Journal of Hospitality Financial Management: Volume 30, Issue 2
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Hotel Industry Performance in 2021-2022 and the JHFM Index
(2022-11-14) Sheel, Atul
The Impacts of COVID-19 on Capital Structure Determinants of Hotel Real Estate Investment Trusts
(2022-11-14) Medeiros, Marcos; Hua, Nan; Wang, Youcheng
Real Estate Investment Trusts (REITs) are responsible for more than seventy-five percent of the hotel ownership structure in the USA. The effects of COVID-19 restrictions on hotel REITs were devastating due to the unpredictability of revenues and cash flows, directly impacting managerial decisions on how to adapt REITs' capital structure quickly. This paper used quarterly hotel REIT financial data of the 18 most representative U.S. H-REITs from January 2015 through December 2020 to understand the moderating effects of COVID-19 on hotel REITs' capital structure determinants. Analyzing a panel data of 472 observations, this study found robust empirical evidence that confirms COVID-19 moderates the relationships between hotel REITs' capital structure and its determinants. Adapting constructs from the Pecking Order Theory and Trade-off Theory, this study found that hotel REITs’ capital structure determinants were different during the Covid-19 pandemic. The results, theoretical contributions, and managerial implications were explored in the final section.
Financial Impact of Nutrition Labeling for Restaurants
(2022-11-14) Johnson, Mark S
Over the period 2006 to 2018 many attempts to institute food labeling in restaurants (FLR) have occurred. We examine the impact of federal FLR regulations on equity in the restaurant industry. We find no support for the idea that passage of federal FLR legislation directly altered firm value. However, Food and Drug Administration (FDA) rulemaking has had a positive effect on restaurants. The Federal rules are preemptory to state and local rules providing the industry with consistent, straightforward, rules across all jurisdictions. The preemptory aspect may reduce overall industry costs of regulation. We suggest that rule-making by the regulatory agency can substantially alter the impact of regulation. Our results indicate that it may be wise for the hospitality industry to work with regulatory bodies, such as the FDA, to obtain regulation that has either a less negative or possibly positive impact on the industry.
Should Cryptocurrencies be Used in Booking Hotel Rooms? An Analysis of Consumer Intention
(2022-11-14) Bae, Stephanie
The purpose of the study was to research factors influencing consumers’ intentions to use cryptocurrencies when booking hotel rooms. An online survey was developed based on the previous literature and TAM. Data was collected from U.S. residents who owned cryptocurrencies. A total of 381 surveys were collected and used for data analysis. The results of this research showed that perceived credibility, perceived usefulness, subjective norm, and perceived ease of use affected consumer acceptance. These findings indicate that hotel managers who plan to accept cryptocurrency in the long term should focus on improving credibility, functionality, and usability. There is no extant research framework focusing on use of cryptocurrencies in either the lodging industry or the hospitality industry; therefore, this research is a pioneering effort in applying and extending TAM to the newly emerging context of cryptocurrency, which has recently received attention from scholars.
Hospitality Sector Revenues and Employment in the Eagle Ford Shale, 2010-2019
(2022-11-14) Oyakawa, Javier
By taking advantage of proprietary data from input- output tables’ time series and by using econometric methods, this study estimated job and output multipliers affecting the hospitality sector in Eagle Ford Shale (EFS) between 2010 and 2019. In 2019, in the EFS area, the hospitality sector, including the hotel and food subsectors, received 32.5% of its increased revenues from oil and gas activities when comparing the years 2019 and 2010. For each new job in the energy industry, the hospitality sector received between $10,185 and $12,744. In the same year, hotel subsector revenues due to oil and gas activities explained 78.7% of its increased revenues when comparing the years 2019 and 2010. With each job created in the energy industry, the hotel subsector received between $4,828 and $5,398.