Effects of diversification strategies on US restaurant firms' performance

被引：10
作者：
Kang, Kyung Ho [1 ]
Lee, Seoki [2 ]
机构：
[1] Kyung Hee Univ, Coll Hotel & Tourism Management, Seoul 130701, South Korea
[2] Penn State Univ, Sch Hospitality Management, University Pk, PA 16802 USA
来源：
TOURISM ECONOMICS | 2015年 / 21卷 / 04期
关键词：
diversification strategy; firm performance; hospitality industry; geographical diversification; brand diversification; moderating effect; INTERNATIONAL DIVERSIFICATION; PRODUCT DIVERSIFICATION; INDUSTRIAL DIVERSIFICATION; BRAND PORTFOLIO; RISK REDUCTION; AGENCY COSTS; CASH FLOW; TOBIN-Q; OWNERSHIP; MULTINATIONALITY;
D O I：
10.5367/te.2014.0374
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Although diversification strategies in the US restaurant industry are actively implemented with strategic importance, research on the effects of diversification on firm value has been rare. This study investigates the individual effect of geographical diversification and brand diversification on firm value in the US restaurant industry context. Furthermore, to investigate the effects of diversification more comprehensively, this study examines whether or not brand diversification moderates the relationship between geographical diversification and the value of US restaurant firms. The study finds an insignificant effect of geographical diversification on firm performance, a negative effect of brand diversification on performance and a negative moderating effect of brand diversification on the geographical diversification-firm performance relationship.
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页码：807 / 831
页数：25
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