The Hidden Effect of Intangible Financial Information on the Market Value of Hospitality Firms in the United States

Lee, Jieun; Ghiselli, Richard

doi:10.1080/15378020.2011.626327

Cited by 5 publications

(3 citation statements)

References 26 publications

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“…They are defined in equation (1) and (2) below (Yamakawa et al, 2011; Chen et al, 2018)where capital expenditure is calculated by scaling capital expenditures to sales revenue, cost efficiency is calculated by scaling the cost of sales to sales revenue, and capital intensity is calculated by scaling total assets to sales revenuewhere, S&A expenses is calculated by scaling S&A expenses to sales revenue and R&D intensity is calculated by scaling R&D expenditures to sales revenue. Although R&D intensity is more relevant for manufacturing firms to measure their innovation capacity and differentiation strategies, there are studies using R&D expenditure in the hospitality and the tourism industry to measure its innovativeness (Guisado-González et al, 2013; Lee and Ghiselli, 2011). However, by considering this issue, we ran a robustness test by excluding R&D intensity from the calculation of differentiation strategy and taking only S&A expenses.…”

Section: Methodsmentioning

confidence: 99%

“…where, S&A expenses is calculated by scaling S&A expenses to sales revenue and R&D intensity is calculated by scaling R&D expenditures to sales revenue. Although R&D intensity is more relevant for manufacturing firms to measure their innovation capacity and differentiation strategies, there are studies using R&D expenditure in the hospitality and the tourism industry to measure its innovativeness (Guisado-González et al, 2013;Lee and Ghiselli, 2011). However, by considering this issue, we ran a robustness test by excluding R&D intensity from the calculation of differentiation strategy and taking only S&A expenses.…”

Section: Variablesmentioning

confidence: 99%

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Does firm strategy influence corporate social responsibility and firm performance? Evidence from the tourism industry

et al. 2022

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In this study, we explore whether cost leaders and differentiators assume different positions in terms of corporate social responsibility (CSR) engagement. Furthermore, we deepen the investigation by examining whether shareholders appreciate cost leaders or differentiators' CSR engagement which bears implications for the firms and stockholders. The data concerning CSR, firm strategy, and board characteristics for all the companies belonging to the hospitality, tourism, and airline industry between 2013 and 2019 was fetched from Thomson Reuters, and fixed-effects panel regression analysis and Hayes’s moderation analysis methodology are executed. The findings indicate, first, that cost leadership is significantly associated with composite CSR performance and governance performance but not with environmental and social performance. Second, differentiation is significantly associated with composite CSR performance and environmental and social performance but not with governance performance. Third, moderation analysis revealed that cost leadership does not moderate the association between CSR performance in all dimensions and firm value, differentiation moderates the association between CSR performance in all dimensions and firm value negatively.

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Section: Methodsmentioning

confidence: 99%

Section: Variablesmentioning

confidence: 99%

Does firm strategy influence corporate social responsibility and firm performance? Evidence from the tourism industry

et al. 2022

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“…net income equity × 100 Park and Lee [20] and Lima Santos et al [21] ROA income be f ore interest and taxes assets × 100 Coelho [22] ROS net income sales × 100 Gomes and Oliveira [23]; Lee et al [24] In general, financial ratios help to detect the financial and operational difficulties of companies [25]. Solvency ratios help a company to meet long-term objectives.…”

Section: Roementioning

confidence: 99%

COVID-19’s Impact on the Restaurant Industry

et al. 2022

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The restaurant industry contributed to the creation of wealth and employment until the end of 2019, when it reached maximum values. However, with the COVID-19 pandemic in early 2020, this sector suffered a very serious economic and employment crisis. The analysis of this situation is imperative to mitigate the consequences for the restaurant industry and to prevent impacts in future crises. The main purpose of the present study is to compare the years 2019 and 2020, analyzing the profitability, payroll costs, headcount, and indebtedness of the restaurants, to verify the COVID-19 pandemic’s impact in Spain and Portugal. Quantitative research was applied, where a descriptive analysis and hypothesis testing were conducted. SABI database was the secondary data source used in this research. The results show that the COVID-19 pandemic has had an impact on profitability, efficiency, and indebtedness in the restaurant industry, being a generalized situation in both countries, in all regions except for Ceuta. The results also confirm the importance of this study for managers and academics since all the variables under study worsened with the COVID-19 pandemic. This study represents a contribution to managers and stakeholders in the restaurant sector by allowing the comparative evaluation of each restaurant with the average of the variables by location and the definition of proactive strategies. Practical implications are proposed to mitigate the effect not only of COVID-19 but also of other pandemics or economic crises that may arise in the future, preparing managers and stakeholders to adapt to change and promoting the financial sustainability of the restaurant industry. It is recommended to increase the disclosure of statistical indicators and financial ratios of free access, which allows the improvement of the analysis of different variables that are important for professionals in the restaurant industry.

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Does family matter? The moderating role of family involvement on the relationship between CSR and firm performance

Yeon

Lin

Lee

et al. 2021

IJCHM

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Purpose The purpose of this study is to investigate the moderating role of family involvement on the corporate social responsibility (CSR)-firm performance (FP) relationship in the US hospitality industry. Building on agency theory, this study examines how family ownership, management and board control influence the relationship between CSR and FP. Design/methodology/approach To examine the moderating effect of family ownership, family management and family board control, this study adopts the two-way fixed-effects model and performs a panel regression analysis with robust standard errors. The sample period spans 1994–2018 and 565 firm-year observations are included. Findings This study finds that the impact of CSR on FP is positively moderated by the extent of a firm’s family member involvement. In specific, all three aspects of corporate governance (i.e. ownership, management and board control) positively moderate the relationship between CSR and FP. Research limitations/implications Findings of this study yield several recommendations for hospitality managers, including shaping strategic decisions for implementing CSR, by providing a unique perspective that the involvement of founding family members can be helpful in enhancing firm value through CSR activities. Originality/value This study sheds light on the further understanding of the CSR-FP link in the hospitality literature. In addition, this study provides practical guidelines for hospitality firms in the context of CSR by revealing possible advantages of strengthened founding family involvement.

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The Hidden Effect of Intangible Financial Information on the Market Value of Hospitality Firms in the United States

Cited by 5 publications

References 26 publications

Does firm strategy influence corporate social responsibility and firm performance? Evidence from the tourism industry

Does firm strategy influence corporate social responsibility and firm performance? Evidence from the tourism industry

COVID-19’s Impact on the Restaurant Industry

Does family matter? The moderating role of family involvement on the relationship between CSR and firm performance

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