The Journal of Hospitality Financial Management最新文献

{"title":"The Effects of Insider Ownership and Board Composition on Firm Performance in the Restaurant Industry","authors":"Jinyoung Im, Yeasun K. Chung","doi":"10.1080/10913211.2017.1313604","DOIUrl":"https://doi.org/10.1080/10913211.2017.1313604","url":null,"abstract":"ABSTRACT This study aimed to investigate the relations among insider ownership, board composition, and firm performance in U.S. restaurant firms. The authors divided insider ownership into three categories: the equity ownership held per insider owners, the equity ownership held by nonexecutive (outside) directors, and the equity ownership shared by executive officers. Board composition was represented by board independence, board size, and chief executive officer duality. For data analysis, the authors conducted 319 observations from 31 firms. The authors found that 3 categories of insider ownership and board composition variables differently influence short-term operational profitability and long-term value. Managerial ownership negatively influences short-term profitability, whereas long-term value is affected not only by managerial ownership but also by a balanced dispersion of shares to each owner. Dual chief executive officers do not affect short-term profitability but negatively influence long-term value. The study findings provide more comprehensive understanding of the effect of the corporate governance system on firm performance in the restaurant industry.","PeriodicalId":249000,"journal":{"name":"The Journal of Hospitality Financial Management","volume":"66 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":"128604369","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":"Investment and Firm Value: Is There an Optimal Investment Level in Hotel Firms?","authors":"T. Dogru, E. Sirakaya-Turk","doi":"10.1080/10913211.2017.1314123","DOIUrl":"https://doi.org/10.1080/10913211.2017.1314123","url":null,"abstract":"ABSTRACT This study aimed to examine whether an optimal investment level exists in hotel firms. The authors examined the quadratic relation between investments and hotel firm value. The results show that there is an optimal investment level that maximizes firm value. However, the optimal investment level varies across firms on the basis of the quality of investment opportunities or under- and overinvestment problems. The optimal investment level is higher for hotel firms with underinvestment problems, which suggests that these firms have valuable investment opportunities. However, the optimal investment level is lower for hotel firms with overinvestment problems, which implies that shareholders of these firms perceive additional investments to be value destroying. These results support the postulations of the Q theory of investment, pecking order theory, and free cash flow theory. Practical implications are discussed in the realm of financing, investment, and dividend policies.","PeriodicalId":249000,"journal":{"name":"The Journal of Hospitality Financial Management","volume":"1 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":"124398665","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":"The Lodging Franchise Relational Model: A Model of Trust, Commitment, and Resource Exchanges","authors":"L. Jackson, Hayun Jung","doi":"10.1080/10913211.2017.1314125","DOIUrl":"https://doi.org/10.1080/10913211.2017.1314125","url":null,"abstract":"ABSTRACT Franchising is the most dominant mode of operation for U.S.-domiciled lodging companies. This mode of operation has grown significantly as a result of the benefits received by franchisors and franchisees. Using a foundation of trust and commitment theory, this research developed a model that illustrates and explains the components of the lodging franchise relationship. The model suggests that the lodging franchise relational model is a bi-directional, value driven, mutually beneficial, symbiotic relationship of resource exchange and success is contingent on trust and commitment by both parties.","PeriodicalId":249000,"journal":{"name":"The Journal of Hospitality Financial Management","volume":"27 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":"114080861","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":"2016–2017 Restaurant Industry Performance and the JHFM Index","authors":"Atul Sheel","doi":"10.1080/10913211.2017.1330519","DOIUrl":"https://doi.org/10.1080/10913211.2017.1330519","url":null,"abstract":"Restaurant industry sales continued their moderate growth between 2016 and 2017. According to National Restaurant Association (NRA; 2017) reports, restaurant industry revenues are projected to be approximately $798.7 billion in 2017—a 4.3% nominal growth, or 1.7% real growth, relative to its estimated $766 billion in sales in 2016. Regardless of such optimism, experts are cautious about the industry’s revenue growth in 2017 amid mixed economic signals, rising labor costs, and a complex regulatory environment at both the federal and state levels. Table 1 summarizes trends in stock returns for key restaurant firms up to the first quarter of 2017. At the end of the first quarter of 2017, the one-year average return for the S&P 500 index (14.23%) clearly surpassed the one-year average return of restaurant stocks represented by the JHFM Restaurant Industry Index (6.74%) by 7.49%. During the past year, the family, casual, and full-service restaurants (JHFM Index returns of 14.64%) seem to have performed better than the market (14.23%), with casual-dining restaurants showing the maximum returns (16.59%) and Darden Restaurants (31.13% annual return) contributing the most toward this buoyancy. Such a trend suggests a significantly stronger consumer preference for fine dining during the 2016–2017 period relative to 2015–2016. Alternatively, the Quick Service and Quick Service Specialty Restaurants (JHFM Index returns 6.11%) yielded significantly less annual returns relative to the market (14.23%), with firms such as Panera Bread, Jack in the Box, Wendy’s, and Domino’s Pizza (annual returns 49.14%, 44.74%, 25.46%, and 28.55%, respectively) being clear winners in this group. Trends in the first quarter of 2017 suggest caution in the market’s expectation from restaurant industry stocks (5.91%). Current trends in the NRA’s Restaurant Performance Index (RPI) continue to support the cautious tone in the expectations of NRA experts. The RPI is a combination of the current situation index (derived from recent period restaurant industry indicators such as same-store sales traffic, and labor and capital expenditures) and the expectations index (derived from a forward-looking or six-month outlook for restaurant industry indicators) and is based on the NRA’s monthly survey of U.S. restaurateurs. RPI values greater than 100 indicate expansion, while values less than 100 suggest a period of contraction for key restaurant industry indicators. Table 2 summarizes recent trends in the NRA’s statistical barometer, the RPI, from January 2009 to January 2017. Figure 1 presents a graph of RPI trends from January 2009 to January 2017. The RPI values in Figure 1 are suggestive of a continued regressive trend for restaurant industry indicators during the period from July 2016 to December 2016. In December 2016, the current situation index dropped 0.1% to 99.5, suggesting contraction. However, the expectations index stood unchanged at 101.6 relative to November, indicating optimism","PeriodicalId":249000,"journal":{"name":"The Journal of Hospitality Financial Management","volume":"59 1-2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133071177","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":"Budgetary Controls in Clubs: A Time-Tested Process for Financial Success","authors":"A. DeFranco, R. Schmidgall","doi":"10.1080/10913211.2017.1313613","DOIUrl":"https://doi.org/10.1080/10913211.2017.1313613","url":null,"abstract":"ABSTRACT Budgetary controls are essential for any business organization. This study provides a longitudinal comparison of budgetary control practices in the club industry in the past 4 decades, filling a literature gap for the club industry in the United States. This research aimed to document the various budgetary control practices in clubs; analyze whether such practices differ by the types of clubs, size, and profitability; and compare current practices with those in the past 3 decades. The authors administered a survey to the members of the Club Managers Association of America. With a prevalent participatory budgeting process, the budget is used widely at all levels of a club. The longitudinal comparison showed variance tolerance in food, beverage, and labor cost percentages tightened since the 1980s but was relaxed slightly in this present study. Subgroup analyses by demographic characteristics also showed statistically significant differences in a number of areas.","PeriodicalId":249000,"journal":{"name":"The Journal of Hospitality Financial Management","volume":"62 21 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":"124367451","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":"Conditions Associated with Increased Risk of Fraud: A Model for Publicly Traded Restaurant Companies","authors":"Elizabeth Yost, Robertico R. Croes","doi":"10.1080/10913211.2016.1236546","DOIUrl":"https://doi.org/10.1080/10913211.2016.1236546","url":null,"abstract":"Many restaurant industry examples provide evidence that as a firm's internal control structure weakens and deficiencies are found, the opportunity for fraud increases significantly. Thus, the central focus of this study is to understand the factors that contribute to increased risk of fraud to determine which conditions promote an increased risk of fraud for publicly traded restaurant companies. The main premise of the study tests the application of the fraud triangle framework constructs to publicly traded restaurant companies during the time period of 2002–2014, using proxy variables defined through literature. The proxy variables selected were company size, amount of debt, employee turnover, organizational structure, the Recession, inflation rate, interest rate, executive stock compensation, return on assets, and international sales growth. The study used a probit model, using the incidence of a reported internal control deficiency as the measurable dichotomous dependent variable.","PeriodicalId":249000,"journal":{"name":"The Journal of Hospitality Financial Management","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125576951","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 2015 Annual iAHFME Research Symposium","authors":"Yuan Li, Manisha Singal","doi":"10.1080/10913211.2016.1240478","DOIUrl":"https://doi.org/10.1080/10913211.2016.1240478","url":null,"abstract":"s of Presentations at the 2018 Annual iAHFME Research","PeriodicalId":249000,"journal":{"name":"The Journal of Hospitality Financial Management","volume":"127 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114240670","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":"Business, Technology, and Marketing Trends Influencing the Financial Performance of The Hotel Industry","authors":"M. van Niekerk","doi":"10.1080/10913211.2016.1236582","DOIUrl":"https://doi.org/10.1080/10913211.2016.1236582","url":null,"abstract":"In today's world, hotel organizations contend with a highly competitive environment—an environment that is saturated with new technologies, customers who expect superior service, a drive toward innovation, and the challenge of ever-increasing costs. The survival of these organizations often depends on their overall financial performance, their ability to adapt to the changing environment, and the way in which they transform and expand their services to meet their customers' needs. Remaining abreast of the newest trends in the hotel industry can be costly to hotels and may influence their overall financial performance. In this article, the director of finance of a resort hotel in Orlando, Florida, USA, shares some thoughts with the author on the newest business, technology, and hotel marketing trends that are believed to influence the financial performance of the hotel industry in the next few years.","PeriodicalId":249000,"journal":{"name":"The Journal of Hospitality Financial Management","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127409157","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":"2016 – A Year in Review for Hotel Industry Firms","authors":"Atul Sheel","doi":"10.1080/10913211.2016.1246286","DOIUrl":"https://doi.org/10.1080/10913211.2016.1246286","url":null,"abstract":"The year 2016 has been yet another productive year for hotels in the United States. According to the August 2016 Smith Travel Research report, even though the August yearto-date occupancy for these lodging firms decreased 0.2% to 66.9%, relative to 67.0% for the same period in 2015, the August yearto-date average daily rate, grew 3.1% to US$124.18. The year-to-date average daily rate was US$120.45 for the same period in 2015, US$114.77 in 2014, US$110.35 in 2013, US$106.10 in 2012, US$101.70 in 2011, and US$98.06 in 2010. The August year-to-date revenue per available room (RevPAR) of these firms also increased by 2.9% to US$83.10 relative to US$80.74 during the same period in 2015. Per the latest IBISWorld Industry Report for Hotels & Motels in the United States, the industry revenue has shown “robust” growth during the recent 5-year period. The industry revenue for U.S. hotels and motels is expected to increase to US$169.2 billion in 2016 (yielding US$28.7 billion profits) at an average annual rate of 2.4%, relative to US$165.1 billion in 2015, US$159 billion in 2014, US $150.1 billion in 2013, US$143.7 billion in 2012, US$137.6.44 billion in 2011, and US $130.9 billion in 2010. Figure 1 summarizes the rising trend of revenues in this industry from 2000 to 2016. Hotel industry investors, however, seem to be cautious. On an average, hotel industry stocks continue to underperform the market, leading to negative market premiums. Table 1 summarizes the 2016 stock returns of key hotel industry firms from lodging and hotel-motel real estate investment trust sectors. The JHFM Index for hotel industry stocks continue to yield negative market premiums, suggesting investor skepticism in these stocks on an average. The JHFM Index is a marketcapitalization weighted index maintained by JHFM. It is a two-part index measuring the","PeriodicalId":249000,"journal":{"name":"The Journal of Hospitality Financial Management","volume":"362 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126030482","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":"Activity-Based Costing in the Restaurant Industry: What's Past Is Prologue","authors":"Carola Raab, D. Zemke","doi":"10.1080/10913211.2016.1239488","DOIUrl":"https://doi.org/10.1080/10913211.2016.1239488","url":null,"abstract":"Restaurant managers often do not have a comprehensive understanding of all of the costs involved in operating a successful restaurant, leading to inaccurate, and potentially unprofitable, menu item pricing. One trend in cost analysis is to explore techniques used in other industries, including activity-based costing. A body of work exploring the application of activity-based costing in the foodservice industry has gradually evolved. A review of previous research on activity-based costing in various restaurant segments validates it as a consequential approach that is capable of reducing waste, preserving employment, and producing maintainable profitability in the restaurant industry.","PeriodicalId":249000,"journal":{"name":"The Journal of Hospitality Financial Management","volume":"103 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123637608","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}