Journal of Hospitality Financial Management: Volume 21, Issue 2
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2013-20-12
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2013 – A YEAR IN REVIEW FOR HOTEL FIRMS
(2013-12-20) Sheel, Atul
Determinants of Capital Expenditures in the U.S. Restaurant Industry
(2014-03-01) Dalbor, Michael; Jiang, Lan
The purpose of this paper is to study the determinants of capital expenditures in the U.S. restaurant industry. We hypothesize that restaurant firms with growth opportunities, free cash flow and above-average earnings will have a positive impact on capital expenditures. We also believe larger firms will make more capital expenditures. Conversely, we expect that strong economic conditions will have a negative impact on capital expenditures. We utilize a sample of 78 firms from 2002-2012 and our regression model results indicate all of our variables have significant coefficients in the expected direction. This is the first major research paper to examine the determinants of capital expenditures in the U.S. restaurant industry.
CURRENT ACCOUNTING PRACTICES OF PREOPENING COSTS BY LODGING FIRMS —DO THEY VIOLATE U.S. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES?
(2013-12-20) Schmidgall, Raymond S.; Yu, Jung Hee
This study examines the practice of accounting for preopening costs in U.S.-based hotels. The study surveyed 225 CFOs, controllers, and senior-level executives of lodging companies during the 2012–2013 period to examine current accounting practices for preopening costs in their firms. The research questions measured the amounts spent on preopening costs, key expenditures included as preopening costs; when/where these preopening costs were expensed, and the incentive operating fee arrangement. Results revealed that many lodging firms did not account properly for their preopening costs in accordance with U.S. Generally Accepted Accounting Principles (GAAPs). As such, the current practice of accounting of preopening costs in lodging firms is better understood and the need for further guidance on treatment of preopening expenses in the next (11th) edition of Uniform System of Accounts for the Lodging Industry (USALI) is explored.
FINANCIAL PERFORMANCE AND INTERNATIONALIZATION IN THE U.S. RESTAURANT INDUSTRY: A SIMULTANEOUS PERSPECTIVE AND ANALYSIS
(2013-12-20) Luan, Conroy Hong; Singh, Dipendra; Hua, Nan
This study examines the simultaneous relationship between financial performance (FP) and the degree of internationalization (DOI) in the restaurant industry to address the potential endogeneity bias in prior research. In previous studies, theoretical rationales and empirical results appeared to contradict each other. These inconsistencies could have resulted from a unilateral approach of analyzing firm performance and degree of internationalization. The results of this study suggest the existence of a simultaneous relationship between financial performance and the degree of internationalization.
THE ATTITUDE OF HOTEL SCHOOL STUDENTS TOWARD HOSPITALITY FINANCE
(2013-12-20) Zwaal, Wichard; Otting, Hans
This study uses survey research to examine the attitudes of undergraduate hotel management students toward hospitality finance. A sample of 103 students enrolled in a four year undergraduate hotel management program was surveyed. The questionnaire measured both students’ attitudes toward hospitality finance and their knowledge about hospitality finance as a subject. The attitude statements were designed to address cognitive, affective, as well as behavioral components. Results showed a significant positive correlation between students’ attitudes and their test results. The statements related to cognition were most strongly related to test results. As such, the perception of undergraduate students with regard to the subject of hospitality finance and its importance in the hospitality education curriculum is better understood.