Geographical Diversification, Risk and Firm Performance of US Casinos

Kang, Kyung Ho; Lee, Seoki; Kyuwan, Choi; Lee, Kyuseok

doi:10.1080/14616688.2011.593043

Cited by 30 publications

(28 citation statements)

References 77 publications

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“…In the interest of intuitive understanding, this article used the 1-Herfindahl index, where the closer the mean to 1, the more likely hotel REITs were more diversified, and vice versa (e.g. Kang et al, 2012). Segmentation diversification and geographic diversification were measured in the same way.…”

Section: High Segment Diversificationmentioning

confidence: 99%

“…Although various diversification strategies have investigated in relation to a firm's performance (e.g. moderating effect of brand diversification and geographic diversification on lodging firm's value (Kang and Lee, 2014); effect of related and unrelated diversification on restaurant firm's value (Park and Jang, 2013); effect of product diversification on casino firm's performance (Kang et al, 2012)), segment diversification has received insufficient attention. This article aims to shed light on that.…”

Section: Introductionmentioning

confidence: 99%

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Dynamics between brand diversification and segment diversification on firm value

Koh

2018

Tourism Economics

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Developing a thick portfolio of multiple brands across different levels of services is unique to the lodging industry. Therefore, consideration of brand diversification necessitates thoughts of segment diversification to the lodging portfolio development. Although various diversification strategies have investigated in relation to a firm’s performance, segment diversification has received insufficient attention. This article aims to shed light on that. This article finds evidence that brand diversification increases lodging firm value more significantly when segment is diversified at the same time. When a company diversifies brands within a focused lodging segment, increase in firm value was insignificant.

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Section: High Segment Diversificationmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Dynamics between brand diversification and segment diversification on firm value

Koh

2018

Tourism Economics

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“…For instance, Kang and Lee (2014) report a positive association between geographic dispersion and return on assets (an accounting performance measure), and Tobin’s q (a market performance measure) in the U.S. lodging industry. In an examination of the U.S. casino industry, Kang, Lee, Choi, and Lee (2012) provide contrary results to those of Kang and Lee (2014) by reporting a negative impact of geographic dispersion on Tobin’s q . To the best of the researcher’s knowledge, no research examines the relationship between geographic dispersion of hospitality firms and their stock returns, which remains a gap to be filled in by the current research.…”

Section: Theoretical Background and Hypothesesmentioning

confidence: 89%

The Effect Of Geographic Dispersion On The Initial And Long-Run IPO Performance

Özdemir

2017

Journal of Hospitality & Tourism Research

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This study examines the effect of geographic dispersion on the short-run and longrun initial public offering (IPO) performance of restaurant firms. Sample of the study consists of 103 restaurant IPOs conducted between 1981 and 2011. The study finds that being geographically dispersed or concentrated in a small area does not lead to a significant difference in the initial returns of restaurant IPOs. Yet the analysis shows that restaurant firms with geographically dispersed operations have significantly higher long-run returns in the post-IPO period compared with their local counterparts. This is evidenced by the significantly larger cumulative abnormal returns for geographically dispersed restaurant firms in the post-IPO period.

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“…CAPINT, measured by fixed assets to total assets ratio, controls for operating leverage. It has been suggested that higher capital intensity is associated with higher risk in the hospitality context (Kang, Lee, Choi, & Lee, 2012). Thus, a positive coefficient for CAPINT is expected in the current study.…”

Section: Methodsmentioning

confidence: 99%

How Do Investments in Human Resource Management Practices Affect Firm-Specific Risk in the Restaurant Industry?

Park

Song

Lee

2017

Cornell Hospitality Quarterly

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Despite the importance of achieving a competitive advantage in human resources in the restaurant industry, restaurant firms often hesitate to make significant investments in human resource management (HRM) practices because of outcome uncertainty, operational issues, and limited financial resources, among other issues. Building upon the strategic human resource management (SHRM) literature, the current study attempts to better understand the HRM issues in the restaurant industry and investigate the effects of HRM practices on a firm’s risk. More specifically, we explore the separate effects of positive and negative HRM practices on firm-specific risk (i.e., unsystematic risk) in the restaurant industry. Our findings demonstrate that positive HRM practices have a nonsignificant relationship with firms’ unsystematic risk, but negative HRM practices have an inverted U-shaped relationship with unsystematic risk, supporting the stakeholder theory, theory of desensitization, and slack resource theory.

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Geographical Diversification, Risk and Firm Performance of US Casinos

Cited by 30 publications

References 77 publications

Dynamics between brand diversification and segment diversification on firm value

Dynamics between brand diversification and segment diversification on firm value

The Effect Of Geographic Dispersion On The Initial And Long-Run IPO Performance

How Do Investments in Human Resource Management Practices Affect Firm-Specific Risk in the Restaurant Industry?

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