Journal Issue: Journal of Hospitality Financial Management: Volume 27, Issue 1
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2018-2019 Restaurant Industry Performance and the JHFM Index
(2019-01-01) Sheel, Atul
Does the Fear Index Incessantly Affect Stock Performance in the Lodging Industry?
(2019-01-01) Lelo de Larrea, Gabriela; Ridderstaat, Jorge; Kizildag, Murat; Weinland, Jeffrey
This study investigates the impact of fear on stock returns of the lodging companies for two specific periods (from January 1997 to December 2007 and January 2008 to June 2018). While the literature has adequately studied the relationship for general stock returns, it has underemphasized a sector- based approach, including the lodging industry, toward understanding the connection. The study contributes to the literature by focusing on the short-term dynamic connection for the lodging firms and by providing theoretical propositions that could advance the theory building process. The results show that the fear index has lost its forward-looking capacity on stock performance in the lodging industry after 2018.
Strategic Effect of Degree of Operating Leverage on Value Premium of Lodging Firms
(2019-01-01) Pawar, Akshaya; Gholap, Raju; Sheel, Atul
The potential association between a firm’s strategic use of its degree of operating leverage (DOL) and its value premium has been a subject of considerable interest and debate among researchers in the past (Carlson, Fisher, & Giammarino, 2004; Garcia-Feijoo & Jorgensen, 2010). Existent finance literature also discusses the trade-off between DOL and degree of financial leverage (DFL) (Dugan & Shriver, 1992; Mandelker & Rhee, 1984). While most researchers focus on cross-sectional research in this area, Huffman (1989) further documented variation in the DOL and DFL across industries. The lodging sector of the hospitality industry is unique in many ways (Lee and Jang, 2007; Madan, 2007; Singal, 2015). This paper evaluates the impact of DOL on the value premium of lodging firms, the trade-off between DOL and DFL in these firms, and how this important lever can be used by manage- ment to make strategic business decisions.
Dynamics of Learning Orientation, Innovativeness, and Financial Performance of the Hotel Industry
(2019-01-01) Nair, Girish K
This paper investigates the moderating influence of firm innovativeness between learning orienta- tion and financial performance in the context of the hotel industry in Qatar. Quantitative research was the approach using Structural Equation Modeling with Partial Least Square Technique. A questionnaire-based survey was undertaken with 165 financial managers of different hotels in Qatar. The findings show that commitment to learning has significant influence on product innovation; shared vision has significant influence on process innovation; intra-organization knowledge shar- ing has influence on product, process, and business system innovation; and open-mindedness to learning has influence on business system innovation. Furthermore, firm innovativeness was also found to have an independent positive effect on financial performance. These findings have led to the development of the implications to the strategic and financial managers of the hotel industry to improve their financial performance.
Managerial Efficiency in the Food and Beverage Industry in Taiwan
(2019-01-01) Hu, Jin-Li; Chiu, Chia-Ning; Chu, Hou-Tang
This study evaluates the managerial efficiency of food and beverage companies by employing the output-oriented data envelopment analysis (DEA) approach. Consequently, the input and output variables of ten Taiwanese listed food and beverage companies were collected from 2011 to 2014. Then the Mann-Whitney U test was used to examine the difference in efficiency between restaurant companies and beverage and dessert companies. The major findings are as follows: (1) An inverse relationship exists between the scale and managerial efficiencies of the food and beverage industry. (2) The Mann-Whitney U test shows that the beverage and dessert companies are statistically more efficient. The results not only offer different managerial insights into the food and beverage industry’s operating efficiency but also determine which factors have a significant and direct impact on these restaurants’ or beverage and dessert shops’ success or failure, which is the considerable contribution of this study for the service industry.