Abstract
The purpose of this paper is to investigate the relationship between investment in fixed assets and free cash flows of financially constrained U.S. restaurant firms given their future investment opportunities. We investigate how restaurant firms invest in fixed capital, given their internal liquidity and access to external sources of capital. While the debate over sensitivity of investments to cash flows remains unresolved, it has not been explored widely in industry contexts, especially in the restaurant industry. Our paper will not only add to this continued discussion through an industry perspective, but will also provide insights into the investment behavior of restaurant firms.
| Original language | English (US) |
|---|---|
| Pages (from-to) | 91 |
| Number of pages | 1 |
| Journal | Journal of Hospitality Financial Management |
| Volume | 16 |
| Issue number | 1 |
| DOIs | |
| State | Published - Jan 1 2008 |
Fingerprint
All Science Journal Classification (ASJC) codes
- Finance
- Tourism, Leisure and Hospitality Management
- Strategy and Management
Cite this
}
Investment sensitivity to free cash flows of financially constrained u.s. restaurant firms. / Upneja, Arun; Sharma, Amit.
In: Journal of Hospitality Financial Management, Vol. 16, No. 1, 01.01.2008, p. 91.Research output: Contribution to journal › Article
TY - JOUR
T1 - Investment sensitivity to free cash flows of financially constrained u.s. restaurant firms
AU - Upneja, Arun
AU - Sharma, Amit
PY - 2008/1/1
Y1 - 2008/1/1
N2 - The purpose of this paper is to investigate the relationship between investment in fixed assets and free cash flows of financially constrained U.S. restaurant firms given their future investment opportunities. We investigate how restaurant firms invest in fixed capital, given their internal liquidity and access to external sources of capital. While the debate over sensitivity of investments to cash flows remains unresolved, it has not been explored widely in industry contexts, especially in the restaurant industry. Our paper will not only add to this continued discussion through an industry perspective, but will also provide insights into the investment behavior of restaurant firms.
AB - The purpose of this paper is to investigate the relationship between investment in fixed assets and free cash flows of financially constrained U.S. restaurant firms given their future investment opportunities. We investigate how restaurant firms invest in fixed capital, given their internal liquidity and access to external sources of capital. While the debate over sensitivity of investments to cash flows remains unresolved, it has not been explored widely in industry contexts, especially in the restaurant industry. Our paper will not only add to this continued discussion through an industry perspective, but will also provide insights into the investment behavior of restaurant firms.
UR - http://www.scopus.com/inward/record.url?scp=85032767193&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=85032767193&partnerID=8YFLogxK
U2 - 10.1080/10913211.2008.10653857
DO - 10.1080/10913211.2008.10653857
M3 - Article
AN - SCOPUS:85032767193
VL - 16
SP - 91
JO - Journal of Hospitality Financial Management
JF - Journal of Hospitality Financial Management
SN - 1091-3211
IS - 1
ER -