Lee, SeokiSong, HyoungjuLin, Michael S.Sharma, Amit2024-04-262021-04-272021-04-27https://doi.org/10.7275/x78z-g422https://hdl.handle.net/20.500.14394/31062The current study explores the impact of COVID-19 on the U.S. restaurant industry in terms of its stock performance, and further incorporates a global perspective into this examination by testing both the main and moderating effects of non-U.S. COVID-19 and also the moderating effect of the internationalization strategy of the U.S. restaurant industry. Findings of this study confirm that U.S. COVID-19 had a negative influence on U.S. restaurant firms' stock returns while non-U.S. COVID-19 had a positive impact. Further, the non-U.S. COVID-19 had a positive moderating effect on the relationship between U.S. COVID-19 and restaurant firms' stock returns. Unexpectedly, the study finds that U.S. restaurant firms' internationlization strategy does not moderate the negative impact of U.S. COVID-19 on restaurants' stock performance. Practical implications and suggestions for future research are also discussed.COVID-19non-U.S. COVID-19internationalizationthe restaurant industryCorporate FinanceFinance and Financial ManagementFood and Beverage ManagementGaming and Casino Operations ManagementHospitality Administration and ManagementReal EstateTourism and Travelinvited