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Estimating Cost of Equity in the Restaurant Industry: What IS Your Required Rate of Return? 估算餐饮业的股权成本:你的要求回报率是多少?
The Journal of Hospitality Financial Management Pub Date : 2012-03-01 DOI: 10.1080/10913211.2012.10721891
Melih Madanoglu, M. Kizildag, Ersem Karadag
{"title":"Estimating Cost of Equity in the Restaurant Industry: What IS Your Required Rate of Return?","authors":"Melih Madanoglu, M. Kizildag, Ersem Karadag","doi":"10.1080/10913211.2012.10721891","DOIUrl":"https://doi.org/10.1080/10913211.2012.10721891","url":null,"abstract":"ABSTRACT Accurate estimation of cost of equity is critical when making capital investment decisions to allocate valuable corporate resources. While the importance of proper estimation of required rate of return of an investment project is well documented, challenges surrounding estimation of the cost of equity still abound. This paper empirically evaluates the viability of common cost of equity models to estimate required rate of return for the U.S. restaurant industry for the 1996–2010 period. The full model, which consists of five risk factors, emerges as the soundest cost of equity model for the U.S. restaurant industry. We recommend that future studies assess the performance of cost of equity models in other countries and other segments of the hospitality industry.","PeriodicalId":249000,"journal":{"name":"The Journal of Hospitality Financial Management","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131789096","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}
引用次数: 12
The Relationship among Guestroom Renovation, Customer Satisfaction, and Profitability 客房装修、顾客满意度与盈利能力的关系
The Journal of Hospitality Financial Management Pub Date : 2012-03-01 DOI: 10.1080/10913211.2012.10721894
B. Bloom
{"title":"The Relationship among Guestroom Renovation, Customer Satisfaction, and Profitability","authors":"B. Bloom","doi":"10.1080/10913211.2012.10721894","DOIUrl":"https://doi.org/10.1080/10913211.2012.10721894","url":null,"abstract":"ABSTRACT This study identifies a negatively correlated relationship between the time elapsed since a hotel's last rooms renovation and overall guest satisfaction, using a secondary dataset of 46 hotels operated under various sub-brands of a major hotel company. The study also identifies a relationship among guest satisfaction scores and common measures of revenue and profitability. In the ongoing discussions between hotel operators and hotel owners regarding capital expenditures, the impact on guest satisfaction should be an important consideration as this study indicates that there is an implicit positive relationship between a recently renovated hotel and higher guest satisfaction scores and profit.","PeriodicalId":249000,"journal":{"name":"The Journal of Hospitality Financial Management","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128132719","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}
引用次数: 3
The Value of Employee Satisfaction 员工满意度的价值
The Journal of Hospitality Financial Management Pub Date : 2012-03-01 DOI: 10.1080/10913211.2012.10721897
Hugo Tang
{"title":"The Value of Employee Satisfaction","authors":"Hugo Tang","doi":"10.1080/10913211.2012.10721897","DOIUrl":"https://doi.org/10.1080/10913211.2012.10721897","url":null,"abstract":"ABSTRACT The objective of this study is to investigate the value of employee satisfaction in different industries. Industry-adjusted excess returns of the companies listed in the Best Companies to Work for in America are used as the proxy for the value of employee satisfaction. Using the fixed-effect model, we found some evidence that employee satisfaction is more valuable in consumer service companies, especially in the longer term.","PeriodicalId":249000,"journal":{"name":"The Journal of Hospitality Financial Management","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127494513","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}
引用次数: 0
Hotel Industry Demand Curves 酒店业需求曲线
The Journal of Hospitality Financial Management Pub Date : 2012-03-01 DOI: 10.1080/10913211.2012.10721893
{"title":"Hotel Industry Demand Curves","authors":"","doi":"10.1080/10913211.2012.10721893","DOIUrl":"https://doi.org/10.1080/10913211.2012.10721893","url":null,"abstract":"ABSTRACT This research extends previous work on understanding hotel demand by focusing on the demand curve. Specifically attention is directed toward the slope of the curve indicating the relationship between average daily rate and the number of rooms sold—the price elasticity. Also, we investigate shifts in the curve caused by demand determinants such as changes in income; the extent is represented by income elasticity. Our findings are consistent with estimates produced by others for short-run elasticity, but we report sometimes noticeable differences between long-run and short-run elasticity. Price and income elasticity are considerably larger for higher-quality hotels as indicated by the chain scale in which they operate. Elasticity tends to increase with data disaggregation. Higher elasticity is generally found for individual chain scales and cities compared to the nation.","PeriodicalId":249000,"journal":{"name":"The Journal of Hospitality Financial Management","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126551777","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}
引用次数: 6
Revenue Management as a Multi-Disciplinary Business Process 作为多学科业务流程的收益管理
The Journal of Hospitality Financial Management Pub Date : 2011-09-01 DOI: 10.1080/10913211.2011.10653902
Bonnie Buckhiester
{"title":"Revenue Management as a Multi-Disciplinary Business Process","authors":"Bonnie Buckhiester","doi":"10.1080/10913211.2011.10653902","DOIUrl":"https://doi.org/10.1080/10913211.2011.10653902","url":null,"abstract":"ABSTRACT In today's volatile markets, with consumer buying behavior evolving rapidly, rudimentary revenue management practices are no longer sufficient. Given the complexity of demand patterns in today's markets, optimal demand management is achieved only with a totally holistic approach. This means that revenue management must be treated as a highly structured multi-disciplinary business process, including a fully synergistic approach to the relationship between marketing, sales, and operations. Key components of a comprehensive revenue management program include: (1) aligning product to customer demand, (2) taking a structured approach to competitive benchmarking, (3) creating a strategic pricing framework, (4) forecasting unconstrained demand, (5) using business mix as a primary strategy, and (6) managing distribution effectively and efficiently. In all of these areas, existing best practices enable hotels to optimize demand and to approach markets in a balanced manner, securing higher room rates when possible and higher volume when needed. This article explores elements of product alignment, competitive benchmarking, and strategic pricing.","PeriodicalId":249000,"journal":{"name":"The Journal of Hospitality Financial Management","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127688119","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}
引用次数: 9
A Longitudinal Study of Equipment Leasing in the U.S. Lodging Industry 美国住宿行业设备租赁的纵向研究
The Journal of Hospitality Financial Management Pub Date : 2011-09-01 DOI: 10.1080/10913211.2011.10653913
Lan Jiang, R. Schmidgall
{"title":"A Longitudinal Study of Equipment Leasing in the U.S. Lodging Industry","authors":"Lan Jiang, R. Schmidgall","doi":"10.1080/10913211.2011.10653913","DOIUrl":"https://doi.org/10.1080/10913211.2011.10653913","url":null,"abstract":"ABSTRACT This paper examines the current equipment leasing practices in the U.S. lodging industry and compares these practices to leasing practices in the U.S. lodging industry in 2000 as identified in an earlier study by Schmidgall and Upneja (2001). It compares the features of leases that make them attractive for today's hotel companies with the features that made leases attractive in 2000. In the previous study Schmidgall and Upneja revealed the major reasons for leasing included protection from obsolescence, securing tax advantages, and ensuring uniform cash outflows. For the current study, a similar questionnaire was sent to 500 members of HFTP associated with the lodging industry. This time, the researchers found that the major reasons for leasing are (1) to keep upgrading equipment, (2) to protect against obsolescence, and (3) to lower down payments.","PeriodicalId":249000,"journal":{"name":"The Journal of Hospitality Financial Management","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125629427","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}
引用次数: 2
Revenue Management as a Multi-disciplinary Business Process: Part Two 作为多学科业务流程的收益管理:第二部分
The Journal of Hospitality Financial Management Pub Date : 2011-09-01 DOI: 10.1080/10913211.2011.10653916
Bonnie Buckhiester
{"title":"Revenue Management as a Multi-disciplinary Business Process: Part Two","authors":"Bonnie Buckhiester","doi":"10.1080/10913211.2011.10653916","DOIUrl":"https://doi.org/10.1080/10913211.2011.10653916","url":null,"abstract":"ABSTRACT In today's volatile markets with consumer buying behavior evolving rapidly, rudimentary revenue management practices are no longer sufficient. Given the complexity of demand patterns in today's markets, optimal demand management is achieved only with a holistic approach. This means that revenue management must be treated as a highly structured, multi-disciplinary business process, including a fully synergistic approach to the relationship between marketing, sales, and operations. Key components of a comprehensive revenue management program include: (1) aligning product to customer demand, (2) taking a structured approach to competitive benchmarking, (3) creating a strategic pricing framework, (4) forecasting unconstrained demand, (5) using business mix as a primary strategy, and (6) managing distribution effectively and efficiently. In all of these areas, existing best practices enable hotels to optimize demand and to approach markets in a balanced manner, securing higher room rates when possible and higher volume when needed. Part One of this series on revenue management addressed the elements of product alignment, competitive benchmarking, and strategic pricing. This article explores the last three key revenue management components: demand forecasting, business mix manipulation, and distribution management.","PeriodicalId":249000,"journal":{"name":"The Journal of Hospitality Financial Management","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134172770","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}
引用次数: 3
Outperformance in the Lodging Industry: Five Financial Signals to Watch 酒店业的卓越表现:值得关注的五个财务信号
The Journal of Hospitality Financial Management Pub Date : 2011-09-01 DOI: 10.1080/10913211.2011.10653908
Nan Hua, K. Nusair, Arun Upneja
{"title":"Outperformance in the Lodging Industry: Five Financial Signals to Watch","authors":"Nan Hua, K. Nusair, Arun Upneja","doi":"10.1080/10913211.2011.10653908","DOIUrl":"https://doi.org/10.1080/10913211.2011.10653908","url":null,"abstract":"ABSTRACT Economic tides fall and rise, as everyone with any amount in a 401 (k) plan can attest. So how does a lodging firm stay ahead of the pack when many drifted? Clearly, there are some firms that stay the course and thrive in periods of adversity. This study identifies five financial signals for lodging firms to keep a close eye on for a better future.","PeriodicalId":249000,"journal":{"name":"The Journal of Hospitality Financial Management","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133750186","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}
引用次数: 0
The Impact of Strategic Management Accounting and Cost Structure on ABC Systems in Hotels 战略管理会计与成本结构对酒店作业成本制的影响
The Journal of Hospitality Financial Management Pub Date : 2011-09-01 DOI: 10.1080/10913211.2011.10653912
Odysseas Pavlatos
{"title":"The Impact of Strategic Management Accounting and Cost Structure on ABC Systems in Hotels","authors":"Odysseas Pavlatos","doi":"10.1080/10913211.2011.10653912","DOIUrl":"https://doi.org/10.1080/10913211.2011.10653912","url":null,"abstract":"ABSTRACT The purpose of this paper is to examine the extent to which potential factors affect the adoption of ABC systems. An empirical survey was conducted on a sample of 85 leading hotel enterprises in Greece. Results show that the adoption of ABC systems is positively associated with the extent of use of strategic management accounting techniques and with cost structure. No association was found between the adoption of ABC systems and the importance of cost data, level of price competition, and size.","PeriodicalId":249000,"journal":{"name":"The Journal of Hospitality Financial Management","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123410142","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}
引用次数: 15
Financial Structure and Profitability Analysis of Greek Hotels 希腊酒店财务结构与盈利能力分析
The Journal of Hospitality Financial Management Pub Date : 2011-09-01 DOI: 10.1080/10913211.2011.10653900
M. Diakomihalis
{"title":"Financial Structure and Profitability Analysis of Greek Hotels","authors":"M. Diakomihalis","doi":"10.1080/10913211.2011.10653900","DOIUrl":"https://doi.org/10.1080/10913211.2011.10653900","url":null,"abstract":"ABSTRACT This study examines the financial structure and profitability of various categories of Greek hotels for the 2005–2007 period, three years following the 2004 Olympics in Athens and just before the 2008 economic crisis in Greece. The research sample consisted of 146 private two-, three-, four-, and five-star hotels. Various ratios relevant to the financial structure and profitability of hotels were explored. Results revealed significant differences in the means of most financial ratios of the four Greek hotel categories, except for some ratios such as gross profit margin and net profit margin. Five-star hotels in Greece recorded larger net profits and used a larger percentage of lending capital relative to hotels in other categories. While four-star hotels in Greece registered significantly higher operating costs relative to hotels with two or three stars, short-term financing seemed to decrease for hotels with more stars.","PeriodicalId":249000,"journal":{"name":"The Journal of Hospitality Financial Management","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122470308","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}
引用次数: 5
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