Journal of Hospitality Financial Management

http://scholarworks.umass.edu/jhfm/

List of Papers (Total 354)

International Association of Hospitality Financial Management Educators (iAHFME) Academic Member 2019 Total Annual Earnings

This study uses survey research to determine the 2019 annual earnings of hospitality financial management educators. Forty percent of iAHFME members affiliated with educational institutions responded. Survey results show that for 2019, annual base salaries of iAHFME members ranged from $72,000 to $200,000. The lowest-paid member was an assistant professor and the highest-paid...

Cash in Hotels and Clubs: 2020 and Beyond

Cash is the lifeblood of any business. Even if a business has cash but is not properly managed, the operation will suffer. One hundred and sixty clubs and hotels shared their accounts receivable and accounts payable practices. In addition, for the users and usage of the statement of cash flows and cash budgets, how often such statements are prepared are documented as points of...

Food and Beverage Staffing Changes in Nevada Resorts After the Great Recession

With profit margins averagins 5-7% and labor costs of 30-55% of revenue, restaurant managers need to carefully monitor expenses to maintain these already low profit margins. This study evaluates food and beverage departments within Nevada casinos from 2000 to 2018 to see if managers exhibited expense preference behavior prior to the Great Recession. Three models were tested...

Impact of Employee Meals on Employee Satisfaction and Hotel Financial Performance: An Experimental Study

It is common for hotel employees to receive several benefits tied to their workplace; in some cases these benefits are in a nonmonetary form. Several hotel companies, in both developing and eveloped countries, offer employee meals as a nonmonetary form of benefits. By using secondary data on employee satisfaction prior to and post staff cafeteria renovation, this study...

The Monitoring Effects of Debt in the U.S. Restaurant Industry

The issuance of debt is a monitoring mechanism. Whether the debt is from a private lender or is in the form of publicly traded bonds, both types of lenders expecct a return on their money (Jensen, 1986). Thus, while finding ways to increase sales is important, the control of expenses is paramount to the success of the firm and to be able to borrow more funds in the future. Using...

Managerial Efficiency in the Food and Beverage Industry in Taiwan

This study evaluates the managerial efficiency of food and beverage companies by employing the output-oriented data envelopment analysis (DEA) approach. Consequently, the input and output variables of ten Taiwanese listed food and beverage companies were collected from 2011 to 2014. Then the Mann-Whitney U test was used to examine the difference in efficiency between restaurant...

International Association of Hospitality Financial Management Educators (iAHFME) Academic Member 2017 Total Annual Earning

This study uses survey research to determine the 2017 annual earnings of hospitality financial management educators. Fifty percent of iAHFME members affiliated with educational institutions responded. Survey results showed that for 2017, annual base salaries of iAHFME members ranged from $71,962 to $280,000. The lowest-paid member was an assistant professor and the highest-paid...

Improving Airline Bankruptcy Prediction

The airline industry plays an important role in the global economy but faces financial challenges. Numerous firms have filed for bankruptcy protection or have liquidated completely, each instance having a devastating effect on the company’s stakeholders. The objective of this study is to compare a traditional bankruptcy prediction model with a proposed alternative model, with the...

Club Capital Budgeting Practices over Four Decades

The approach clubs take to evaluate capital budgeting projects has evolved over the years. This study provides evidence that clubs appear to continue favoring the payback approach to capital budgeting. In addition, the internal rate of return approach appears to be used more than in the past when evaluating projects. The study compares club capital budgeting practices over a four...

An Examination of Hospitality Corporation Takeovers Using Earnings and Cash Flow Measurements

This study evaluates the ability of cash flow and earnings-based measures of return in the hospitality industry to assess the differences between target companies and their industries and to explain target companies’ abnormal returns during takeover periods. Target company abnormal returns observed during takeover periods are significantly related to both the difference between...

The Impact of Data Breaches on Hotel and Restaurant Firm Stock Returns

Hospitality firms are susceptible to data breaches due to the high volume of information they keep on customers and employees. In this paper, we first present an analysis of the stock market’s reaction to data breaches at hospitality firms, and we compare these breaches to a matched-firm sample of retail firm breaches. Abnormal stock market returns indicate that hotel and...

How Is the Premium Calibrated for the Speculative Risk in Lodging Firms?

The overarching themes of our paper are to calibrate the risk premium relative to the speculative risk parameters in capital markets and to analyze the pre-and post-recession patterns in the U.S. lodging portfolios from 2000 to 2016. We decompose several risk parameters speculated by the markets and risk-adjusted proxies to make solid judgments about the anomalies in excess...

Hotel Industry Performance in 2017-2018 and the JHFM Index

By Atul Sheel, Published on 01/01/18

Financial Health of Clubs for 2014–2016: A Three-Year Review

Financial ratios analysis is a very useful tool for owners and managers to assess the performance of their clubs. This study surveyed the financial performance of clubs over a 3-year period from 2014 to 2016. While 8 of the 24 ratios showed a positive trajectory each year in the last few years and 8 other ratios reported a positive trend from 2015 to 2016, 7 reported a mixed...

Hotels and Oil/Gas Development Booms, Busts, and the Future of Hotels in Oil/Gas Development Areas

The development of new production methodologies for oil and gas wells has revolutionized energy production in the United States, shifting the country from a net importer to a net exporter of oil and natural gas (United States Energy Information Administration, 2015). The combination of horizontal drilling and hydraulic fracturing has allowed development of previously known but...

An Investigation of Factors Affecting Financial Performance of Taiwanese International Tourist Hotels

This study adopts moving average regression and panel data regression to explore the factors affecting the financial performance of international tourist hotels in Taiwan. First, we use the unit root test to examine the data in moving average regression and in panel data regression and then use the Hausman test to examine whether the fixed-effects or random-effects model is...

Corporate Real Estate Holdings and Financial Performance of Restaurant Firms

Most restaurant firms, by their operational nature, own and operate a large amount of corporate real estate (CRE), even though real estate is not their primary business activity. This is not only common across restaurant firms of different sizes but also linked to their sales and profitability. Borrowing the arguments of resource-based theory and using financial data for the...

IAHFME Academic Member 2016 Total Annual Earnings

This study was conducted to determine the 2016 annual earnings of hospitality financial management educators. Forty-three percent of IAHFME’s members affiliated with educational institutions responded. Annual base salaries ranged from $77,000 to $272,000. The lowest paid member is an assistant professor while the highest paid member is a full professor. Many respondents...

Cash Budgets, Controls, and Management in Clubs

Cash is important, because it pays for all expenses and obligations. On an annual basis, designated individuals will compile a cash budget for the coming year, which club management will use as a blueprint to operate their clubs and ascertain the timing of the cash inflows and outflows. This study, therefore, explored the extent to which cash budgeting is used in clubs, the...