Research Note: Determinants of systematic risk in the US Restaurant industry: A technical perspective
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Sung Y. Park [1] ; Sang Hyuck Kim [2]
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[1] Chung-Ang University
Chung-Ang University
Corea del Sur
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[2] Gachon University
Gachon University
Corea del Sur
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- Localización: Tourism economics: the business and finance of tourism and recreation, ISSN 1354-8166, Vol. 22, Nº. 3, 2016, págs. 621-628
- Idioma: inglés
- Texto completo no disponible (Saber más ...)
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Resumen
To compare previous studies, this study re-examines the determinants of systematic risk in the restaurant industry. To estimate systematic risk, the authors specify flexible models that take care of serial dependence, autoregressive conditional heteroskedasticity and non-normality of the time series data. Using the estimated systematic risk, they analyse the determinants of risk using a quantile regression approach. The empirical results show that a firm’s liquidity ratio, efficiency ratio, debt leverage ratio and size are the main determinants of systematic risk in the restaurant industry. Moreover, it turns outthat theeffects of liquidity, debt leverage and efficiency decrease as the considered risk levels increase.
