Journal of Hospitality Financial Management: Volume 31, Issue 1
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Determinants of foreign portfolio investment flows to Ukraine:an empirical evidence
(2023-06-01) Mazaraki, Anatolii; Melnyk, Tetyana; Tkalenko, Svitlana; Kudyrko, Liudmyla
The aim of the study is to identify the factors which determine the scale of attraction of foreign portfolio investments to Ukraine. The authors carried out an economic and mathematical modeling based on the E-Views software product to identify the most influential factors in attracting foreign portfolio investment in the Ukrainian economy. The statistical analysis covered 16 observations for the period 2006-2021. A multivariate regression model was built, tested for heteroscedasticity, and authors identified the cause-and-effect relationships between the main groups of indicators (exogenous and endogenous) and the parameters of foreign portfolio investment. The results of the modeling have shown: the existence in the long period of a combinatorial impact of factors of endogenous and exogenous origin on the size and dynamics of attracting foreign portfolio investment in the economy of Ukraine; the existence of a strong link between the volume of attracted portfolio investment and indicators which can be identified as exogenous, in particular, the globalization index and the economic freedom index; the authors propose to evaluate the investment attractiveness index in view of its dual nature as reflecting the influence of both endogenous and exogenous determinants. Prospects for further research in this direction may be an assessment of the impact of Ukraine's EU candidate status on the capitalization of its domestic stock market and the attention paid to it by non-resident companies both from the EU and outside its borders; the search for relevant strategies for the balanced issuance of sovereign securities of the state of Ukraine according to national security criteria in the conditions of various scenarios of the duration of the war and subsequent post-war recovery. Practical implications: the conceptual provisions and conclusions formulated by the authors on the basis of the conducted econometric modeling make it possible to optimize regulatory policy measures in terms of institutional support for conditions and factors promoting the investment attractiveness of the Ukrainian market for international companies making both direct and portfolio investments. It will create the prerequisites for overcoming the imbalance in the portfolio investment structure formed in previous decades in the direction of reducing the share of its debt component, in particular sovereign Eurobonds, and increasing corporate securities. As a result, it will be possible to increase the level of capitalization of the stock market of Ukraine, to fill the economy with financial resources for the sake of economic development and public welfare.
Determinants of capital structure in the hospitality industry: Impact of sector-specific performance determinants on capital structure
(2023-06-01) Singh Mundi, Hardeep; Gautam, Jayant; Vasisht, Shailja
This study aims to identify the sector-specific performance determinants of capital structure for hospitality firms listed in India. The sector-specific variables studied include average daily room rent (ADRR), occupancy rate (OR), and revenue per room (RevPAR). The sample for this study consisted of 42 hospitality firms listed in India, and the data for sample firms from 2014 to 2021 were collected from CMIE Prowess, RBI bulletin, and annual reports of the sample firms. We have used three proxies for capital structure: total debt ratio and long-term and short-term debt ratios. The GMM regression models indicate that ARDD, OR, and RevPAR are significant determinants of the total, long-term, and short-term debt ratios. The results of both the GMM regression models are qualitatively almost the same. We conclude that industry-specific variables should also be considered to understand the capital structure decisions of the hospitality sector.
Measuring Energy Efficiency in Hotel Industry: The Case of India
Ohlan, Ramphul
India is the world’s third-largest energy consumer. Thus far, an assessment of energy efficiency in the hotel industry in India is missing. The study measures the energy efficiency of hotels and restaurants operating in India using the data envelopment analysis model. The results show that, on average, energy efficiency is low. In addition, there exists a large variation in the efficiency level achieved by different hotels and restaurants. The hotel industry can reduce energy use by 55% without adversely affecting sales revenue. The top-performing companies have been identified by assigning an energy efficiency score to each company covered in the study. The hotels and restaurants have been classified according to their energy efficiency score. Low-rated hotels and restaurants have a lot of room for improvement in terms of energy efficiency. The novel findings of the study provide useful insights for managers to improve the energy efficiency of hotels and for policymakers to reduce environmental impacts.
International Association of Hospitality Financial Management Educators (iAHFME) Academic Member 2021 Total Annual Earnings
(2023-06-01) Schmidgall, Raymond S; Yu, Jung Hee
This study uses survey research to determine the 2021 annual earnings of hospitality financial man- agement educators. Thirty-three percent of iAHFME members affiliated with educational institutions responded. Survey results show that for 2021, annual base salaries of iAHFME members ranged from $73,000 to $174,000. The lowest-paid member was an assistant professor and the highest-paid member a professor. Many respondents supplemented their base salaries by teaching during summer school or consulting or both. The total annual earnings of iAHFME members ranged from $90,000 to $265,000. Survey results also show that hospitality financial management educators appear to be more highly compensated than the average college professor and their counterparts in the lodging industry manage risk in the hospitality industry more effectively.
2022 iAHFME Annual Research Symposium Abstracts
(2023-06-01)