The effect of environment risk,corporate strategy,and capital structure on firm performance: An empirical investigation of restaurant firms |
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Authors: | Prakash K. Chathoth Michael D. Olsen |
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Affiliation: | 1. School of Hotel and Tourism Management, The Hong Kong Polytechnic University, Hung Hom, Kowloon, Hong Kong;2. Department of Hospitality and Tourism Management, Pamplin College of Business, Virginia Polytechnic Institute & State University, Blacksburg Virginia, USA |
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Abstract: | The co-alignment process has been used in hospitality strategy as a framework to explain strategic orientation of firms. In this study, using a sample from the US restaurant industry, the authors test the simultaneous impact of surrogates from constructs identified as part of the co-alignment model, i.e. environment, strategy, and structure, on firm performance. Results indicate that a significant variance in firm performance is explained by the variables from the foregoing constructs of the co-alignment model. The robustness of this study provides restaurant firms’ managers a basis to evaluate their firms’ strategic orientation vis-à-vis its impact on firm performance. |
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Keywords: | Environment risk Corporate strategy Capital structure Firm performance Cash flow |
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