The Journal of Hospitality Financial Management最新文献

{"title":"Liquidity Effects on Travel and Tourism Stocks following Global Financial Crises","authors":"A. Gregoriou, Sotiroula Liasidou","doi":"10.7275/TN8K-CK95","DOIUrl":"https://doi.org/10.7275/TN8K-CK95","url":null,"abstract":"This paper explores liquidity effects following the global financial crises between 2007 and 2009 for 25 stocks listed on the Dow Jones Travel and Tourism Index. We find evidence of a sustained increase in the liquidity of the stocks as a result of the financial crises. The empirical findings are consistent with the information cost/liquidity hypothesis, which states that investors demand a lower premium for holding stocks with relatively more available information. Our results suggest that the travel and tourism industry is no longer considered a luxury item. On the contrary, it appears to be more of a necessity to stimulate business and happiness for firms and individuals, respectively, in times of financial turmoil.","PeriodicalId":249000,"journal":{"name":"The Journal of Hospitality Financial Management","volume":"2006 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127632550","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Abstracts of Presentations at the 2016 Annual Iahfme Research Symposium","authors":"TMurat Kizildag, Melih Madanoglu, Kyuho Lee","doi":"10.1080/10913211.2017.1415559","DOIUrl":"https://doi.org/10.1080/10913211.2017.1415559","url":null,"abstract":"s of Presentations at the 2016 Annual Iahfme Research Symposium The Attenuating Effect of Brand Diversification on the Relationship between Franchising and Firm Performance TMurat Kizildag, Melih Madanoglu and Kyuho Lee","PeriodicalId":249000,"journal":{"name":"The Journal of Hospitality Financial Management","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133504795","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"IAHFME Academic Member 2016 Total Annual Earnings","authors":"R. Schmidgall","doi":"10.1080/10913211.2017.1398940","DOIUrl":"https://doi.org/10.1080/10913211.2017.1398940","url":null,"abstract":"ABSTRACT This study was conducted to determine the 2016 annual earnings of hospitality financial management educators. Forty-three percent of IAHFME’s members affiliated with educational institutions responded. Annual base salaries ranged from $77,000 to $272,000. The lowest paid member is an assistant professor while the highest paid member is a full professor. Many respondents supplement their base salaries by both teaching during summer school and consulting. The total annual earnings of members ranged from $77,000 to $391,000. Hospitality financial management educators appear to be more highly compensated than the average college professor and hospitality financial executives.","PeriodicalId":249000,"journal":{"name":"The Journal of Hospitality Financial Management","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115537483","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Cash Budgets, Controls, and Management in Clubs","authors":"A. DeFranco, R. Schmidgall","doi":"10.1080/10913211.2017.1398957","DOIUrl":"https://doi.org/10.1080/10913211.2017.1398957","url":null,"abstract":"ABSTRACT Cash is important, because it pays for all expenses and obligations. On an annual basis, designated individuals will compile a cash budget for the coming year, which club management will use as a blueprint to operate their clubs and ascertain the timing of the cash inflows and outflows. This study, therefore, explored the extent to which cash budgeting is used in clubs, the various cash budget practices, and whether such practices differ by the demographic characteristics of the clubs. The results showed that cash management in clubs rested largely in the hands of the chief financial officers and the general managers (GM). While 17.5% of the clubs had their GMs as the responsible person preparing the cash budget, this dropped to only 7.7% when it came to daily monitoring of the amount of cash in the clubs. The cash amount in the bank account of the respondents’ club ranged from less than $100,000 to more than half a million dollars. Subgroup analyses by demographic characteristics also showed statistically significant differences in the: (1) person responsible for daily cash monitoring, (2) person responsible for preparation of the cash, and (3) the targeted amount of cash in the club’s checking accounting.","PeriodicalId":249000,"journal":{"name":"The Journal of Hospitality Financial Management","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122938052","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Hotel Industry Performance in 2016–2017 and the JHFM Index","authors":"Atul Sheel","doi":"10.1080/10913211.2017.1406743","DOIUrl":"https://doi.org/10.1080/10913211.2017.1406743","url":null,"abstract":"The year 2017 has been productive for hotels in the United States. According to the latest Smith Travel Research (STR) report (September 2017), the yearto-date occupancy for these lodging firms increased 0.6% to 67.4%, relative to 66.9% for the same period in 2016; the year-to-date average daily rate, or ADR (September), grew 2.0% to $127.14. The year-todate ADR was $124.18 for the same period in 2016, $120.45 in 2015, $114.77 in 2014, $110.35 in 2013, $106.10 in 2012, $101.70 in 2011 and $98.06 in 2010. The September year-to-date revenue per available room (RevPAR) of these firms also increased by 2.6% to $85.70, relative to $83.10 for the same period in 2016. Per latest IBISWorld Industry Report for Hotels & Motels in the United States, the industry revenue has shown robust growth during the recent five-year period. The industry revenue for U.S. hotels and motels should increase to $185.2 billion in 2017 at an average annual rate of 4.7%, relative to $178.8 billion in 2016, $172.5 billion in 2015, $172.6 billion in 2014, $153.8 billion in 2013, $147.2 billion in 2012, $140.9 billion in 2011, and $134.1 billion in 2010. Figure 1 summarizes the rising trend of revenues in this industry during the past 17 years (since 2000). Hotel industry investors have welcomed this positive trend. For a change, hotel industry stocks have outperformed the market, leading to significantly positive market premiums. Table 1 summarizes the 2017 stock returns of key hotel industry firms from both lodging and hotel-motel REIT sectors. The JHFM index for hotel industry stocks has shown significant market premiums this year, suggesting investor optimism in these stocks on an average. The JHFM index is a market-capitalization weighted index maintained by the Journal of Hospitality Financial Management. It is a two-part index measuring the performance of hotel stocks trading in the U.S. equity markets. The first part is the JHFM Lodging Index, which consists of the 10 largest market-cap firms in the lodging sector. The second part is the JHFM Hotel-Motel REITS Stock Index, which consists of the 10 largest Hotel-Motel REIT firms currently trading in U.S. equity markets. As shown in Table 1, all three JHFM hotel stock indices have outperformed the market, with their significantly negative market premiums (25.25% for overall hotel industry stocks; 31.49% and 6.46% for lodging stocks and hotel-motel REIT stocks, respectively). The strong resilience in hotel industry stocks after their decelerating and pessimistic trend in 2016 suggests that the industry’s speculative fears from last year’s changing politico-economic climates in the United States and postBrexit Europe are now settling down. Such optimism of hotel investors could also be attributed to","PeriodicalId":249000,"journal":{"name":"The Journal of Hospitality Financial Management","volume":"122 2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124525968","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"CEO Attributes and Firm Performance in the Hospitality Industry","authors":"Yuan Li, Manisha Singal","doi":"10.1080/10913211.2017.1398941","DOIUrl":"https://doi.org/10.1080/10913211.2017.1398941","url":null,"abstract":"ABSTRACT Drawing on upper echelons theory, we explore demographic and other attributes of CEOs in the hospitality industry and their impact on firm performance. Our results, based on a sample of 1,427 CEO firm-years of publicly traded companies over a period of 24 years, show that a typical CEO in the hospitality industry is male, in his mid-50s, with no graduate degree and no prior CEO experience, but has worked in operations and has an average tenure of approximately 9 years. Our analyses show that while there is some relationship between CEO attributes and firm performance, the sign and significance of this relationship depends on the specific firm performance measure used. Our study contributes to the literature in corporate governance and hospitality by systematically examining the effect of CEO demographics and other attributes on firm performance in the hospitality industry. We draw implications for CEO search committees of hospitality firms and outline avenues for future research.","PeriodicalId":249000,"journal":{"name":"The Journal of Hospitality Financial Management","volume":"84 1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131349103","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Is the Hospitality Industry Ready for the New Lease Accounting Standards?","authors":"Hyun Kyung Chatfield, Robert E. Chatfield, Percy Poon","doi":"10.1080/10913211.2017.1398955","DOIUrl":"https://doi.org/10.1080/10913211.2017.1398955","url":null,"abstract":"ABSTRACT The days where companies can use off-balance sheet leases are coming to an end. The new lease accounting standards, ASU 842 and IFRS 16, released in early 2016, will be effective, respectively, on December 15, 2018, and January 1, 2019. Under the new standards, virtually all leases will be recognized on a lessee’s balance sheet. Hence, financial statements and ratios of companies that heavily use off-balance sheet leases will be considerably impacted. Our analysis of the off-balance sheet leases by the hospitality industry indicates that hospitality companies do extensively use these operating leases, which amounted to 51% of their assets in 2015. The expected widespread unfavorable impact on a lessee’s debt ratios and interest coverages could also affect a hospitality company’s borrowing rates and debt covenants. Given that the implementation is most likely time consuming, not just costly, the earlier the hospitality companies are prepared for the new standards the better.","PeriodicalId":249000,"journal":{"name":"The Journal of Hospitality Financial Management","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114996660","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"EOV Editorial Board","authors":"","doi":"10.1080/10913211.2017.1415557","DOIUrl":"https://doi.org/10.1080/10913211.2017.1415557","url":null,"abstract":"","PeriodicalId":249000,"journal":{"name":"The Journal of Hospitality Financial Management","volume":"51 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115994488","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Factors Impacting Capital Expenditures in the Quick Service Restaurant Industry","authors":"Lan Jiang, Michael C. Dalbor","doi":"10.1080/10913211.2017.1398946","DOIUrl":"https://doi.org/10.1080/10913211.2017.1398946","url":null,"abstract":"ABSTRACT The purpose of this article is to study the factors that impact capital expenditures in the quick-service restaurant industry. The authors hypothesize that growth opportunities, free cash flow, size, corporate earnings, economic conditions, and franchising status will have impact on the capital expenditures of quick-service restaurants. This study analyzed capital expenditure and other financial data on quick service restaurants for the period 2006–2016. Results suggest that corporate earnings, size, cash flow, economic conditions, and franchising have a significant relationship with capital expenditures, while growth opportunities are not associated with capital expenditures. Specifically, a high degree of corporate earnings, large size, and a high degree of cash flow tend to be associated with a high degree of capital expenditures; while favorable economic conditions and franchising tend to be associated with a low level of capital expenditures.","PeriodicalId":249000,"journal":{"name":"The Journal of Hospitality Financial Management","volume":"92 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116670091","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Managerial Competencies for U.K. Hotel Financial Controllers: Are They Hospitality Managers or Accountants?","authors":"C. Burgess","doi":"10.1080/10913211.2017.1313612","DOIUrl":"https://doi.org/10.1080/10913211.2017.1313612","url":null,"abstract":"ABSTRACT This article aimed to identify the key managerial competencies required of hotel financial controllers and the importance of hospitality experience to their roles. Data from a longitudinal study of hotel financial controllers have been analyzed, gathered using a content analysis of job advertisements, a survey of U.K. hotel financial controllers and interviews with key financial managers. Using a grounded theory approach, the findings show that although there are many similarities with the generic accounting profession, the hotel finance role is unique. Their experience combining with hospitality management competencies to support operational managers. Their understanding of the complexity of the operation, in a dynamic and perishable environment, enables hotel financial controllers to act as business advisors to other managers, thereby enhancing profitability on behalf of stakeholders. Implications for industry include (a) the need for further promotion of hospitality finance as a valid career and (b) the importance of recruiting managers with experience of this distinctive industry context.","PeriodicalId":249000,"journal":{"name":"The Journal of Hospitality Financial Management","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123456394","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}