Risk analysis and value creation in tourism companies: The mediating effect of service quality

Abstract

The research aimed to determine the influence of risk analysis on value creation in tourism companies in Tarma, considering the mediating role of service quality. The study employed a quantitative approach, was explanatory in nature, and used a non-experimental, cross-sectional, correlational-causal design. The population consisted of 140 formally registered tourism companies in the province of Tarma, selected using a census sampling method. Data were collected using a structured questionnaire with a Likert scale and analyzed using Structural Equation Modeling with Partial Least Squares (PLS -SEM). The results demonstrated adequate levels of reliability and validity for the measurement model, with factor loadings between 0.79 and 0.86, Cronbach's alpha between 0.87 and 0.91, composite reliability between 0.90 and 0.93, and AVE values greater than 0.65. The structural model confirmed that risk analysis positively influences value creation (β = 0.35; p < 0.001) and service quality (β = 0.62; p < 0.001), while service quality significantly influences value creation (β = 0.58; p < 0.001). Furthermore, a partial mediating effect of service quality was verified (indirect β = 0.36; p < 0.001). The model explained 38% of the variability in service quality and 62% in value creation. It is concluded that strengthening risk management and service quality is a fundamental strategy for increasing the competitiveness and sustainability of tourism businesses in Tarma. These findings expand the empirical evidence of the mediating role of service quality in the relationship between risk analysis and value creation within the tourism sector.