Electronic word of mouth (eWOM) communication, such as the online hotel review, is receiving increasing attention from marketing managers in the hotel industry, primarily because consumers are making considerable use of online forums and often do not book without seeking online advice on restaurants, tourist destinations, or hotels. This study of a convenience sample of 781 travelers in Las Vegas found three chief motivating factors for consumers to seek eWOM, namely, convenience and quality, risk reduction, and social reassurance. The analysis found distinct differences between the sexes regarding their motivating factors, and levels of expertise also influenced consumers’ motivations to read online reviews. Women, for instance, are more likely to read reviews for the purpose of convenience and quality and for risk reduction. Men’s use of the online reviews depended on their level of expertise.

The COVID-19 pandemic has created an unprecedented and devastating impact on the travel and tourism industry worldwide. To sustain tourism organizations in the post-pandemic period, it is crucial to understand the factors that maintain, boost, or diminish the potential demands of international travel. With faith in the industry’s resilience, travel and tourism organizations are counting on the prospect of compensatory travel. However, little is known about the factors affecting potential demands and compensatory travel intention in a post-pandemic world. Hence, this study attempts to conceptualize compensatory travel and to investigate tourists’ cognitive and emotional processes that link risk perception about COVID-19 and compensatory travel intention. The findings support the proposed dual-processing model of suppressing and accelerating travel desire caused by COVID-19. The effect of travel desire on compensatory travel intention is also found.

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Purpose This paper aims to find alternative explanations for the use of long-term debt in the US restaurant industry from a behavioral perspective. The three-fold purpose of the present study is to examine the impact of CEO overconfidence on the use of long-term debt; explore how CEO overconfidence moderates the relationship between growth opportunities and long-term debt; and analyze the moderating role of CEO overconfidence based on cash flow levels in the context of the restaurant industry. Design/methodology/approach Using a sample of publicly traded US restaurant firms between 1992 and 2015, this study used generalized methods of moments with instrumental variable technique to analyze the panel data. Findings The findings of this study highlight the importance of considering behavioral traits of CEOs, such as overconfidence to better understand the US restaurant firms’ financing behaviors. This study found that overconfident CEOs tend to use more long-term debt when firms have greater growth opportunities and low cash flow. Practical implications Given that psychological and behavioral features of CEOs are critical in understanding the variations in corporate financing decisions and capital structure, shareholders and boards of directors of growth-seeking restaurant firms should incorporate the behavioral aspects of overconfident CEOs in the design of long-term debt contracts to mitigate liquidation risk while developing compensation practices that encourage overconfident CEOs to finance growth. Originality/value Despite its heavy reliance on long-term debt in the US hospitality industry, prior studies provided mixed findings for the determinants of long-term debt. This study makes a contribution to the literature by offering alternative approaches to examining long-term debt decisions among US restaurant firms.