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- Cash budgets (2)
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Articles 1 - 14 of 14
Full-Text Articles in Tourism and Travel
2019-2020 Restaurant Industry Performance Index, Atul Sheel
2019-2020 Restaurant Industry Performance Index, Atul Sheel
Journal of Hospitality Financial Management
No abstract provided.
Impact Of Leverage On Financial Information Quality: International Evidence From The Hospitality Industry, Cédric Poretti, Alain Schatt, Tiphaine Jérôme
Impact Of Leverage On Financial Information Quality: International Evidence From The Hospitality Industry, Cédric Poretti, Alain Schatt, Tiphaine Jérôme
Journal of Hospitality Financial Management
Earnings are a key firm-performance yardstick for investors. The quality of earnings has fascinated researchers and investors alike, as it may be manipulated by a firm's management. This paper studies the relationship between earnings quality and debt levels of firms in the hospitality sector, using a sample of 642 firms from 26 countries for the 2002-2016 period. Results of this study suggests a generally positive relationship between a firm's leverage and its earnings quality in the hospitality sector, particularly for firms incorporated in countries with stronger investor protection. As such, some interesting implications of the leverage-earnings quality relationship are revealed …
F&B Performance In The United States Hotel Industry, Michael S. Lin, Inhaeng N. Jung, Amit Sharma
F&B Performance In The United States Hotel Industry, Michael S. Lin, Inhaeng N. Jung, Amit Sharma
Journal of Hospitality Financial Management
Competitive environments warrant otels to diversity products and services. Diversification is necessary to reduce the risks associated with revenues and profitability. This study explored whether food and beverage (F&B) activities have the potential to create a diversification of revenue sources for hotel businesses. Using STR hotel performance data from 2007 to 2016, the study conducted panel regression analyses and time trend analyses in the pre- and post-2008 recession period to investigate the impact of diversifying revenue and profit sources through F&B activities. Results indicate that F&B activities can be a source of diversification for upper upscale hotels. Results further suggest …
Does Geographic Focus Reduce Systematic Risk In Hotel Reits?, Brigitte Silvia Frutig, Prashant Das
Does Geographic Focus Reduce Systematic Risk In Hotel Reits?, Brigitte Silvia Frutig, Prashant Das
Journal of Hospitality Financial Management
This paper examines how the systematic risk of large commercial real estate owners is associated with geographic diversification. It analyzed time-varying equity betas and geographic exposure of publicly traded pure-play lodging REITs. Contrary to popular expectation, results of this study showed that stock investors perceive smaller risk in geographic focus rather than diversification. Further, regional focus becomes insignificant in reducing the risk if the focus expands beyond two or three regions. The findings were robust to multiple measures of geographic diversification. As such, the study reaffirmed the impact of geographic focus in the context of commercial real estate as a …
Human Capital And Hotel Operating Performance, Nan Hua
Human Capital And Hotel Operating Performance, Nan Hua
Journal of Hospitality Financial Management
Human capital plays an essential role in firm sucess in the hospitality industry (Baum, 2015; Tracey, 2014); however, how the mechanism through which human capital contributes to a hotel's performance remains unclear (Bagri et al., 2010; Domínguez-Falcón et al., 2016; Ooi et al., 2015). By extending Hua et al. (2015) and O’Neill et al. (2008), this study systematically examined the impacts of human capital, proxied by Total Labor Expenses at different lagged time points, on hotel operating performance, while controlling for a comprehensive array of potential confounding variables. This study offers a more holistic view of whether human capital influences …
What Hotel Attributes Matter? Understanding The Price Determinants In The Lodging Industry, Lan Jiang, Marcia H. Taylor
What Hotel Attributes Matter? Understanding The Price Determinants In The Lodging Industry, Lan Jiang, Marcia H. Taylor
Journal of Hospitality Financial Management
The major purposes of the empirical study are to investigate the price determinants in the lodging industry (i.e., hotel class, hotel operation, location, size, age, and seasonality) and to examine how these price determinants affect financial performance of the hotel. A quantitative method was used in this study, with 6,732 valid observations collected and analyzed. The findings suggested that hotel class, hotel operation, location, size, and seasonality are significant factors determining hotels’ average daily rate (ADR) and revenue per available room (RevPAR). The results have both theoretical and practical contributions. They not only broaden the existing lodging research but can …
Abstracts Of Presentations At The 2019 Annual IAhfme Research Symposium
Abstracts Of Presentations At The 2019 Annual IAhfme Research Symposium
Journal of Hospitality Financial Management
No abstract provided.
Hotel Industry Performance In 2019-2020, Covid-19 Impact, And The Jhfm Index, Atul Sheel
Hotel Industry Performance In 2019-2020, Covid-19 Impact, And The Jhfm Index, Atul Sheel
Journal of Hospitality Financial Management
No abstract provided.
Impact Of Employee Meals On Employee Satisfaction And Hotel Financial Performance: An Experimental Study, Luana Nanu, Cihan Cobanoglu, Ibrahim Hakan Yilmaz, Timucin Dis
Impact Of Employee Meals On Employee Satisfaction And Hotel Financial Performance: An Experimental Study, Luana Nanu, Cihan Cobanoglu, Ibrahim Hakan Yilmaz, Timucin Dis
Journal of Hospitality Financial Management
It is common for hotel employees to receive several benefits tied to their workplace; in some cases these benefits are in a nonmonetary form. Several hotel companies, in both developing and eveloped countries, offer employee meals as a nonmonetary form of benefits. By using secondary data on employee satisfaction prior to and post staff cafeteria renovation, this study investigated the impact of employee meals on employee satisfaction and hotel financial performance. The findings showed a significant and robust correlation among the quality of the employee meals, employee satisfaction, and financial performance of the resort.
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 …
International Association Of Hospitality Financial Management Educators (Iahfme) Academic Member 2019 Total Annual Earnings, Raymond S. Schmidgall
International Association Of Hospitality Financial Management Educators (Iahfme) Academic Member 2019 Total Annual Earnings, Raymond S. Schmidgall
Journal of Hospitality Financial Management
This study uses survey research to determine the 2019 annual earnings of hospitality financial management educators. Forty percent of iAHFME members affiliated with educational institutions responded. Survey results show that for 2019, annual base salaries of iAHFME members ranged from $72,000 to $200,000. The lowest-paid member was an assistant professor and the highest-paid member, a full professor. Many respondents supplemented their base salaries by teaching during summer school or consulting or both. The total annual earnings of iAHFME members ranged from $82,000 to $250,000. Survey results also show that hospitality financial management educators appear to be more highly compensated than …
Are We Keeping Our Cash In Our Hotels?, Agnes L. Defranco, Raymond S. Schmidgall
Are We Keeping Our Cash In Our Hotels?, Agnes L. Defranco, Raymond S. Schmidgall
Journal of Hospitality Financial Management
Cash is often known as the most important asset of any business. Without cash, it is very difficult to sustain a business, let alone to grow it. This study therefore investigated the compilation and usage of the statement of cash flows and the cash budget in hotels. The former is a historical document recording how cash was accumulated and used in the previous accounting period while the latter is a forecast to plan for the use of cash in the future. Other cash management practices, ranging from deposits, cancellations, and penalties to a list of accounts receivable and accounts payable …
The Monitoring Effects Of Debt In The U.S. Restaurant Industry, Lan Jiang, Michael Dalbor
The Monitoring Effects Of Debt In The U.S. Restaurant Industry, Lan Jiang, Michael Dalbor
Journal of Hospitality Financial Management
The issuance of debt is a monitoring mechanism. Whether the debt is from a private lender or is in the form of publicly traded bonds, both types of lenders expecct a return on their money (Jensen, 1986). Thus, while finding ways to increase sales is important, the control of expenses is paramount to the success of the firm and to be able to borrow more funds in the future. Using data from 111 restaurant companies is an effective monitoring agent and if it helps firm performance. Results reveal a significant relationship between a restaurant firm's expense ratio and its short-term, …
Cash In Hotels And Clubs: 2020 And Beyond, Agnes L. Defranco, Raymond S. Schmidgall
Cash In Hotels And Clubs: 2020 And Beyond, Agnes L. Defranco, Raymond S. Schmidgall
Journal of Hospitality Financial Management
Cash is the lifeblood of any business. Even if a business has cash but is not properly managed, the operation will suffer. One hundred and sixty clubs and hotels shared their accounts receivable and accounts payable practices. In addition, for the users and usage of the statement of cash flows and cash budgets, how often such statements are prepared are documented as points of comparison. It is found that both clubs and hotels view the cash budget more favorably than the statement of cash flows, and hotels are more vigilant, employing more practices to collect their accounts receivable. Managing the …