Business Commons^™

Me, Myself And My Future-Self: How Self-Motives Impact Personal Financial Decision Making, Patricia Torres

FIU Electronic Theses and Dissertations

The role of self-motives on consumer behavior has been a subject of interest for researchers in the fields of marketing and psychology. With regard to consumer well-being, most of studies have focused on health-related issues (diet, physical activity, tobacco use, substance abuse). However, there is a specific area that is of significant interest in the American context: financial decision making, specifically, personal savings and debt (mis) management. Both the 2008 financial crisis and the ongoing coronavirus pandemic exposed Americans’ lack of savings and its devastating consequences. A record-high consumer debt (Federal Reserve, 2018) combined with a lack of savings (Northwestern …

Canadian Banks And Imperialism In The English-Speaking Caribbean, Tamanisha J. John

FIU Electronic Theses and Dissertations

Canadian banks have been important components of an imperialist system since at least the 19^th century. However, their long and rich history of operating as purely exploitative entities in the English-speaking Caribbean region is often overlooked— leading to many incomplete and conflicting narratives about Canada’s role within the global system. I argue that Canada is an imperial actor that exerts agency in supporting a Canadian banking oligopoly both within Canada and in the English-speaking Caribbean. Insufficient attention is given to these Canadian banks, especially considering the power they have wielded in the Caribbean over the centuries. By analyzing the …

Three Essays On Growth, Housing Market And Inequality, Shahrzad Ghourchian

FIU Electronic Theses and Dissertations

This dissertation includes three essays on growth, the housing market, and inequality. In the first essay, I analyze the effects of government consumption and government debt on long-run economic growth by considering the economic characteristics of the countries investigated. Linear regressions reveal that government consumption has a much bigger negative impact on long-run growth compared with the negative (and sometimes insignificant) effects of government debt. Nonlinear analyses further show that such effects are highly impacted by the economic characteristics of the countries investigated.

In the second essay, I study time-series fluctuations in the United States housing market from 2010 to …

Three Essays In Financial Economics, Qianying Zhang

FIU Electronic Theses and Dissertations

The first paper revisits the link between interest rates and corporate bond credit spreads by applying Rigobon’s (2003) heteroskedasticity identification methodology. The second paper investigates the assumption that financial asset prices including stocks and bonds, reflect intrinsic value. The third paper decomposes the stock price into fundamental permanent, fundamental transitory, and non-fundamental shocks in order to explore the determinants of stock price fluctuations.

The Economics Of Trademarks, Jorge V. Ramos

FIU Electronic Theses and Dissertations

There is extensive literature in several areas of academic study (marketing, international business, law, business finance, etc.) regarding brand names and trademarks. Different fields of study have analyzed the nature, applications and effects of brands and trademarks on firms and societies through their own unique perspective. But although brands and trademarks play a crucial and vital role in economic matters related to firms and societies, there does not exist a strong literature from the economic field approaching important issues related to them. Of special interest to us are the effects brands have on the strategies firms create and follow in …

To Chae Or Not To Chae, Raymond S. Schmidgall Ph.D., Cpa, James W. Damitio

Hospitality Review

Many certifications are available in many professions. They represent a level of achievement and provide a dimension of professionalism to a resume. This article reveals the results of research covering the degree the extent of certification of members of the Hospitality Financial & Technology Professionals. Further, obstacles and assists in taking the examination to become a Certified Hospitality Accountant Executive (CHAE) were determined. Thirty-seven percent of the respondents have earned their CHAE. The biggest obstacle to taking the exam according to 60% of the respondents who have not earned the CHAE was lack of time to prepare. The biggest assist …

To Chae Or Not To Chae, Raymond S. Schmidgall Ph.D., Cpa, James W. Damitio Ph.D. Cma

Hospitality Review

Many certifications are available in many professions. They represent a level of achievement and provide a dimension of professionalism to a resume. This article reveals the results of research covering the degree the extent of certification of members of the Hospitality Financial & Technology Professionals. Further, obstacles and assists in taking the examination to become a Certified Hospitality Accountant Executive (CHAE) were determined. Thirty-seven percent of the respondents have earned their CHAE. The biggest obstacle to taking the exam according to 60% of the respondents who have not earned the CHAE was lack of time to prepare. The biggest assist …

Quantifying The Impacts Of The Recent Economic Crisis On Regional Tourism Industry And Economy, Yun Ying Zhong, Tadayuki Hara Ph.D.

Hospitality Review

The purpose of this study is to explore the accuracy issue of the Input-Output model in quantifying the impacts of the 2007 economic crisis on a local tourism industry and economy. Though the model has been used in the tourism impact analysis, its estimation accuracy is rarely verified empirically. The Metro Orlando area in Florida is investigated as an empirical study, and the negative change in visitor expenditure between 2007 and 2008 is taken as the direct shock. The total impacts are assessed in terms of output and employment, and are compared with the actual data. This study finds that …

Understanding Golf Country Club Members’ Loyalty: Factors Affecting Membership Renewal Decisions, Theresa N. Clem M.S., Swathi Ravichandran Mba, Ph.D., Aryn C. Karpinski Ph.D.

Hospitality Review

Many private country clubs across the United States have experienced a declining or flat membership and smaller waitlists of members wanting to join. The objective of this study was to investigate whether member involvement, service quality, and perceived value, influence member satisfaction and intention to renew membership for members of private country clubs. An online survey instrument customized for the country club industry was distributed to members of two country clubs in northeast Ohio. Results indicate that involvement level of members and perceived value impact country club members’ satisfaction and intention to renew their membership. Managerial implications are discussed.

Maintaining Your Loyal Customers During Hard Times: An Observation From The Gaming Industry, Myongjee Yoo, Miranda Kitterlin

Hospitality Review

The Las Vegas gaming arena was one of the most severely affected consumeroriented industries to be impacted by the recent economic recession. The purpose of this study was to investigate the impact of relational benefits on customers’ behavioral loyalty in the Las Vegas gaming industry. This study particularly took a comparative approach and examined the relational impact during the economic recession and after the economic recession. Secondary data was obtained and regression analysis was performed to test the study hypothesis. The findings of this study revealed the economic recession impact on the Las Vegas gaming industry, as well as valuable …

Does Financial Performance Depend On Hotel Size? Analysis Of The Financial Profile Of The U.S. Lodging Industry, A.J. Singh, Raymond S. Schmidgall

Hospitality Review

This research presents a financial profile of the U.S. Lodging Industry based on an analysis of 2,091 financial statements (fiscal year 2011) for individual hotels ranging in asset size of $500 thousand to $250 million. The study analyzes summary results of the financial position and profitability of hotels based on a common size analysis of Balance Sheets and Income Statements. Furthermore, the study analyzes 10 key performance benchmarks as measured by Liquidity, Solvency and Operating Ratios. The results of the study show a divergence in the hotel industry’s financial performance based on the size of the hotel and by upper, …

The Effects Of Job Satisfaction, Organizational Commitment, Organizational Citizenship Behavior On Turnover Intentions, Orhan Ulndag, Sonia Khan, Nafiya Guden

Hospitality Review

The current study investigated the effects of job satisfaction and organizational commitment on organizational citizenship behavior and turnover intentions. The study also examined the effect of organizational citizenship behavior on turnover intentions. Frontline employees working in five-star hotels in North Cyprus were selected as a sample. The result of multiple regression analyses revealed that job satisfaction is positively related to organizational citizenship behavior and negatively related to turnover intentions. Affective organizational commitment was found to be positively related to organizational citizenship behavior. However, the study found no significant relationship between organizational commitment and turnover intentions. Furthermore, organizational citizenship behavior was …

Entrepreneur's Dilemma: Hotel Investments In Emerging Markets, Melih Madanoglu

Hospitality Review

Estimating the required rate of return for hotel properties is a daunting task because a lodging property is considered a hybrid between a real estate asset, and a revenue-generating enterprise affiliated with a hotel brand. Computing the expected rate of return for a hotel becomes even more complicated when a third party foreign investor/entrepreneur is the one performing the computation for an investment hotel in an emerging country. This clinical case illustrates the challenges surrounding the estimation of a project’s cost of equity in the multinational hotel industry. The results reveal that estimating cost of equity in emerging markets for …

Frameworks For Systemic And Structural Analysis Of Financial Innovations In Infrastructure, Ali Mostafavi, Dulcy M. Abraham

Infrastructure System-of-Systems (I-SoS ) Research Group

Financial innovations have emerged globally to close the gap between the rising global demand for infrastructures and the availability of financing sources offered by traditional financing mechanisms such as fuel taxation, tax-exempt bonds, and federal and state funds. The key to sustainable innovative financing mechanisms is effective policymaking. This paper discusses the theoretical framework of a research study whose objective is to structurally and systemically assess financial innovations in global infrastructures. The research aims to create analysis frameworks, taxonomies and constructs, and simulation models pertaining to the dynamics of the innovation process to be used in policy analysis. Structural assessment …

Timeshare Owner Preferences - An Analysis Of Program And Service Relationships During Recessionary Times, Randall S. Upchurch Ph.D, Robin B. Dipietro, Brumby Mcleod

Hospitality Review

Since the 1970s various industry studies have indicated that the vacation ownership industry has enjoyed unprecedented growth in unit sales, resort growth, and the number of owners (American Resort Devleopment Association [ARDA], 2007; ARDA, 2009a; ARDA, 2009b). However, due to the recent economic downturn these growth metrics are no longer obtainable. This external impact has caused developers to retrench and therefore reflect upon their existing product and service offerings, financial metrics, and consumer markets (ARDA, 2010a; ARDA 2010b). The crux of these findings indicates that the industry has shifted to maintaining and enhancing product and service offerings as a reaction …

How Green The Desert? Examining The Enviormental Policies Of Las Vegas Strip Hotels, Andrew M. Levey, Karl J. Mayer, Karima Abdel-Moty

Hospitality Review

This study analyzed the websites of major Las Vegas Strip hotels, examined their corporate financial reports, and conducted two in-depth telephone interviews with hotel managers, all with regard to their “green” (pro-environmental) policies. The study found a distinct lack of evidence to support assertions that these properties had truly “gone green” in their daily operations. Thus, although the hotels might actually have been engaged in green procedures, they did not express environmental policy in their corporate websites or financial reports. Several possible reasons for this apparent duality are suggested.

Club Ratios: A Four-Year Trend Analysis, Agnes L. Defranco, Raymond S. Schmidgall

Hospitality Review

This article is based on research of the United States club industry conducted over the four-year period of 2003-2006. Twenty ratios were reported, covering the five general classes of financial ratios. The ratio results suggested that 2003 was a banner year for the club industry.

Revisiting The Ethics Of Financial Executives In The Lodging Industry, James W. Damitio, Raymond S. Schmidgall

Hospitality Review

This study revisited ethics in the hospitality industry and involved a randomly selected sample of lodging financial executives taken from the current membership roster of the Hospitality Financial and Technology Professionals (HFTP). After responding to a number of demographic questions, financial executives were asked to respond to 16 business scenarios that involved the issue of ethics. In addition, financial executives were asked if they would or would not do what the controller did in each scenario. Finally, responses of financial executives in the current study were compared to the responses of financial executives in a previous study. Findings indicate that …

Job Satisfaction Of Club Financial Executives, Raymond S. Schmidgall Ph.D., Cpa, Agnes Defranco

Hospitality Review

Studying the job satisfaction of financial management personnel in the club industry may offer additional information to management of clubs to better work with and retain their associates. It is also hoped that the results of this study will provide hospitality students aspiring to become financial management personnel in the club industry with a glimpse of the job satisfaction level of financial executives in the club industry

Securitization Of Lodging Real Estate Finance, A.J. Singh

Hospitality Review

In the early 1990s, the U.S. lodging industry witnessed a severe shortage of debt capital as traditional lenders exited the market. During this period hotel lending was revolutionized by the emergence of real estate debt securities. The author discusses key factors which have affected the growth and development of commercial mortgage backed securities and their changing role as a significant source of debt capital to the lodging industry.

Lodging Real Estate Finance: Securitization, A.J. Singh

Hospitality Review

Commercial Mortgage Backed Securities (CMBSs) introduced to the U.S. lodging industry in the early 1990’s were a panacea during a period of severe shortage of debt capital. These instruments changed commercial real estate capital markets by providing flexibility and liquidity to an otherwise illiquid investment As a relatively new form of financing to the lodging industry, the mechanics of securitization, the types of CMBS investments, and their structure are not well understood. The article illustrates the process of securitization and its importance as a significant source of debt financing to the lodging industry

Predicting Financial Sources For The Lodging Industry, A.J. Singh

Hospitality Review

Given the various changes that have occurred in the financing of the lodging industry, investors and developers interested in the industry are concerned about future sources of capital and the terms at which they will be available. This article presents results of a Delphi study which illustrates the extent to which individual financial institutions are expected to provide capital to the lodging industry and looks at terms and criteria used to make loans.

Financial Planning By Contract Food Service Management Companies, Raymond S. Schmidgall Ph.D., Cpa

Hospitality Review

Drugs in the workplace is a growing problem that threatens a valuable human resource - the employee. Managers in the hospitality industry can take a proactive stance in meeting the problem head on. The authors discuss what managers can do.

Financial Ratios: Perceptions Of Lodging Industry General Managers, And Financial Executtves, Raymond S. Schmidgall Ph.D., Cpa

Hospitality Review

Financial ratios are the most meaningful information in financial statements to executives and managers. The author analyzes the results of two surveys designed to rank the degree of importance and usefulness of these ratios to several user groups.

Understanding Annual Reports Of Hospitality Firms, Elisa S. Moncarz

Hospitality Review

In her discussion - Understanding Annual Reports of Hospitality Firms - by Elisa S. Moncarz, Associate Professor, School of Hospitality Management, Florida International University, Associate Professor Moncarz initially offers: “Management bears full responsibility for the reporting function of annual reports prepared by publicly-held companies designed to provide interested parties with information that is useful in making business and economic decisions. In Part I the author reviews the content of annual reports of firms in the hospitality industry, while looking at recent developments affecting annual reports. Part 11, in a subsequent issue, will comprise an in-depth examination of the annual report …

Participative Budgeting And Participant Motivation: A Review Of The Literature, Frederick J. Demicco, Steven J. Dempsey

Hospitality Review

In their discussion - Participative Budgeting and Participant Motivation: A Review of the Literature - by Frederick J. Demicco, Assistant Professor, School of Hotel, Restaurant and Institutional Management, The Pennsylvania State University and Steven J. Dempsey, Fulton F. Galer, Martin Baker, Graduate Assistants, College of Business at Virginia Polytechnic Institute and State University, the authors initially observe: “In recent years behavioral literature has stressed the importance of participation In goal-setting by those most directly affected by those goals. The common postulate is that greater participation by employees in the various management functions, especially the planning function, will lead to improved …

Managing Strategic Change, K. Michael Haywood

Hospitality Review

The essay - Managing Strategic Change – by K. Michael Haywood, Associate Professor, School of Hotel and Food Administration, University of Guelph, is initially characterized by Haywood as: “The ability to manage strategic change is critical for hospitality industry executives today. Executives must be capable of creating a vision of the future and implementing its direction. The author gives avenues for that management process.”

“The effective management of strategic change is the major challenge confronting hospitality executives,” says Associate Professor Haywood. “Responding to a rapidly changing business environment and constantly evolving competitive threats and opportunities requires executives who can anticipate …

An Analysis Of Stock Market Performance:The Dow Jones Industrial Average And The Three Top Performing Lodging Firma: 1982-1988, N H. Ringstrom, Elisa S. Moncarz

Hospitality Review

In their dialogue - An Analysis of Stock Market Performance: The Dow Jones Industrial Average and the Three Top Performing Lodging Firms 1982 – 1988 - by N. H. Ringstrom, Professor and Elisa S. Moncarz, Associate Professor, School of Hospitality Management at Florida International University, Professors Ringstrom and Moncarz state at the outset: “An interesting comparison can be made between the Dow Jones lndustrial Average and the three top performing, publicly held lodging firms which had $100 million or more in annual lodging revenues. The authors provide that analytical comparison with Prime Motor Inns Inc., the Marriott Corporation, and Hilton …

Anarchy In The Airways, Joseph C. Von Kornfeld

Hospitality Review

In his dialogue - Anarchy In The Airways - Joseph C. Von Kornfeld, Assistant Professor, College of Hotel Administration, University of Nevada, Las Vegas initially states: “Deregulation of the airline industry has brought about financial vulnerability for the traveling public. The author analyzes the situation since that point in time and makes recommendations for some solutions.”

In this article, Assistant Professor Von Kornfeld, first defines the airline industry in its pre-regulated form. Then he goes into the ramifications and results of deregulating the industry, both in regards to the consumer, and in deregulation’s impact on the airlines themselves.

“The most …

Restructuring In The Hospitality Industry, Elisa S. Moncarz

Hospitality Review

In her dialogue entitled - Restructuring in the Hospitality Industry - Elisa S. Moncarz, Associate Professor, the School of Hospitality Management at Florida International University, intends for you to know the following: “Recent years have seen a proliferation of restructurings of major American corporations creating an extremely important issue that has affected U.S. business. This article discusses restructuring issues in the hospitality industry, focusing attention on its causes and motivations, as well as on its benefits and perils. The author considers the impact of restructuring on investors and management while examining recent restructurings involving hospitality firms.”

In defining the concept …