Title page for ETD etd-10292008-202447

Type of Document Master's Thesis
Author Kim, Joung-Eun
Author's Email Address jkim76@vt.edu
URN etd-10292008-202447
Title Strategic Choice and Financial Structure in Casual Themed Restaurants
Degree Master of Science
Department Hospitality and Tourism Management
Advisory Committee
Advisor Name Title
Olsen, Michael D. Committee Chair
Kumar, Raman Committee Member
Kwansa, Francis A. Committee Member
  • Financial Ratio
  • Working Capital
  • Financial Structure
  • Firm Value
  • Short-term Debt
  • Long-term Debt
  • Strategy
Date of Defense 2008-10-06
Availability unrestricted
Capital structure is one of the most frequent topics in the finance literature. This literature has its origins in studies of the manufacturing industry. Much of the results of this work have been applied indiscriminately to other industries without thorough validation. Only limited studies have considered financial structure in hospitality industry.

The service industry is different than manufacturing industry, and even the hospitality industry is not homogeneous. The restaurant industry and lodging industry are quite different from each other. Of interest to this present study is to seek to understand how the patterns of capital structure are shaped within the context of the multi-unit casual themed restaurant industry.

Restaurant industry is well known for a high bankruptcy rate. Many multi-unit restaurants exist in the casual themed restaurants strategic group in the Unites States, and many small independent restaurants are also present. The firm’s strategic choice and its relationship with financial structure became a topic for my research.

Publicly traded casual themed restaurants have been selected in this study. Hypothetically a common capital structure exists among firms within this strategic group. In this study, an investigation can consider the relationship among financial ratios as well as the uniqueness of the financial structure of the casual themed restaurants.

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