{"id":"https://openalex.org/W2054575508","doi":"https://doi.org/10.1080/10913211.1998.10653703","title":"The Relevance of Financial Leverage for Equity Returns of Restaurant Firms\u2014An Empirical Examination","display_name":"The Relevance of Financial Leverage for Equity Returns of Restaurant Firms\u2014An Empirical Examination","publication_year":1998,"publication_date":"1998-09-01","ids":{"openalex":"https://openalex.org/W2054575508","doi":"https://doi.org/10.1080/10913211.1998.10653703","mag":"2054575508"},"language":"en","primary_location":{"id":"doi:10.1080/10913211.1998.10653703","doi":"https://doi.org/10.1080/10913211.1998.10653703","is_oa":false,"landing_page_url":"https://doi.org/10.1080/10913211.1998.10653703","pdf_url":null,"source":{"id":"https://openalex.org/S2765006878","display_name":"The Journal of Hospitality Financial Management","issn_l":"1091-3211","issn":["1091-3211","2152-2790"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core","jufo-1","norway-1","poland-40","russia-white-list-3"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Hospitality Financial Management","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5027938715","display_name":"Atul Sheel","orcid":"https://orcid.org/0000-0001-8444-3930","observed_orcids":["https://orcid.org/0000-0001-8444-3930"]},"institutions":[{"id":"https://openalex.org/I24603500","display_name":"University of Massachusetts Amherst","ror":"https://ror.org/0072zz521","country_code":"US","type":"education","lineage":["https://openalex.org/I24603500"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Atul Sheel","raw_affiliation_strings":["Department of Hotel, Restaurant, and Travel Administration, University of Massachusetts, Amherst","Department of Hotel, Restaurant & Travel Administration , University of Massachusetts , Amherst"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Hotel, Restaurant, and Travel Administration, University of Massachusetts, Amherst","institution_ids":["https://openalex.org/I24603500"]},{"raw_affiliation_string":"Department of Hotel, Restaurant & Travel Administration , University of Massachusetts , Amherst","institution_ids":["https://openalex.org/I24603500"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5033336999","display_name":"Nattika Wattanasuttiwong","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I24603500","display_name":"University of Massachusetts Amherst","ror":"https://ror.org/0072zz521","country_code":"US","type":"education","lineage":["https://openalex.org/I24603500"]}],"countries":["US"],"is_corresponding":false,"raw_author_name":"Nattika Wattanasuttiwong","raw_affiliation_strings":["Nattika Wattanasuttiwong is an M.S. Candidate in the Department of Hotel, Restaurant, and Travel Administration, University of Massachusetts, Amherst"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Nattika Wattanasuttiwong is an M.S. Candidate in the Department of Hotel, Restaurant, and Travel Administration, University of Massachusetts, Amherst","institution_ids":["https://openalex.org/I24603500"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I24603500"],"apc_list":null,"apc_paid":null,"fwci":5.2357,"has_fulltext":false,"cited_by_count":14,"citation_normalized_percentile":{"value":0.96184143,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":96},"biblio":{"volume":"6","issue":"1","first_page":"21","last_page":"31"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.8955000042915344,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.8955000042915344,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.0820000022649765,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12675","display_name":"Financial Reporting and Valuation Research","score":0.008700000122189522,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/financial-leverage","display_name":"leverage","score":0.9959999918937683},{"id":"https://openalex.org/keywords/debt-equity-ratio","display_name":"debt to equity ratio","score":0.878000020980835},{"id":"https://openalex.org/keywords/stock-returns","display_name":"stock returns","score":0.7760000228881836},{"id":"https://openalex.org/keywords/restaurant-industry","display_name":"restaurant industry","score":0.8830000162124634},{"id":"https://openalex.org/keywords/capital-structure","display_name":"capital structure","score":0.9860000014305115},{"id":"https://openalex.org/keywords/market-to-book-value","display_name":"market to book value","score":0.8370000123977661},{"id":"https://openalex.org/keywords/january-effect","display_name":"January effect","score":0.7609999775886536},{"id":"https://openalex.org/keywords/risk-adjusted-returns","display_name":"risk-adjusted returns","score":0.7360000014305115},{"id":"https://openalex.org/keywords/firm-size","display_name":"firm size","score":0.36000001430511475}],"concepts":[{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.6486676335334778},{"id":"https://openalex.org/C124972522","wikidata":"https://www.wikidata.org/wiki/Q1303176","display_name":"Equity ratio","level":4,"score":0.6191463470458984},{"id":"https://openalex.org/C74153512","wikidata":"https://www.wikidata.org/wiki/Q167064","display_name":"Debt-to-equity ratio","level":4,"score":0.6188674569129944},{"id":"https://openalex.org/C149866677","wikidata":"https://www.wikidata.org/wiki/Q5384698","display_name":"Equity risk","level":3,"score":0.6167469024658203},{"id":"https://openalex.org/C121426499","wikidata":"https://www.wikidata.org/wiki/Q167064","display_name":"Gearing ratio","level":5,"score":0.5923426151275635},{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.5738794207572937},{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.5671260356903076},{"id":"https://openalex.org/C155530773","wikidata":"https://www.wikidata.org/wiki/Q591174","display_name":"Return on equity","level":3,"score":0.5636652708053589},{"id":"https://openalex.org/C143801662","wikidata":"https://www.wikidata.org/wiki/Q5384683","display_name":"Equity capital markets","level":3,"score":0.5417187809944153},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.5020020008087158},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.4995002746582031},{"id":"https://openalex.org/C175647561","wikidata":"https://www.wikidata.org/wiki/Q1347876","display_name":"Equity value","level":5,"score":0.45474904775619507},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.44936054944992065},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.43055811524391174},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4066567122936249},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.3163102865219116},{"id":"https://openalex.org/C202189257","wikidata":"https://www.wikidata.org/wiki/Q2915683","display_name":"Internal debt","level":3,"score":0.1270039975643158},{"id":"https://openalex.org/C71110296","wikidata":"https://www.wikidata.org/wiki/Q476115","display_name":"Private equity","level":2,"score":0.12243258953094482},{"id":"https://openalex.org/C129361004","wikidata":"https://www.wikidata.org/wiki/Q2470236","display_name":"Profitability index","level":2,"score":0.09270378947257996},{"id":"https://openalex.org/C22270272","wikidata":"https://www.wikidata.org/wiki/Q5248601","display_name":"Debt levels and flows","level":4,"score":0.07267004251480103},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C149923435","wikidata":"https://www.wikidata.org/wiki/Q37732","display_name":"Demography","level":1,"score":0.0},{"id":"https://openalex.org/C100363876","wikidata":"https://www.wikidata.org/wiki/Q690661","display_name":"Nonprobability sampling","level":3,"score":0.0},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0},{"id":"https://openalex.org/C2908647359","wikidata":"https://www.wikidata.org/wiki/Q2625603","display_name":"Population","level":2,"score":0.0},{"id":"https://openalex.org/C144024400","wikidata":"https://www.wikidata.org/wiki/Q21201","display_name":"Sociology","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0}],"mesh":[],"locations_count":4,"locations":[{"id":"doi:10.1080/10913211.1998.10653703","doi":"https://doi.org/10.1080/10913211.1998.10653703","is_oa":false,"landing_page_url":"https://doi.org/10.1080/10913211.1998.10653703","pdf_url":null,"source":{"id":"https://openalex.org/S2765006878","display_name":"The Journal of Hospitality Financial Management","issn_l":"1091-3211","issn":["1091-3211","2152-2790"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["cwts-core","jufo-1","norway-1","poland-40","russia-white-list-3"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Hospitality Financial Management","raw_type":"journal-article"},{"id":"pmh:oai:scholarworks.umass.edu:jhfm-1092","doi":null,"is_oa":false,"landing_page_url":"https://scholarworks.umass.edu/jhfm/vol6/iss1/3","pdf_url":null,"source":{"id":"https://openalex.org/S4306402240","display_name":"ScholarWorks@UMassAmherst (University of Massachusetts Amherst)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I24603500","host_organization_name":"University of Massachusetts Amherst","host_organization_lineage":["https://openalex.org/I24603500"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Journal of Hospitality Financial Management","raw_type":"text"},{"id":"pmh:oai:scholarworks.umass.edu:20.500.14394/31111","doi":null,"is_oa":false,"landing_page_url":"https://hdl.handle.net/20.500.14394/31111","pdf_url":null,"source":{"id":"https://openalex.org/S4306402240","display_name":"ScholarWorks@UMassAmherst (University of Massachusetts Amherst)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I24603500","host_organization_name":"University of Massachusetts Amherst","host_organization_lineage":["https://openalex.org/I24603500"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"published","raw_type":"Refereed"},{"id":"pmh:oai:works.bepress.com:atul_sheel-1010","doi":null,"is_oa":false,"landing_page_url":"https://works.bepress.com/atul_sheel/11","pdf_url":null,"source":{"id":"https://openalex.org/S4306402240","display_name":"ScholarWorks@UMassAmherst (University of Massachusetts Amherst)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I24603500","host_organization_name":"University of Massachusetts Amherst","host_organization_lineage":["https://openalex.org/I24603500"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Atul Sheel","raw_type":"text"}],"best_oa_location":null,"sustainable_development_goals":[{"display_name":"Decent work and economic growth","score":0.48510000109672546,"id":"https://metadata.un.org/sdg/8"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":25,"referenced_works":["https://openalex.org/W576971071","https://openalex.org/W1578299446","https://openalex.org/W1967839447","https://openalex.org/W1985684299","https://openalex.org/W1992700566","https://openalex.org/W1993426893","https://openalex.org/W2026648205","https://openalex.org/W2028421330","https://openalex.org/W2058213125","https://openalex.org/W2104795328","https://openalex.org/W2104926245","https://openalex.org/W2104964789","https://openalex.org/W2114600177","https://openalex.org/W2116347131","https://openalex.org/W2122529435","https://openalex.org/W2122838389","https://openalex.org/W2124597406","https://openalex.org/W2140041112","https://openalex.org/W2141673418","https://openalex.org/W2146880834","https://openalex.org/W2153524047","https://openalex.org/W2752617332","https://openalex.org/W3121131820","https://openalex.org/W3124114405","https://openalex.org/W4290016560"],"related_works":["https://openalex.org/W2013399506","https://openalex.org/W2487412949","https://openalex.org/W7220085979","https://openalex.org/W2766844271","https://openalex.org/W3002997318","https://openalex.org/W2271825076","https://openalex.org/W2106841319","https://openalex.org/W2024999882","https://openalex.org/W3095482659","https://openalex.org/W1538090260"],"abstract_inverted_index":{"Cross-sectional":[0],"time":[1],"series":[2],"regressions":[3],"were":[4],"used":[5],"to":[6],"examine":[7],"the":[8,11,18,51,57,66,69,76,93],"relationship":[9,32,46,85],"between":[10,33,86],"debt/equity":[12,37],"ratios":[13],"of":[14,50,56,59,71,82],"37":[15],"firms":[16],"in":[17,75,95],"restaurant":[19,35,77,88],"sector":[20],"and":[21,39,54,79,92],"their":[22],"risk/size-adjusted":[23,41],"common":[24,42],"equity":[25,43],"returns.":[26,44,63],"Findings":[27],"reveal":[28],"a":[29,34,83,87],"statistically":[30],"significant":[31],"firm's":[36,89],"ratio":[38],"its":[40,96],"The":[45],"holds":[47],"true":[48],"regardless":[49,55],"January":[52],"effect,":[53],"use":[58,91],"real":[60],"or":[61],"nominal":[62],"As":[64],"such,":[65],"findings":[67],"support":[68],"issue":[70],"capital":[72],"structure":[73],"relevance":[74],"industry,":[78],"are":[80],"suggestive":[81],"strategic":[84],"debt":[90],"growth":[94],"market-to-book":[97],"value.":[98]},"counts_by_year":[{"year":2022,"cited_by_count":1},{"year":2019,"cited_by_count":1},{"year":2018,"cited_by_count":1},{"year":2016,"cited_by_count":2},{"year":2015,"cited_by_count":2}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2016-06-24T00:00:00"}
