Effect of franchising on restaurant firms' risk evaluations in the bond market
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Sun, Kyung-A | - |
dc.contributor.author | Park, Sungbeen | - |
dc.contributor.author | He, Zeya | - |
dc.date.available | 2020-03-03T07:47:18Z | - |
dc.date.created | 2020-02-24 | - |
dc.date.issued | 2019-10 | - |
dc.identifier.issn | 0278-4319 | - |
dc.identifier.uri | https://scholarworks.bwise.kr/gachon/handle/2020.sw.gachon/18093 | - |
dc.description.abstract | Given the volatility of the market and its susceptibility to economic shocks, restaurants consider risk-management to be a critical factor affecting their success and use franchising to mitigate risk by smoothing and augmenting cash inflows. Although the possible risk-reducing role of franchising has been addressed in prior research, it remains unclear whether franchising directly affects risk evaluations by stakeholders in the bond market. This study aims to uncover whether franchising enhances bond raters' perceptions of risk in the restaurant industry, and how firms' other strategic actions interact with franchising to affect their risk evaluations. Results generated from ordered logit regression and fixed effects OLS estimation suggest that the more involved in franchising a firm becomes, the higher bond ratings it can achieve. However, the positive influence of franchising on bond ratings is weakened by domestic geographic dispersion and internationalization. Theoretical contributions and practical implications are discussed. | - |
dc.language | 영어 | - |
dc.language.iso | en | - |
dc.publisher | ELSEVIER SCI LTD | - |
dc.relation.isPartOf | INTERNATIONAL JOURNAL OF HOSPITALITY MANAGEMENT | - |
dc.subject | EARNINGS PREDICTABILITY | - |
dc.subject | ORGANIZATIONAL FORM | - |
dc.subject | AGENCY THEORY | - |
dc.subject | CREDIT RISK | - |
dc.subject | DETERMINANTS | - |
dc.subject | INFORMATION | - |
dc.subject | INTERNATIONALIZATION | - |
dc.subject | DIVERSIFICATION | - |
dc.subject | OPPORTUNISM | - |
dc.subject | ANTECEDENTS | - |
dc.title | Effect of franchising on restaurant firms' risk evaluations in the bond market | - |
dc.type | Article | - |
dc.type.rims | ART | - |
dc.description.journalClass | 1 | - |
dc.identifier.wosid | 000494886300004 | - |
dc.identifier.doi | 10.1016/j.ijhm.2019.03.021 | - |
dc.identifier.bibliographicCitation | INTERNATIONAL JOURNAL OF HOSPITALITY MANAGEMENT, v.83, pp.19 - 27 | - |
dc.identifier.scopusid | 2-s2.0-85064146877 | - |
dc.citation.endPage | 27 | - |
dc.citation.startPage | 19 | - |
dc.citation.title | INTERNATIONAL JOURNAL OF HOSPITALITY MANAGEMENT | - |
dc.citation.volume | 83 | - |
dc.contributor.affiliatedAuthor | Sun, Kyung-A | - |
dc.type.docType | Article | - |
dc.subject.keywordAuthor | Franchising | - |
dc.subject.keywordAuthor | Bond ratings | - |
dc.subject.keywordAuthor | Domestic geographic dispersion | - |
dc.subject.keywordAuthor | Internationalization | - |
dc.subject.keywordAuthor | Restaurant industry | - |
dc.subject.keywordPlus | EARNINGS PREDICTABILITY | - |
dc.subject.keywordPlus | ORGANIZATIONAL FORM | - |
dc.subject.keywordPlus | AGENCY THEORY | - |
dc.subject.keywordPlus | CREDIT RISK | - |
dc.subject.keywordPlus | DETERMINANTS | - |
dc.subject.keywordPlus | INFORMATION | - |
dc.subject.keywordPlus | INTERNATIONALIZATION | - |
dc.subject.keywordPlus | DIVERSIFICATION | - |
dc.subject.keywordPlus | OPPORTUNISM | - |
dc.subject.keywordPlus | ANTECEDENTS | - |
dc.relation.journalResearchArea | Social Sciences - Other Topics | - |
dc.relation.journalWebOfScienceCategory | Hospitality, Leisure, Sport & Tourism | - |
dc.description.journalRegisteredClass | ssci | - |
dc.description.journalRegisteredClass | scopus | - |
Items in ScholarWorks are protected by copyright, with all rights reserved, unless otherwise indicated.
1342, Seongnam-daero, Sujeong-gu, Seongnam-si, Gyeonggi-do, Republic of Korea(13120)031-750-5114
COPYRIGHT 2020 Gachon University All Rights Reserved.
Certain data included herein are derived from the © Web of Science of Clarivate Analytics. All rights reserved.
You may not copy or re-distribute this material in whole or in part without the prior written consent of Clarivate Analytics.