Purpose -The purpose of this paper is to understand whether budgetary controls at clubs have changed from the mid-1980s to the first decade of the twenty-first century. Design/methodology/approach -The survey instrument is mailed to the members of the Club Managers Association of America. The questionnaire includes demographic data as well as information on budgetary controls. Findings -For control purposes, comparisons to the original budget and actual numbers during the current decade have increased significantly from comparisons in the prior decade. The median variance tolerance for food and labor costs has declined from the mid-1980s to the mid-1990s and now to the first decade of the twenty-first century. Median variance tolerances for beverage costs are slightly higher in this study than in the mid-1990s study.Research limitations/implications -The authors are unable to determine any statistical differences between current and prior studies due to a lack of prior data. Further research on tolerable control variances can be studied for other costs, such as supplies, energy, and fixed charges. Practical implications -This paper provides findings that can help managers as they compare their budgetary control practices with US club industry practices. Educators can provide selected cost control information to their hospitality students focusing on club management and researchers can use this information as a base for further research in cost control areas. Originality/value -This paper is the first paper on budgetary controls in the US club industry in the twenty-first century.
This paper utilizes the well-established Fama-French three factor model to test whether franchising significantly and systematically influence restaurant firms' financial performance in the long term. Findings suggest significant, systematic, and consistent impacts of franchising on excess returns of restaurant firms, controlling for Fama-French three factors and restaurant operation type in alternative long-term testing windows.
seonghee oak and michael c. dalbor abstractThe existing hospitality literature describes how global diversification in the hotel industry looks for a broader presence regardless of existing global representation. However, the finance literature reports a negative impact from global diversification because of the potentially higher cost of coordinating corporate policies. Moreover, agency problems can increase along with the size of the firm. This study measures the wealth impact of hotel global diversification on bidders at the time of international acquisition announcements. We find significant abnormal positive returns on the day of the announcement. We also find that international acquisitions have lower abnormal returns than domestic acquisitions at the time of the announcement.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.