Articlegreen2002

Determinants of Restaurant Systematic Risk: A Reexamination

68 citations0/0 files storedThe Journal of Hospitality Financial Management

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Financial Analysis and Corporate Governance Financial Markets and Investment Strategies Corporate Finance and Governance

Abstract

This study reexamines determinants of the systematic risk or beta of restaurant firms based on the financial data of 75 U.S. restaurant firms from 1996 through 1999. Our weighted least-squares regression analysis found that restaurant systematic risk correlated negatively with assets turnover but positively with quick ratio. The findings suggest that high efficiency in generating sales revenue helps lower the systematic risk, while excess liquidity tends to increase the risk.

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References

1964CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK*1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1963A Simplified Model for Portfolio Analysis 1965SECURITY PRICES, RISK, AND MAXIMAL GAINS FROM DIVERSIFICATION*1969Financial Management and Policy 1968Financial Management and Policy 1984The Impact of the Degrees of Operating and Financial Leverage on Systematic Risk of Common Stock 1973The Prediction of Systematic and Specific Risk in Common Stocks

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