This paper aims to examine how external technology acquisition (ETA) impacts the performance of tourism companies. According to Martínez-Román’s two-stage model, the mediating roles of innovation capability, product and process innovation were also estimated.
Data were collected from 49 listed tourism companies in China between 2000 and 2023. The data were analyzed using mediation path analysis.
ETA enhances the operational performance of tourism enterprises significantly, but has no impact on market performance. However, ETA does not play the same role for all tourism companies. Theme parks and tourism equipment manufacturers will get higher operational performance if they adopt ETA, but travel agencies, hospitality and comprehensive tourism companies will not benefit.
This research provides exclusive insights into implementing ETA in tourism companies and enables tourism company managers to enhance performance through ETA.
The research extends Martínez-Román’s two-stage model and broadens the exploration in the area of tourism technology innovation.
