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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type="state">Pennsylvanie</region></placeName></affiliation></author><author><name sortKey="Yeon, Jihwan" sort="Yeon, Jihwan" uniqKey="Yeon J" first="Jihwan" last="Yeon">Jihwan Yeon</name><affiliation wicri:level="4"><nlm:affiliation>The School of Hospitality Management, Pennsylvania State University, University Park, USA.</nlm:affiliation><country xml:lang="fr">États-Unis</country><wicri:regionArea>The School of Hospitality Management, Pennsylvania State University, University Park</wicri:regionArea><orgName type="university">Université d'État de Pennsylvanie</orgName><placeName><settlement type="city">University Park (Pennsylvanie)</settlement><region type="state">Pennsylvanie</region></placeName></affiliation></author><author><name sortKey="Lee, Seoki" sort="Lee, Seoki" uniqKey="Lee S" first="Seoki" last="Lee">Seoki Lee</name><affiliation wicri:level="4"><nlm:affiliation>The School of Hospitality Management, Pennsylvania State University, University Park, USA.</nlm:affiliation><country xml:lang="fr">États-Unis</country><wicri:regionArea>The School of Hospitality Management, Pennsylvania State University, University Park</wicri:regionArea><orgName type="university">Université d'État de Pennsylvanie</orgName><placeName><settlement type="city">University Park (Pennsylvanie)</settlement><region type="state">Pennsylvanie</region></placeName></affiliation><affiliation wicri:level="3"><nlm:affiliation>College of Hotel and Tourism Management, Kyung Hee University, Seoul, South Korea.</nlm:affiliation><country xml:lang="fr">Corée du Sud</country><wicri:regionArea>College of Hotel and Tourism Management, Kyung Hee University, Seoul</wicri:regionArea><placeName><settlement type="city">Séoul</settlement><region type="capital">Région capitale de Séoul</region></placeName></affiliation></author></analytic><series><title level="j">International journal of hospitality management</title><idno type="ISSN">0278-4319</idno><imprint><date when="2021" type="published">2021</date></imprint></series></biblStruct></sourceDesc></fileDesc><profileDesc><textClass></textClass></profileDesc></teiHeader><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></front></TEI><pubmed><MedlineCitation Status="PubMed-not-MEDLINE" Owner="NLM"><PMID Version="1">33024347</PMID><DateRevised><Year>2020</Year><Month>12</Month><Day>01</Day></DateRevised><Article PubModel="Print-Electronic"><Journal><ISSN IssnType="Print">0278-4319</ISSN><JournalIssue CitedMedium="Print"><Volume>92</Volume><PubDate><Year>2021</Year><Month>Jan</Month></PubDate></JournalIssue><Title>International journal of hospitality management</Title><ISOAbbreviation>Int J Hosp Manag</ISOAbbreviation></Journal><ArticleTitle>Impact of the COVID-19 pandemic: Evidence from the U.S. restaurant industry.</ArticleTitle><Pagination><MedlinePgn>102702</MedlinePgn></Pagination><ELocationID EIdType="doi" ValidYN="Y">10.1016/j.ijhm.2020.102702</ELocationID><Abstract><AbstractText>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.</AbstractText><CopyrightInformation>© 2020 Elsevier Ltd. All rights reserved.</CopyrightInformation></Abstract><AuthorList CompleteYN="Y"><Author ValidYN="Y"><LastName>Song</LastName><ForeName>Hyoung Ju</ForeName><Initials>HJ</Initials><AffiliationInfo><Affiliation>The School of Hospitality Management, Pennsylvania State University, University Park, USA.</Affiliation></AffiliationInfo></Author><Author ValidYN="Y"><LastName>Yeon</LastName><ForeName>Jihwan</ForeName><Initials>J</Initials><AffiliationInfo><Affiliation>The School of Hospitality Management, Pennsylvania State University, University Park, USA.</Affiliation></AffiliationInfo></Author><Author ValidYN="Y"><LastName>Lee</LastName><ForeName>Seoki</ForeName><Initials>S</Initials><AffiliationInfo><Affiliation>The School of Hospitality Management, Pennsylvania State University, University Park, USA.</Affiliation></AffiliationInfo><AffiliationInfo><Affiliation>College of Hotel and Tourism Management, Kyung Hee University, Seoul, South Korea.</Affiliation></AffiliationInfo></Author></AuthorList><Language>eng</Language><PublicationTypeList><PublicationType UI="D016428">Journal Article</PublicationType></PublicationTypeList><ArticleDate DateType="Electronic"><Year>2020</Year><Month>10</Month><Day>01</Day></ArticleDate></Article><MedlineJournalInfo><Country>England</Country><MedlineTA>Int J Hosp Manag</MedlineTA><NlmUniqueID>101593766</NlmUniqueID><ISSNLinking>0278-4319</ISSNLinking></MedlineJournalInfo><KeywordList Owner="NOTNLM"><Keyword MajorTopicYN="N">COVID-19</Keyword><Keyword MajorTopicYN="N">Corporate strategies</Keyword><Keyword MajorTopicYN="N">Financial conditions</Keyword><Keyword MajorTopicYN="N">Ownership structure</Keyword><Keyword MajorTopicYN="N">Restaurants</Keyword><Keyword MajorTopicYN="N">Stock returns</Keyword></KeywordList></MedlineCitation><PubmedData><History><PubMedPubDate PubStatus="received"><Year>2020</Year><Month>06</Month><Day>27</Day></PubMedPubDate><PubMedPubDate PubStatus="revised"><Year>2020</Year><Month>09</Month><Day>14</Day></PubMedPubDate><PubMedPubDate PubStatus="accepted"><Year>2020</Year><Month>09</Month><Day>26</Day></PubMedPubDate><PubMedPubDate PubStatus="pubmed"><Year>2020</Year><Month>10</Month><Day>8</Day><Hour>6</Hour><Minute>0</Minute></PubMedPubDate><PubMedPubDate PubStatus="medline"><Year>2020</Year><Month>10</Month><Day>8</Day><Hour>6</Hour><Minute>1</Minute></PubMedPubDate><PubMedPubDate PubStatus="entrez"><Year>2020</Year><Month>10</Month><Day>7</Day><Hour>5</Hour><Minute>49</Minute></PubMedPubDate></History><PublicationStatus>ppublish</PublicationStatus><ArticleIdList><ArticleId IdType="pubmed">33024347</ArticleId><ArticleId IdType="doi">10.1016/j.ijhm.2020.102702</ArticleId><ArticleId IdType="pii">S0278-4319(20)30254-1</ArticleId><ArticleId IdType="pmc">PMC7528845</ArticleId></ArticleIdList><pmc-dir>pmcsd</pmc-dir>
<ReferenceList><Reference><Citation>Ann Tour Res. 2020 Jul;83:102913</Citation><ArticleIdList><ArticleId IdType="pubmed">32292219</ArticleId></ArticleIdList></Reference></ReferenceList></PubmedData></pubmed><affiliations><list><country><li>Corée du Sud</li><li>États-Unis</li></country><region><li>Pennsylvanie</li><li>Région capitale de Séoul</li></region><settlement><li>Séoul</li><li>University Park (Pennsylvanie)</li></settlement><orgName><li>Université d'État de Pennsylvanie</li></orgName></list><tree><country name="États-Unis"><region name="Pennsylvanie"><name sortKey="Song, Hyoung Ju" sort="Song, Hyoung Ju" uniqKey="Song H" first="Hyoung Ju" last="Song">Hyoung Ju Song</name></region><name sortKey="Lee, Seoki" sort="Lee, Seoki" uniqKey="Lee S" first="Seoki" last="Lee">Seoki Lee</name><name sortKey="Yeon, Jihwan" sort="Yeon, Jihwan" uniqKey="Yeon J" first="Jihwan" last="Yeon">Jihwan Yeon</name></country><country name="Corée du Sud"><region name="Région capitale de Séoul"><name sortKey="Lee, Seoki" sort="Lee, Seoki" uniqKey="Lee S" first="Seoki" last="Lee">Seoki Lee</name></region></country></tree></affiliations></record>Pour manipuler ce document sous Unix (Dilib)
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