Open Access. Powered by Scholars. Published by Universities.®
- Publication
- Publication Type
Articles 1 - 3 of 3
Full-Text Articles in Entire DC Network
Unions’ Impact On Firms’ Financial Decision Making: A Look At Right-To-Work Laws And Their Impact On Firms’ Leverage Decisions, Rachana Muvvala
Unions’ Impact On Firms’ Financial Decision Making: A Look At Right-To-Work Laws And Their Impact On Firms’ Leverage Decisions, Rachana Muvvala
CMC Senior Theses
I study the impact of unions on firms’ financial decision making by exploring their capital structure, specifically leverage. I test two opposing hypotheses to understand the relationship between unions and firms’ leverage: (1) the bargaining hypothesis which suggests that firms use higher leverage as a bargaining device with unions, and (2) the crowding-out hypothesis which suggests that firms have lower leverage because unions crowd out their debt capacity due to their perceived riskiness. Focusing on the 2007 to 2022 period, I examine right-to-work (RTW) laws, since they are exogenous shocks that decrease union power in five different states. Then, I …
Food And Beverage Staffing Changes In Nevada Resorts After The Great Recession, Toni Repetti, Liheng Zhang
Food And Beverage Staffing Changes In Nevada Resorts After The Great Recession, Toni Repetti, Liheng Zhang
Journal of Hospitality Financial Management
With profit margins averagins 5-7% and labor costs of 30-55% of revenue, restaurant managers need to carefully monitor expenses to maintain these already low profit margins. This study evaluates food and beverage departments within Nevada casinos from 2000 to 2018 to see if managers exhibited expense preference behavior prior to the Great Recession. Three models were tested: number of employees, salaries and wages, and total payroll. Results show that in all three models, there is a significant decrease postrecession versus prerecession, with a decrease of 12.8% in employees, 4.5% in salaries and wages, and 9.1% in total payroll. Only the …
Excess Return Estimate And Risk Factors In Hospitality Firms, Genti Lagji
Excess Return Estimate And Risk Factors In Hospitality Firms, Genti Lagji
Masters Theses 1911 - February 2014
Calculating the expected return has been a longstanding issue in the finance. There is a positive correlation between the undertaken risk and excess return (or loss) but numerous variables need to be considered. This study builds on the Fama and French formula and adds factors unique to the hospitality industry such as labor cost and diversification in order to get results that are a tailored to the hospitality industry. Active hotel and restaurants companies (SIC 7011 and 5812 respectively) in the 2000-2009 period were analyzed in separate samples. The labor cost improves the explanatory on both samples and the diversification …