수수료 기반 서비스업의 지적자산 창출활동과 기업 성과의 관계: 호텔산업의 트레이드마크 등록 활동을 중심으로

As the fee-based operation has become dominant in the hotel industry, the core of the corporate assets has been switched from the tangible physical assets to the intangible intellectual assets. Thus, the purpose of this research is to investigate the role of intellectual assets in the relationship between the fee-based operation and firm performance. Considering the intangible nature of the intellectual assets, we investigated the visible form of intellectual property assets by looking into the service marks and rademarks (collectively referred to as trademarks). We confirmed a moderating role of the trademark registration in the relationship between the fee-based operation and the firm value measured by Tobin’s q of the hotel corporation. The fixed effect panel data modeling supported a quadratic relationship between the fee-based operation and firm value. Based on these findings, we draw theoretical and practical implications.