دانلود مقاله ISI انگلیسی شماره 45690
ترجمه فارسی عنوان مقاله

عوامل موثر بر ریسک قیمت محصولات در صنعت رستوران: تجزیه و تحلیل چرخه قیمت محصولات

عنوان انگلیسی
Determinants of commodity price risk exposure in the restaurant industry: An analysis by commodity price cycles
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
45690 2015 9 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : International Journal of Hospitality Management, Volume 45, February 2015, Pages 121–129

ترجمه کلمات کلیدی
خطر قیمت کالا - مواجهه سهام - رستوران - عامل اهرم - اهرم مالی
کلمات کلیدی انگلیسی
Commodity price risk; Equity exposure; Restaurant; Operating leverage; Financial leverage
پیش نمایش مقاله
پیش نمایش مقاله  عوامل موثر بر ریسک قیمت محصولات در صنعت رستوران: تجزیه و تحلیل چرخه قیمت محصولات

چکیده انگلیسی

The objectives of the present study were to (1) investigate the level and the extent of commodity price risk exposure in the restaurant industry and (2) identify the determinants of risk exposure. The risk exposure was estimated by 60-month rolling regressions based on equity returns. The determinants of equity risk exposure were proposed based on a discounted cash flow model. The results found that 35.39% of sample restaurant firms are exposed to commodity price risk. The level of equity risk exposure was estimated to be 1.148 during commodity price booms and 1.031 during slumps. Empirical testing was consistent with the model prediction that operating leverage and financial leverage are effective tools in managing risk exposure, but the effects are asymmetric during commodity price booms and slumps. Financial leverage was found to be more effective than operating leverage.