Journal of Hospitality Financial Management: Volume 30, Issue 1
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2021-2022 Restaurant Industry Performance and the JHFM Index
(2022-05-05) Sheel, Atul
The Effect of Franchising and Dividend Payments in the U.S. Restaurant Industry
(2022-05-05) Jiang, Lan; Dalbor, Michael
The purpose of this research is to understand the effect of franchising and dividend payments in the restaurant industry. To be specific, this study tried to assess whether franchising and dividend payments improve financial performance in restaurant firms, and whether restaurant firms that both engage in franchising and pay dividends can achieve superior returns to those firms that only do one or the other. Data was collected using Compustat from 2011–2020, a total of 94 restaurants with 600 firm year observations were included in the sample. The results of this study suggested that franchising and dividend payments each enables restaurant firms to achieve superior financial performance, and they reinforce each other to provide superior performance in U.S. restaurant firms.
Human Resource Allocations for Independent Hotels under Uncertainty: Fuzzy Goal Programming Approach
(2022-05-05) Wu, Di; Choi, Yong; Wie, Seunghee
Human Resource (HR) allocation for independent hotels is critical, especially during and after the pandemic because labor costs account for a large portion of operating expenses in lodging businesses. An effective HR allocation can therefore be critical for minimizing costs and, at the same time, for improving profitability and making financial management more efficient. This study focuses on fuzzy goal programming models covering both linear and quadratic cases to study HR allocation issues for independent hotels as linear programming models are often limited to handle multiple objective HR allocation problems. The applications illustrated in this research can be fully utilized in real-world situations using a spreadsheet software tool such as Excel and can also be integrated into the lodging program curriculum. The implications may also provide insights into how to better deal with financial management risk faced by the lodging and hospitality industry during the pandemic.
Conditions for Increased Fraud Risk: A Case Study by Restaurant Segment
(2022-05-05) Yost, Elizabeth A.
Risk factors leading to fraud is an important issue for restaurant operators. This paper identifies and evaluates the financial and non-financial characteristics of different restaurant segments through the lens of the fraud triangle. Using probit modeling and time series data from 2004 to 2014, it investigates different factors that significantly impact the increased risk of fraud in four types of restaurant segments—quick service, fast casual, casual dining, and fine dining. As such the findings of this study provide a better understanding of internal and external risk factors leading to increased fraud in the restaurant industry.
Hedonic Price Analysis of Hotel Rooms in Cyprus
(2022-05-05) Mitsis, Pandelis
The aim of the current study is to investigate which attributes or characteristics have significant effects on the hotel room prices in Cyprus. The author follows a hedonic price analysis approach and employs a data set consisting of 92 hotels, collected from a private tourist agent. The empirical findings indicate that hotel star rating, spa facilities, playgrounds, table tennis activities and proximity to a bus station have all significant effects on the hotel room prices, in both the summer and the winter seasons. Contrary, air-conditioning, direct-dial telephone and the presence of tennis court and indoor pool amenities affect the room rates only in the summer, while existence of a radio in the room has a significant effect on its pricing only in the winter. What is particularly noteworthy, given the empirical findings of existing studies, is that in Cyprus there seems to be an adverse effect from certain attributes (e.g., proximity to a public transportation hub) to the room rates, at both summer and winter.