Emotions and Affective Decisions in Hospitality Equity Investment

Guy Majerus Lincoln has extensive academic and industry experience related to hospitality. He has worked for international hospitality businesses and has been a Senior Lecturer of Hospitality at Leeds Beckett University since 1987. He has consulted extensively with numerous hospitality organisations and has been involved in the ownership and operation of various businesses, including the process of equity investment for the business that inspired this book.Dorina-Maria Buda is a tourism geographer currently serving as Professor of Hospitality and Tourism at the Edge Hotel School, and as Dean of Research for the Faculty of Arts and Humanities, University of Essex, UK. She conducts multidisciplinary research on the interconnections between places, people, and emotions, with a focus on areas of socio-political conflicts. She also conducts ethnographic work in places of ongoing turmoil, such as Jordan, Israel, and Palestine.

• Introduction. 1.Conception of the Research: Locating Hospitality Industry and Investment 2.Investment Decisions: Behavioural Finance, Affect, and Emotion 3.Forming Connections – “You connect with ‘em on a different level” 4.The Character of Connections – “We just clicked, we get on with them” 5.Investment Collectives – “It was a ‘Band of Brothers’ and Girls” 6.Gut Feel – “You just know” 7.Summary and Concluding Remarks

"Equity investment into new and growing businesses is an important and growing force in the hospitality industry. This book is the first detailed attempt to get to grips with the essence of the decision-making that shapes this investment. I find the arguments presented here about the importance of emotion in this decision-making to be persuasive and as such the book has the potential to provide really useful insights into the process for all those engaged in this investment".Jason Myers, Co-Founder, Investor, shareholder: Red Lion Holdings LLP, Above and Beyond Hospitality Limited, Splendid Management Services, UK"The idea that the role of emotions in investment decision-making is an area worthy of serious study is a new one in the business of hospitality. This book addresses the challenge of understanding hospitality investment decision-making in a genuinely novel and insightful way. It offers a convincing case for the impact of emotions on the process of investing, one that can provide valuable insights to founders and investors alike".Francis Patton, Ex Commercial/Customer Services Director Punch Taverns, NED Chair and Executive Board Director of Society of Independent Brewers and Associates, UK"This fascinating monograph offers an innovative approach to the financing of hospitality through the lens of affect and emotion. Researchers interested in going beyond a narrowly rational-economic approach will find this a rich and inspiring work that raises new and crucial questions for the field".Steven D. Brown, Professor of Health and Organizational Psychology, Nottingham Business School, Nottingham Trent University, UK"Bridging the fields of hospitality studies and behavioural finance, the authors provide key theoretical and empirical understandings of how financial decision-making and the dynamic connections and experiences of the people involved in financial decisions (investors, entrepreneurs, advisors, customers, family, and friends), shape the activity of private equity investing in hospitality businesses. Uniquely presented through the novel socio-cultural lens of affect and emotion, readers of this research monograph will glean new understandings of equity investing in hospitality as an emotionally laden, social and relational activity and move beyond its more common consideration as a rational financial process centred on commercial transaction".Alison McIntosh, Professor of Tourism & Hospitality, Auckland University of Technology, NZ"For too long, equity investment into hospitality businesses has been guided by clinical frameworks that disregard the emotional and affective dimensions of enterprise decision-making. Such omissions risk cultivating bad faith in the workplace and diminish the transformative potential of collective input and relational engagement. This groundbreaking monograph pioneers a critical interdisciplinary approach, challenging reductive rationalisms in investment discourse and reaffirming the inseparability of hospitality’s ethical foundations from business practice".Rodanthi Tzanelli, Professor of Sociology of Culture & Deputy Director, Bauman Institute, SSP/FSSG, University of Leeds, UK