Moderating effect of capital intensity on the relationship between leverage and financial distress in the U.S. restaurant industry

During the recent and ongoing economic turmoil, countless businesses have been facing financial distress and many have filed for bankruptcy. This issue is especially critical for the restaurant industry due to restaurants’ sensitivity to economic fluctuations. Therefore, the purpose of this study is to examine the financial distress issue in the U.S. restaurant industry. In particular, the study examines a moderating effect of capital intensity on the relationship between a firm's leverage and degree of financial distress. The dataset includes publicly traded U.S. restaurant firms during the period 1990–2008. The study measures the degree of financial distress by modified Z-scores, and findings suggest a positive moderating effect of capital intensity on the relationship between leverage and financial distress.     

Reexamination of attendee-based brand equity

The significance of brand concept has been increasingly recognized in the MICE industry due to its ability to create a compelling competitive edge. Complementing the major limitation of a study on attendee-based brand equity [Lee, J. S., & Back, K. J. (2008). Attendee-based brand equity. Tourism Management, 29(2), 331–344], this study reexamines attendee-based brand equity by additionally sampling regional CHRIE conferences (RCs) and comparing the data with I-CHRIE's annual conference (IC) in the context of our theoretical model. This research not only increases the theoretical validity of the previous model of attendee-based brand equity, but also explores brand equity as captured through the differential brand knowledge effect by comparing IC and RCs.     

Risk,uncertainty and the theory of planned behavior: A tourism example

The differential impacts risk and uncertainty have on travel decision-making were explored by examining the constructs' influence on the antecedents of intentions to visit Australia using the theory of planned behavior. Respondents were obtained from online consumer panels in South Korea, China and Japan. The South Korean and Chinese samples were general population samples, while the sample from Japan was an international travelers' sample. The extended model fitted the data well, explaining between 21 and 44 percent of the variance in intentions. Subjective norms and perceived behavioral control significantly impacted on intentions in all country samples, whereas attitudes toward visiting Australia were only significant in Japan. Subjective norms influenced attitudes and perceived behavioral control in all country samples. Finally, perceived risk influenced attitudes toward visiting Australia in South Korea and Japan, while perceived uncertainty influenced attitudes toward visiting Australia in South Korea and China and perceived behavioral control in China and Japan.     

Measuring festival quality and value affecting visitors’ satisfaction and loyalty using a structural approach

Perceived value is understood to be a precursor of customer satisfaction and loyalty and is itself impacted by product quality. The linkages between quality, value, satisfaction, and loyalty have been gaining increasing attention in the marketing field. Accordingly, this study examines whether quality dimensions have an impact on perceived value, which, in turn, affects satisfaction and loyalty, in the context of the Punggi Ginseng festival.     

The role of brand personality,self-congruity,and sensory experience in elucidating sky lounge users’ behavior

This study attempted to develop an integrated model linking brand personality, self-image congruity, hedonic and utilitarian values, and behavioral intentions in the sky lounge context. Our results indicated that brand personality was significantly related to self-image congruity, which in turn influenced hedonic and utilitarian values. While hedonic value significantly affected intentions to revisit and recommend, utilitarian value significantly influenced intention to recommend. Moreover, self-image congruity and values played a significant mediating role. Furthermore, the links from hedonic value to intentions to revisit and recommend, and from utilitarian value to intention to revisit were significantly moderated by sensory experience.     

Strategic Dilemmas: How Managers Use HR Practices to Meet Multiple Goals

Contrary to the classic assumptions in the business and human resource (HR) strategy literatures, real‐world organizations often pursue multiple and potentially contradictory performance goals. They may adopt ‘hybrid’ strategies to maximize both differentiation and low cost — leading middle managers to face dilemmas in how to achieve different goals using the same HR practices. We link employee‐level surveys of HR practices to establishment‐level data on service quality, labour efficiency and profitability to examine the effects of HR practices on these outcomes. We find that establishments with greater use of high involvement practices have significantly higher service quality, which mediates the relationship between HR practices and profitability. Findings for labour efficiency are positive, but generally not significant. These findings also have implications for the quality of jobs.     

Company–Nonprofit Partnerships,Negative Spillover,and Response Strategies

This study explored whether, in the context of a company–nonprofit partnership, there are negative spillover effects when a crisis strikes a partner organization and what effective response strategies to such a crisis would be for the principal organization. We conducted an online experiment (N = 445) with a 2 (duration of partnership: long-term vs. short-term) × 4 (response strategy: denial, ending partnership, continuing partnership, vs. no response) between-subject design, with two no-crisis control groups. The results confirmed the existence of negative spillover effects; when respondents were exposed to crisis information about a partner organization, their attitude toward the principal organization became less favorable. We found that, regardless of the partnership’s duration, announcing a decision about the partnership—either ending the partnership or continuing the partnership—was not effective in restoring the principal organization’s image. Denial strategies, however, significantly improved the image of the principal organization, up to its precrisis level. We discuss the practical and theoretical implications.     

Backpackers in Hong Kong – motivations,preferences and contribution to sustainable tourism

This paper examines the backpacker market in Hong Kong, in terms of profile, motivation, preferences, and contribution to sustainable tourism development. The purpose is to provide an understanding of this market to help in marketing and promoting services and products that meet backpackers’ needs as part of expanding Hong Kong’s target market. Currently, Hong Kong relies on tourists from mainland China and recent reports reveal the issue of social conflicts between mainland tourists and Hong Kong residents. Based on a survey of backpackers in youth hostels and hiking trails in Hong Kong, this study revealed that backpackers are pushed by the search for new ideas and pulled by the uniquefood culture of Hong Kong, preferring to experience such a unique food culture in a traditional setting. Moreover, they are less likely to spend on international brands in Hong Kong as part of promoting sustainable tourism development.     

Residents’ attitudes toward future tourism development in terms of community well-being and attachment

This study explores residents’ attitudes toward future tourism development based on their community well-being (CWB) and community attachment. Focusing on the case of Gamcheon Culture Village in Busan, South Korea, which was developed during an urban regeneration project in 2009, an exploratory factor analysis was conducted. The main findings of this study are: (1) CWB is supported by five variables including income effects, social participation, safety service, infrastructure service, and environmental effect; (2) not only does CWB influence community attachment but attachment also effects residents’ attitudes; and (3) the most effective variable of CWB is income effect, and safety service for community attachment. These results can help to provide effective strategies to encourage residents to have positive attitudes about further tourism development in a community-based tourism destination.     

Unraveling public support for casino gaming: The case of a casino referendum in Penghu

By integrating the social exchange theory (SET) and the theory of planned behavior (TPB), this study unravels the factors associated with residents’ intention to support casino gaming development in Penghu in future referenda. Residents’ attitudes toward casino gaming development in their community were examined in the SET framework while their intention to support such development was investigated in the TPB framework. Despite that partisan difference did not have a significant interaction with TPB variables, past behavior exerted moderating effects determining residents’ intention to support casino gaming development through two TPB variables: subjective norm and perceived behavioral control. Implications are provided.

Abbreviations: ATTU: attitude; DPP: Democratic Progress Party; ECOI: perceived economic impact; ENVI: perceived environmental impact; INT: intention to support casino gaming development in future referenda; KMT: Kuomingtang; PBC: perceived behavioral control; PPB: perceived personal benefit; SET: social exchange theory; SN: subjective norms; SOCI: perceived social impact; TPB: theory of planned behavior