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Investing in intelligence: AI human capital, wage inequality, and firm value in tourism, travel and hospitality
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DOI：10.1016/j.tourman.2026.105470.png)
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Abstract
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Grounded in resource-based view and tournament theory, this study examines how AI human capital (AIHC) is associated with wage inequality and firm value in tourism, travel, and hospitality (TTH). Using an unbalanced panel of 1206 UK listed TTH firms comprising 7539 firm year observations from 2018 to 2024, we estimate internal instrument two step system GMM models with Windmeijer corrected standard errors. Findings indicate that AIHC is positively associated with firm value, negatively associated with wage inequality, and that wage inequality is negatively associated with firm value. Mediation analyses suggest that wage inequality partially channels the AIHC and firm value association. Moderation analyses show stronger AIHC and firm value associations in more dynamic and complex industries, whereas munificence shows no systematic moderating effect. Sectoral analyses reveal stronger value associations in travel and stronger inequality compression associations in hospitality. The study highlights workforce centered pathways for AI enabled competitive advantage.
Keywords:
Artificial intelligence
Human capital investment
Wage inequality
Firm value
Industry environment
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