Journal of Hospitality Financial Management: Volume 17, Issue 2
Loading...
Volume
Number
Issue Date
Journal Title
Journal ISSN
Journal Volume
Articles
Oil Spills, Tourism Impact, Economic Costs and Corporate Responsibility
(2010-08-24) Sheel, Atul
The Club Industry: The Challenging Years of 2003 through 2008
(2009-01-01) DeFranco, Agnes; Schmidgall, Raymond S.
This article is based on a research project spanned over a six year period of 2003-2008 on the club industry in the United States. The last six years saw many events that affect the economy of the world. The results showed the club industry is not immune to such ups and downs. While the financial viability of an individual club is tied strongly to its local economy, the entire industry is closely affected by the general economy. Twenty ratios are reported covering the five general classes of financial ratios. The ratio results suggest 2004 was a banner year for the club industry, while the current tough recession has pushed the club business into turmoil, and little relief is in sight.
Institutional Investors and International Expansion in Restaurant Industry
(2010-01-01) Oak, Seonghee; Upneja, Arun
Although U.S. restaurant firms face high risks in diversifying their operations internationally, there are no previous studies that motivate international diversification. If international diversification is risky then why do restaurant firms go abroad? This study focuses on one potential explanation, namely the institutional investor ownership, to determine if it can explain the internationalization behavior in the restaurant industry. According to previous research, ownership by pressure-sensitive groups (bank and insurance firms) are negatively related to international diversification and ownership by pressure-resistant groups (pension fund, mutual fund, and brokerage firm) are positively related to international diversification. The results for restaurant firms, reported in this study, partially confirm previous findings. While pension and mutual fund firms support international diversification, pressure from investments by banking firms leads to lower international diversification. Investments from Insurance firms are not related to international diversification whereas investments by brokerage firms are negatively related to internationalization.
U.S. restaurant firm performance check: An examination of the impact of the recent recession
youn, hyewon; gu, zheng
This study empirically examines the impact of the current recession on U.S. restaurant firms. Using financial ratio analysis, this study compares 14 financial ratios in 2006, the pre-recession year, with the same ratios in 2008, the during-recession year, to assess different aspects of restaurant firms’ financial performance and conditions. The findings of this study indicate that U.S. restaurant firms in all three sectors, namely full service, economy/buffet, and fast-food, have suffered severe negative impacts from the recession in terms of liquidity, leverage, solvency, efficiency, and profitability. To survive through the current recession, U.S. restaurant firms must raise sales and operating income, improve accounts receivable and inventory turnover, and reduce their reliance on debt-financing.
The Long Term Debt Decision of U.S. Casino Firms
(2010-01-01) Upneja, Arun; Dalbor, Michael
The purpose of this study is to examine the choice of long-term debt in the U.S. casino industry using the three major theories of capital structure: tradeoff, pecking order and free cash flow. We utilize multiple regression models for the overall sample as well as for casinos and casino hotels. The results for all three sets of regressions are similar with firm risk and firm size being positively related to long-term debt. However, when looking at different measures of growth opportunities, we find contradictory results. Some growth measures are positively related to long-term debt while others are negatively related.