Impact of the COVID-19 pandemic: Evidence from the U.S. restaurant industry.
Identifieur interne : 000005 ( Main/Exploration ); précédent : 000004; suivant : 000006Impact of the COVID-19 pandemic: Evidence from the U.S. restaurant industry.
Auteurs : Hyoung Ju Song [États-Unis] ; Jihwan Yeon [États-Unis] ; Seoki Lee [États-Unis, Corée du Sud]Source :
- International journal of hospitality management [ 0278-4319 ] ; 2021.
Abstract
The current study examines how the effect of COVID-19 on U.S. restaurant firms' stock returns varies according to the firms' pre-pandemic characteristics by employing three firm-level dimensions (financial conditions, corporate strategies, and ownership structure). Employing 795 firm-year observations obtained from annual reports and other databases, this study found that restaurant firms with past characteristics of larger size, more leverage, more cash flows, less ROA, and more internationalization are more resilient to stock declines reacting to COVID-19 than otherwise similar firms. Whereas, dividend, franchising, institutional ownership, and managerial ownership did not show any significant moderating effect on the relationship between COVID-19 and stock returns. This study sheds light on the research topic by providing insights into drivers of restaurant firm's stock returns during the COVID-19 shock. Future studies can employ the variables and method used in the current study to extend the understanding of the issue.
DOI: 10.1016/j.ijhm.2020.102702
PubMed: 33024347
PubMed Central: PMC7528845
Affiliations:
- Corée du Sud, États-Unis
- Pennsylvanie, Région capitale de Séoul
- Séoul, University Park (Pennsylvanie)
- Université d'État de Pennsylvanie
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<front><div type="abstract" xml:lang="en">The current study examines how the effect of COVID-19 on U.S. restaurant firms' stock returns varies according to the firms' pre-pandemic characteristics by employing three firm-level dimensions (financial conditions, corporate strategies, and ownership structure). Employing 795 firm-year observations obtained from annual reports and other databases, this study found that restaurant firms with past characteristics of larger size, more leverage, more cash flows, less ROA, and more internationalization are more resilient to stock declines reacting to COVID-19 than otherwise similar firms. Whereas, dividend, franchising, institutional ownership, and managerial ownership did not show any significant moderating effect on the relationship between COVID-19 and stock returns. This study sheds light on the research topic by providing insights into drivers of restaurant firm's stock returns during the COVID-19 shock. Future studies can employ the variables and method used in the current study to extend the understanding of the issue.</div>
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