaining customer trust and ensuring operational continuity. Strengthening security and safety protocols, such as enhanced hygiene measures and emergency preparedness, not only safeguards the well-being of guests and staff but also reinforces the company’s brand value. Managers should integrate these measures into their broader strategic goals, recognizing their indirect benefits to customer loyalty and overall competitiveness. To mitigate financial burdens, hotel companies can explore innovative approaches, such as adopting cost-effective safety technologies or securing partnerships to share costs.

While improvements in internal business processes may not produce immediate effects on corporate performance, they remain essential for ensuring the long-term sustainability of hotel operations. The findings suggest that managers should treat process optimization initiatives, such as implementing efficient management systems or innovative technologies, as long-term investments. These efforts require adequate allocation of resources and timelines to achieve their intended outcomes. Managers are encouraged to prioritize gradual and systematic improvements, ensuring that process changes align with the company’s strategic vision and operational needs.

Although the study did not identify a direct relationship between employee learning and growth initiatives and immediate performance outcomes, such investments are crucial for fostering organizational resilience and enhancing customer satisfaction. By supporting employee development through training programs and career growth opportunities, hotel companies can cultivate a motivated and skilled workforce. Satisfied and engaged employees are more likely to deliver exceptional service, positively influencing the customer experience. Managers should continue prioritizing workforce development as a key element of their strategic agenda, recognizing its indirect contribution to long-term success and competitive advantage.

In conclusion, hotel managers should adopt a comprehensive approach to strategic decision-making that incorporates financial, customer, employee, and safety considerations. By aligning these priorities with long-term goals, hotel companies can achieve sustainable growth, strengthen stakeholder relationships, and enhance their resilience in an increasingly competitive and uncertain environment. Namely, this paper’s research results remind managers in practice of the importance of information delivery through a hotel company’s CEO message. The empirical analysis results suggest that investors and consumers of hotel companies can also identify the strategic points they are aiming for through CEO messages and further use them as useful information for predicting corporate performance.

6. Conclusions

6.1. Research Results and Implications

This study provides an in-depth and comprehensive examination of how strategic priorities articulated in CEO messages influence both current and future corporate performance within the hotel industry. By employing the SBSC framework, the research integrates advanced text mining techniques and robust econometric methodologies, offering nuanced insights into the dynamics of corporate strategy and performance. The findings and contributions of this study are outlined as follows.

The research reveals that emphasizing financial strategies does not significantly influence current corporate performance but has a notable positive impact on future performance. This finding underscores the long-term benefits of prioritizing financial strategies while highlighting the immediate challenges posed by the COVID-19 pandemic in achieving financial recovery. Hotel companies that strategically focus on financial measures demonstrate resilience by continuously striving to increase profits and reduce costs, even when immediate gains are not evident.

Customer-centric strategies emerge as significant drivers of future corporate performance. The study highlights the importance of customer satisfaction and loyalty as essential elements of sustainable growth within the hotel industry. Customer-focused initiatives, such as enhancing service quality and upgrading facilities, contribute to building long-term trust and engagement, emphasizing the integral role of customers as key stakeholders in organizational success.

Contrary to expectations, improvements in internal business processes did not yield significant effects on either current or future corporate performance. This outcome reflects the time-intensive and resource-heavy nature of process optimization efforts. Although critical for long-term sustainability, the immediate financial impact of these efforts remains limited. This finding aligns with the resource-based view, which emphasizes the gradual realization of value from intangible assets like efficient processes and innovative systems.

Employee development initiatives, categorized under the learning and growth perspective, were found to have no direct significant impact on corporate performance. This result can be attributed to the indirect pathways through which employee satisfaction and skill development influence organizational outcomes, such as improved customer service and enhanced innovation capacity. Despite the lack of immediate financial effects, the study underscores the strategic importance of investing in employee learning and growth to build a resilient and future-ready organization.

CSR activities demonstrated an immediate positive effect on current corporate performance, reflecting the increasing customer preference for socially responsible businesses. However, their long-term financial impact was limited. This finding challenges traditional assumptions that CSR primarily yields delayed benefits, suggesting that customers now view socially responsible practices as an essential component of brand value. These practices are rewarded in the short term, reinforcing their importance in corporate strategy.

Security and safety measures were found to have a negative impact on both current and future corporate performance. The high costs and operational challenges associated with these initiatives, particularly during the COVID-19 pandemic, are the primary factors contributing to this outcome. However, the study also identifies the indirect benefits of safety measures, such as fostering customer trust, enhancing market competitiveness, and improving brand reputation. This dual nature of security and safety measures highlights their strategic significance despite their financial drawbacks.

The study makes several unique contributions to both academic literature and practical applications. By extending the traditional SBSC framework to include a distinct security and safety perspective, the research addresses a key gap in the literature and provides a more comprehensive framework for analyzing corporate strategies in the hospitality industry, particularly in the post-pandemic era. The integration of advanced text mining techniques to classify keywords from CEO messages presents a novel approach, effectively linking qualitative communication data with quantitative performance metrics. This methodological innovation offers a replicable framework for future studies across various industries and contexts.

The research further validates its hypotheses through the use of the 2SLS model, which addresses endogeneity concerns and ensures the reliability of the results. This rigorous methodological approach strengthens the findings and provides nuanced insights into the causal relationships between strategic priorities and corporate performance. Additionally, the study incorporates network analysis through CONCOR, uncovering indirect connections between security and safety measures and other strategic priorities, such as customer trust and service quality. This analysis offers a deeper understanding of the broader implications of these measures and their role in shaping corporate strategies.

The findings of this study open new avenues for future research. Longitudinal studies examining the long-term effects of strategic priorities, particularly CSR and safety measures, would provide a more comprehensive understanding of their sustainability and evolving role in organizational success. Expanding the analysis to include international hotel companies would enhance the generalizability of the findings and shed light on cultural or regional variations in strategic decision-making. Investigating customer perceptions of safety measures and CSR initiatives can offer valuable insights into how these strategies align with customer expectations and preferences.

In conclusion, this study addresses critical gaps in the literature and offers actionable insights for hotel managers. The findings emphasize the importance of balancing immediate financial constraints with long-term strategic goals, ensuring resilience and competitiveness in an ever-changing business environment. Through its innovative methodologies and comprehensive analysis, this research lays a strong foundation for future studies, contributing to the ongoing development and transformation of the hotel industry.

6.2. Limitations and Future Resesrch Plan

This paper is significant in that it quantifies the qualitative text information of hotel companies and analyzes the relationship with the financial performance of hotel companies, which is quantitative information. However, the limitation of this study is that the analysis period is a single year, as the CEO message data disclosed on the company’s website is used. Since the CEO message of the company’s website is not updated every year but changes irregularly, there is a limitation in that only a certain point of data must be used for analysis along with the company’s financial statement data. To compensate for this, it is necessary to discover corporate strategy information from sources other than the CEO message on the website in future studies. In addition, it plans to collect corporate strategy text data for more light methods using the deep learning technique Llama 3 and use them for analysis.