Journal Issue:
Journal of Hospitality Financial Management: Volume 24, Issue 1

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2016-23-05
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2016 – A YEAR IN REVIEW FOR RESTAURANT FIRMS
(2016-05-23) Sheel, Atul
Publication
CORPORATE GOVERNANCE, OWNERSHIP STRUCTURE, AND CREDIT RATINGS OF HOSPITALITY FIRMS
(2016-05-23) Altin, Mehmet; Kizildag, Murat; Ozdemir, Ozgur
This study examines interrelated connections of corporate governance, ownership structure, and credit ratings. From the agency relationship perspective, the study analyzes this multiple association by accounting for firm-specific and ownership characteristics for the period between 1990 and 2007. In this context, logistic functions are used in regression models to predict the probable outcomes of these multiple relationships. Primary findings of this study revealed that hospitality firms with higher anti-takeover provisions (less shareholder power) enjoy higher credit ratings. Findings also revealed high coefficients of Gompers, Ishii, and Metrick (2003) index (the GIM index), suggesting that hospitality firms have strong governance provisions, reduced agency conflicts, and higher chances of getting better credit ratings.
Publication
RISK-SHARING AS A LONG-TERM MOTIVATION TO FRANCHISE: ROLE OF FRANCHISING EXPERIENCE
(2016-05-23) Sun, Kyung-A; Lee, Seoki
This study aimed to examine a long-term motivation for franchising by considering the influence of experience franchisors gain through conducting the franchising strategy. The study mainly investigates the moderating effect of franchising experience on the relationship between three main motivations for franchising (derived from agency theory, resource scarcity theory, and risk-sharing theory) and firms’ degree of franchising in the restaurant context. Dynamic panel data model was employed and the findings suggest that not only do restaurant companies’ franchising experience positively affect firms’ degree of franchising, but also that those experiences positively moderate the relationship between risk sharing motivation and the degree of franchising. The findings lead to theoretical and practical implications and suggestions for future research.
Publication
CREDIT AVAILABILITY AND CAPITAL STRUCTURES: DOES SIZE MATTER? AN ANALYSIS OF THE U.S. LODGING INDUSTRY
(2016-05-23) Singh, Dipendra
Capital structure composition decisions are considered as very crucial for the overall success of firms. Lodging industry warrants an even greateremphasis on these decisions for the nature of this industry. This study empirically investigates the effect of credit availability on the leverage of large and small lodging firms in the United States using multivariate analysis of variance (MANOVA). This study uses the Case-Schiller home price index to identify the three time points of differing credit availability to businesses in the United States. Leverage, net leverage, and short-to-long-term debt ratios of large and small U.S. lodging firms were analyzed at these differing credit availability time points to assess any significant differences. Significant effects of credit availability were found on the leverage and net leverage of both large and small lodging firms, but no significant effect was found on the short-to-long-term debt ratio of U.S. lodging firms. Interestingly, the leverage levels were found to be highest at the average availability of credit than when compared to the high and low availability of credit.
Publication
THE IMPACT OF SERVICE QUALITY ON BUSINESS PERFORMANCE IN QATAR-BASED HOTELS: AN EMPIRICAL STUDY
(2016-05-23) Nair, Girish K.; Choudhary, Nidhi
This study focuses on the impact of service quality on business performance in Qatar-based hotels. The study tests fifteen hypotheses built on existing theoretical models. The research adopts survey sampling method and uses the structural equation modeling approach. Empirical data were collected through the tourists of ten 5-star hotels in Qatar using the simple random sampling technique (n ¼ 243). The findings revealed significant interrelations of tangibles, reliability, and empathy with financial, non-financial, and operational performance of the surveyed hotels. Responsiveness and assurance had a significant interrelation with non-financial performance and operational performance respectively. Based on the findings of this study, the paper discusses key managerial implications to improve specific dimensions of service quality for enhanced business performance. This paper has a special relevance for hotels in Qatar as they witness steady growth and seek avenues for improvement in service quality for a sustainable business performance.
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