No abstract

No abstract

Purpose The purpose of this study is to investigate the relationship between rapid internationalization and firm value in US restaurant companies. This study also identified the moderating role of available slack, potential slack and recoverable slack on the relationship of rapid internationalization and the firm’s value. Design/methodology/approach A hierarchical regression analysis with panel fixed effects was used in this study. Samples were drawn from publicly traded US restaurant companies, and span from 1993 to 2016 with 264 firm-year observations was used for the study’s analysis. Findings Drawing on Penrose’s seminal theory of firm-growth that a firm needs excess resources to grow and that the amount of slack resources directly influences a firm’s international growth, this study found that available slack alleviates the negative impact of rapid international expansion in achieving higher firm value. Originality/value This study is one of the few analyses that examined the speed of rapid international expansion in the service context. In addition, this study contributes to existing literature by examining three different slack resources with regards to the speed of international expansion. The findings of this study shed light on restaurant companies whose financial resources are critical for value-adding international expansion.

Many studies on the impact of boards of directors on corporate social responsibility have focused on the human capital of board members (i.e., structures and characteristics). However, the relational capital of board members (i.e., board interlock centrality) has yet to be fully explored. This study examines the extent to which board members are connected in their networks (i.e., board interlock centrality) on corporate social responsibility (CSR) performance in the restaurant industry. It also recognizes the moderating role of board effectiveness on the relationship between board centrality and CSR performance. On the basis of organization legitimacy theory and resource dependence theory, this study found that high-centrality boards increase positive CSR performance. The effect is more substantial when a firm has more standing board committees. The theories view firms as components of the larger social environment, and their performance depends on their ability to procure crucial resources from other firms through mutual exchange. No significant link was found between negative CSR performance and the moderating effect of board committees.

Despite growing international awareness and legislation, the hospitality and tourism industries are still hot spots for modern slavery due to the nature of their businesses. The purpose of this study is to explore corporate social responsibility (CSR) disclosures of firms in the U.S. hospitality and tourism industry and to examine what actions they have incorporated regarding protecting human rights and preventing modern slavery. Using content analysis, this study provided a benchmarking assessment from a sample of hospitality and tourism companies that were top ranked for their human rights and supply chain performance by CSRHub. A total of 30 code instruments have been classified into three main themes on combating modern slavery including formal guidelines and resources, company-wide compliances and policies, and actions.