An examination of capital structure in the restaurant industry

Arun Upneja · Michael C. Dalbor

90 citations0/0 files storedInternational Journal of Contemporary Hospitality Management

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Corporate Finance and Governance Financial Analysis and Corporate Governance Working Capital and Financial Performance

Abstract

Examines the capital structure decisions of restaurant firms. Hypothesizes that these decisions are based upon a financial “pecking‐order” as well as the position of the firm in the financial growth cycle. Using ratios from publicly‐traded restaurant firms in the USA and ordinary least squares regression models, the results tend to support the notion that both the pecking‐order and the financial growth cycle influence financing decisions. However, the results also indicate that there may be separate factors affecting long‐term and short‐term debt decisions made by restaurant managers.

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References

1984Corporate financing and investment decisions when firms have information that investors do not have 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1958The Cost of Capital, Corporation Finance and the Theory of Investment 1996Agency costs of free cash flow, corporate finance, and takeovers 2008The cost of capital, corporation finance and the theory of investment 1984The Capital Structure Puzzle 1998The economics of small business finance: The roles of private equity and debt markets in the financial growth cycle 1984The Capital Structure Puzzle

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2018Capital structure in the hospitality industry: The role of the asset-light and fee-oriented strategy 2004The Investment Opportunity Set and the Long-Term Debt Decision of U.S. Lodging Firms 2015Capital structure determinants of hospitality sector SMEs 2011Recent research in hospitality financial management 2005The Effect of Financial Leverage on Profitability and Risk of Restaurant Firms

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