SMOKE-FREE ORDINANCES INCREASE RESTAURANT PROFIT AND VALUE

This study estimates the value added to a restaurant by a smoke-free policy using regression analysis of the purchase price of restaurants as a function of the presence of a smoke-free law and other control variables. There was a median increase of 16% (interquartile range 11% to 25%) in the sale price of a restaurant in a jurisdiction with a smoke-free law compared to a comparable restaurant in a community without such a law. This result indicates that contrary to claims made by opponents of smoke-free laws, these laws are associated with an increase in restaurant profitability. (JEL I120 , H000 , D780 )     

Predicting restaurant financial distress using decision tree and AdaBoosted decision tree models

The restaurant industry has been facing tough challenges because of the recent economic turmoil. Although different industries face different levels of competition and therefore the likelihood of financial distress can differ for firms in different industries, scant attention has been paid to predicting restaurant financial distress. The primary objective of this paper is to examine the key financial distress factors for publicly traded U.S. restaurants for the period from 1988 to 2010 using decision trees (DT) and AdaBoosted decision trees. The AdaBoosted DT model for the entire dataset revealed that financially distressed restaurants relied more heavily on debt; and showed lower rates of increase of assets, lower net profit margins, and lower current ratios than non-distressed restaurants. A larger proportion of debt in the capital structure ruined restaurants' financial structure and the inability to pay their drastically increased debt exposed restaurants to financial distress. Additionally, a lack of capital efficiency increased the possibility of financial distress. We recommend the use of the AdaBoosted DT model as an early warning system for restaurant distress prediction because the AdaBoosted DT model demonstrated the best prediction performance with the smallest error in overall and type I error rates. The results of two subset models for full-service and limited-service restaurants indicated that the segments had slightly different financial risk factors.     

Smoking laws and their differential effects on restaurants, bars, and taverns

This article examines the effect of restrictive smoking laws on restaurants, bars, and taverns. Supporters of these laws often argue that they do not harm firms and may even raise profits. Opponents argue that owners cater to customer smoking preferences, and laws mandating specific policies will negatively impact profits. This article provides a framework for examining the distribution of effects that smoking laws exert on businesses, and demonstrates that changes in total sales or tax revenues do not provide a meaningful understanding of the economic implications because smoking laws exert different effects on different firms. The distribution of these effects is examined using data from a nationwide survey of 1,300 restaurant, bar, and tavern owners. While some subsets of firms are predicted to suffer revenue declines, bars are predicted to be more than twice as likely to experience losses as restaurants. An important implication is that the increasing level of governmental restrictions on smoking in the hospitality sector could gradually impact the types of service available to the public.     

The economic incidence of smoking laws

Although laws restricting smoking in restaurants are becoming commonplace, most research has focused on either the health benefits that laws may provide customers and workers or whether laws harm owners. But while smoking laws may directly alter profits, owners may alter prices, output, and other business attributes in ways that affect the welfare of customers and workers. This study examines whether restaurant and bar owners alter prices, entertainment, hours of operation and other business attributes in response to local smoking laws. Substantial support is found for these attribute changes in the Wisconsin hospitality industry. One implication is that an overall assessment of the desirability of smoking laws should consider economic effects imposed on owners, customers and workers, as well as health benefits that follow laws.     

国外员工离职研究文献描述性分析及综述

Science Direct数据库中与员工离职有关的文献近200篇,通过对其从年代分布、研究的主要内容、对离职影响因素的研究以及采用的研究方法四个方面进行描述性统计分析,结果发现员工离职研究越来越受到学者们的关注,研究的重点大多集中于影响因素研究,采用的方法大多是"理论研究+实证研究"相结合。基于Price员工离职模型,本文总结了员工离职影响因素的研究进展和现状。     

人力资源管理对员工离职影响的实证研究

本文以陕西省高新技术企业的调查资料为研究对象,围绕人力资源管理对员工离职的影响进行实证分析.研究发现:具体人力资源管理实践对员工离职有显著负向影响;具体人力资源管理实践聚合而成的人力资源管理系统对员工离职有更显著的负向影响;人力资源管理整合对员工离职的直接负向影响较小,不具有显著性;不同类型的人力资源管理在员工离职上有显著差异.     

INDUSTRY DYNAMICS AND THE MINIMUM WAGE: A PUTTY‐CLAY APPROACH

We document two new findings about the industry‐level response to minimum wage hikes. First, restaurant exit and entry both rise following a hike. Second, there is no change in employment among continuing restaurants. We develop a model of industry dynamics based on putty‐clay technology that is consistent with these findings. In the model, continuing restaurants cannot change employment, and thus industry‐level adjustment occurs gradually through exit of labor‐intensive restaurants and entry of capital‐intensive restaurants. Interestingly, the putty‐clay model matches the small estimated short‐run disemployment effect of the minimum wage found in other studies, but produces a larger long‐run disemployment effect.     

CLEAN INDOOR AIR LAWS AND THE DEMAND FOR CIGARETTES

This paper empirically tests the effect of clean indoor air laws on smoking. Public place clean indoor air laws restrict cigarette smoking in public places such as restaurants. Private place clean air laws regulate smoking in private work places as well as in public places. This study uses a time series of cross sections of the 50 states of the United States and Washington, D.C., from 1975 through 1985, to estimate single equation and simultaneous equation models of cigarette demand. The single equation results indicate that both the public place law and the private work place law have a negative effect on cigarette demand. However, a test for endogeneity shows that the enactment of clean indoor air laws is a function of cigarette demand. Results from a simultaneous equations model indicate that the public place law has a significant negative impact on cigarette demand, while the work place law has no effect on cigarette demand. Although these results demonstrate that only states with low levels of smoking have passed work place clean air laws, the results do not imply that the level of smoking would not decrease if such a law were imposed in all states.     

No smoking at the slot machines: the effect of a smoke-free law on Delaware gaming revenues

As communities around the nation consider laws restricting smoking in public places, a key political and economic issue that often arises is the effect that such laws have on the sales and profits of particular sectors. The gaming industry has been active in opposition to such ordinances, citing large prospective losses. This article analyses the revenues of three gaming facilities in Delaware following the implementation of a smoke-free law in December 2002. Revenues are found to have declined significantly at each of the three facilities, with relative magnitudes of losses corresponding to the availability of alternative gaming venues in the region.     

THE INTERSTATE BANKING LANDSCAPE: LEGISLATIVE POLICIES AND RATIONALE

Expansion across state boundaries has been the dominant change in the structural landscape of banking. Forty-one states and the District of Columbia now permit full-service interstate banking. This paper reviews and analyzes these laws and their related provisions. Geographical liberalization is found to be mostly pro-competitive.
Regional reciprocity statutes dominated the interstate banking landscape until mid-1985. Of the first 18 laws, 12 were regional. However, the regional approach peaked quickly, and most remaining states enacted nationwide laws—either immediate nationwide bills or regional bills that "trigger" to the nationwide level at a certain date. Presently, 27 of the 42 laws are nationwide. At least 9 states that initially selected regional laws are soon expected to switch to a nationwide approach.
Regional banking compacts seemed inherently unstable and difficult to establish. Only the Southeast successfully established a stable regional banking zone. The location of control over the nation's banking assets is being restructured. In some states with well-capitalized holding companies aggressively exploiting the new laws, banks have grown in size. Other states that were slow to pass legislation, or whose banks are in no financial position to make acquisitions, have lost rank.
After a relatively short time, the federal government finally may legislate on the interstate banking issue. Pressure to do so would derive from the different banking structures and regions, problematic competitive dimensions, banks' supervision and regulation necessities, and eventual interstate branching proposals.     

State wage-payment laws, the Pension Protection Act of 2006, and 401(k) saving behavior

I show empirically that state wage-payment laws, which forbid deductions from wages and salaries without the written permission of the employee, constituted a binding constraint on firms’ choices to adopt automatic enrollment in 401(k) plans prior to 2006.     

员工组织公正感、组织信任和离职意愿的关系

本研究采用验证性因素分析的方法检验了组织公正的结构,并探讨了组织公正、组织信任与员工离职意愿之间的相互关系。结果支持了Colquitt组织公正的四维结构。同时,回归分析显示了组织信任在组织公正和员工离职意向之间存在着的中介作用,而对员工离职意愿的影响较大的是组织公正感中的分配公正、信息公正,以及组织信任知觉中对组织特征信任、对同事下级的信任。     

Impact of VAT Reform on Swedish Restaurants: A Synthetic Control Group Approach*

In this paper, we investigate the impact on firms of the value added tax (VAT) reform that took effect in Sweden on 1 January 2012 for restaurant and catering services. Unlike previous research, we use a synthetic control group approach to construct our counterfactual. Our analysis shows that the VAT reduction had a positive effect on turnover, total wages, employment, profit margins, and net entry of firms. The effects of the reform tend to decrease over time. In all, the results point to an overall better performance for the restaurant industry compared with what it would have been in absence of the reform.     

Much ado about nothing? Smoking bans and Germany's hospitality industry

Over the past years, public smoking bans have been introduced in most European countries. Unlike elsewhere, in Germany such bans were introduced at state level at different points in time, which provides important intra-country regional variation that can be exploited to identify the effects of such bans on the hospitality industry. Using monthly data from a compulsory survey carried out by the German Federal Statistical Office, we study the short-run effects that these bans had on establishments’ sales. In contrast to the largely US-based literature, we find that smoke-free policies had a negative (yet moderate) effect on establishment sales. Closure rates of businesses in the hospitality industry, however, were not significantly affected by the introduction of state smoking bans.     

重庆中高档星级酒店员工流动动因研究

高员工流动率是中国星级饭店的普遍现象,也是影响中国星级饭店健康发展的重要因素。采用问卷调查、均值比较、相关性分析等方法探讨了重庆市星级饭店员工的流动意向及其影响因素,发现员工流动愿望强烈,并且薪酬吸引力、员工参与酒店管理等内部因素是引发员工流动的主要因素,酒店行业发展前景、社会舆论压力等外部因素是次要因素。为此建议酒店通过完善薪酬体制、晋升制度、绩效评估等措施来稳定员工队伍。     

人员交替引起的信息损耗及其效应

从信息的知识性出发，本文由知识损耗模型推出信息损耗存在模型和信息损耗影响模型，并引入时间因素，对模型进行了动态分析，得出基本结论：在企业员工交替中存在信息损耗；信息损耗的存在使得企业对新雇员实行试用期是必要的；信息损耗的存在使企业中的工作人员提高了同企业的谈判能力，使他们获得的工资可能高于市场的均衡水平。     

The effect of state health insurance benefit mandates on premiums and employee contributions

The average US state has 40 benefit mandates, laws requiring health insurance to cover particular conditions, treatments, providers or people. We investigate the extent to which these mandates increase the health insurance premiums paid by employers, and the extent to which these higher premiums are passed on to employees in the form of higher employee contributions. We use state-level data on premiums and employee contributions to health insurance from the insurance component of the 1996–2011 Medical Expenditure Panel Survey. Our main analysis is a fixed effects regression that controls for age, race, income, union membership and the presence of state mandate waivers. We find robust evidence that the average mandate increases premiums by approximately 0.6%, and that mandates lead to similar increases in employee contributions for single-coverage health insurance plans. Alternative specifications using an AR(1) error structure estimate a larger effect of mandates, while those using generalized estimating equations estimate smaller effects. We find that mandates requiring insurers to cover a specific benefit, as opposed to a specific type of provider or person, lead to the largest increases in employee contributions.     

人员交替引起的信息损耗及其效应

从信息的知识性出发,本文由知识损耗模型推出信息损耗存在模型和信息损耗影响模型,并引入时间因素,对模型进行了动态分析,得出基本结论:在企业员工交替中存在信息损耗;信息损耗的存在使得企业对新雇员实行试用期是必要的;信息损耗的存在使企业中的工作人员提高了同企业的谈判能力,使他们获得的工资可能高于市场的均衡水平。     

Worker inflow,outflow, and churning

Linked employer–employee data from Finnish business sector is used in analysing worker turnover. The data set is an unbalanced panel with over 219?000 observations in 1991–97. The churning (excess worker turnover), worker inflow, and worker outflow rates are explained by plant and employee characteristics. The probabilities of observing non-zero churning, inflow, and outflow rates increase with plant size. The magnitudes of the non-zero churning and inflow rates depend positively on size, but the magnitude of outflow rate depends negatively on size. High-wage plants have low turnover; plants with large within-plant variation in wages have high turnover. Average tenure of employees has a negative impact on turnover. High plant employment growth increases churning and separation but reduces hiring in the next year. Also controlled are average age and education of employees, shares of women and homeowners among employees, foreign ownership, ownership changes, and regional unemployment.     

Turnover costs and the wage—fringe mix

This paper examines how firms choose their compensation package to influence employee turnover. A firm will attempt to maintain a steady state of trunover consistent with its training and hiring costs. We develop a model of this relationship when the firm's ability to offer a differentiated compensation package. Both the theoretical and empirical findings of our study emphasize the importance of the link between turnover costs and the compensation mix. That is quits are negatively realted to both the share of pensions in the total compensation package and the level of wages. The influence of pensions in attracting stable workers, however, is diminishing. An important implication is that the policies which attempt to standardize worker compensation will hinder the market determination of turnover, and hence, will generate inefficiencies in the labour market.