The role of external technology acquisition in enhancing the performance of tourism companies: evidence from China

Purpose 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. Design/methodology/approach Data were collected from 49 listed tourism companies in China between 2000 and 2023. The data were analyzed using mediation path analysis. Findings 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. Practical implications This research provides exclusive insights into implementing ETA in tourism companies and enables tourism company managers to enhance performance through ETA. Originality/value The research extends Martínez-Román’s two-stage model and broadens the exploration in the area of tourism technology innovation.