Journal of Hospitality Financial Management: Volume 28, Issue 2
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Hotel Industry Performance in 2019-2020, COVID-19 Impact, and the JHFM Index
(2020-01-01) Sheel, Atul
The Monitoring Effects of Debt in the U.S. Restaurant Industry
(2020-01-01) Jiang, Lan; Dalbor, Michael
The issuance of debt is a monitoring mechanism. Whether the debt is from a private lender or is in the form of publicly traded bonds, both types of lenders expecct a return on their money (Jensen, 1986). Thus, while finding ways to increase sales is important, the control of expenses is paramount to the success of the firm and to be able to borrow more funds in the future. Using data from 111 restaurant companies is an effective monitoring agent and if it helps firm performance. Results reveal a significant relationship between a restaurant firm's expense ratio and its short-term, long-term, and total debt ratios after controlling for firm size, economic cycles, and franchising. As such, the phenomenon of debt relevance in the restaurant sector is better understood.
Impact of Employee Meals on Employee Satisfaction and Hotel Financial Performance: An Experimental Study
(2020-01-01) Nanu, Luana; Cobanoglu, Cihan; Yilmaz, Ibrahim Hakan; Dis, Timucin
It is common for hotel employees to receive several benefits tied to their workplace; in some cases these benefits are in a nonmonetary form. Several hotel companies, in both developing and eveloped countries, offer employee meals as a nonmonetary form of benefits. By using secondary data on employee satisfaction prior to and post staff cafeteria renovation, this study investigated the impact of employee meals on employee satisfaction and hotel financial performance. The findings showed a significant and robust correlation among the quality of the employee meals, employee satisfaction, and financial performance of the resort.
Food and Beverage Staffing Changes in Nevada Resorts After the Great Recession
(2020-01-01) Repetti, Toni; Zhang, Liheng
With profit margins averagins 5-7% and labor costs of 30-55% of revenue, restaurant managers need to carefully monitor expenses to maintain these already low profit margins. This study evaluates food and beverage departments within Nevada casinos from 2000 to 2018 to see if managers exhibited expense preference behavior prior to the Great Recession. Three models were tested: number of employees, salaries and wages, and total payroll. Results show that in all three models, there is a significant decrease postrecession versus prerecession, with a decrease of 12.8% in employees, 4.5% in salaries and wages, and 9.1% in total payroll. Only the employee model shows a significant decrease during the recession with a decrease of 9.2%. The postrecession was also comparaed to the Great Recession, and total payroll saw a 5.1% decrease.
Cash in Hotels and Clubs: 2020 and Beyond
(2020-01-01) DeFranco, Agnes L.; Schmidgall, Raymond S.
Cash is the lifeblood of any business. Even if a business has cash but is not properly managed, the operation will suffer. One hundred and sixty clubs and hotels shared their accounts receivable and accounts payable practices. In addition, for the users and usage of the statement of cash flows and cash budgets, how often such statements are prepared are documented as points of comparison. It is found that both clubs and hotels view the cash budget more favorably than the statement of cash flows, and hotels are more vigilant, employing more practices to collect their accounts receivable. Managing the cash conversion cycle and monitoring the depreciation/revenue ratios are two highlights suggested.