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The Determinants of Capital Structure Choice in the US Restaurant Industry

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  • Woo Gon Kim

    (Department of Hotel and Tourism Management, Sejong University, Seoul, Korea 133-747)

Abstract

This paper presents an empirical analysis of an important element of capital structure of the restaurant industry which is represented by SIC code 58, eating and drinking places. The study focuses on explaining important characteristics affecting the capital structure of US restaurant firms. This is a cross-sectional analysis which assesses the role of size, earning volatility, profitability, growth opportunities, asset structure, non-debt tax shields, franchising, and leasing expense on various leverage ratios.

Suggested Citation

  • Woo Gon Kim, 1997. "The Determinants of Capital Structure Choice in the US Restaurant Industry," Tourism Economics, , vol. 3(4), pages 329-340, December.
    • Handle: RePEc:sae:toueco:v:3:y:1997:i:4:p:329-340
    DOI: 10.1177/135481669700300403
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    Cited by:

    1. Murat Kizildag & Ozgur Ozdemir, 2017. "Underlying factors of ups and downs in financial leverage overtime," Tourism Economics, , vol. 23(6), pages 1321-1342, September.
    2. Victor Motta, 2017. "Are SMEs in the hospitality industry less likely to experience credit constraint than other industries in the service sector? Evidence from Latin America," Tourism Economics, , vol. 23(7), pages 1398-1418, November.
    3. Ksenija Dencic-Mihajlov, 2014. "Profitability During the Financial Crisis Evidence from the Regulated Capital Market in Serbia," South-Eastern Europe Journal of Economics, Association of Economic Universities of South and Eastern Europe and the Black Sea Region, vol. 12(1), pages 7-33.
    4. A.O. Olakunle & P.L. Jones, 2014. "Assessing the Impact of Size on the Capital Structure Choice for Listed Nigeria Firms," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 4(7), pages 184-202, July.
    5. Luís Pacheco & Fernando Tavares, 2017. "Capital structure determinants of hospitality sector SMEs," Tourism Economics, , vol. 23(1), pages 113-132, February.
    6. Martin Falk & Robert Steiger, 2018. "An Exploration of the Debt Ratio of Ski Lift Operators," Sustainability, MDPI, vol. 10(9), pages 1-16, August.

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