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dc.contributor.authorDu, Ruixueen_US
dc.date.accessioned2014-10-18T06:00:21Z
dc.date.available2014-10-18T06:00:21Z
dc.date.issued2013-04-25en_US
dc.identifier.othervt_gsexam:686en_US
dc.identifier.urihttp://hdl.handle.net/10919/50577
dc.description.abstractMarket value of firms and book value of firms are rarely the same. The difference, which is attributed to unrecorded or unrecognized intangible assets, has increased significantly since the 1970s. The issue of appropriately valuing these intangible assets, however, still remains unresolved. The purpose of this study is to address this lack of understanding of valuing intangible assets in the hospitality industry. Five intangible asset investments: Research and Development, Training, Advertising, Labor, Pension, and one business model, Franchising, are chosen as the valuation constructs in this study based on previous research in the hospitality industry. The valuation models for the casual dining restaurant industry and the quick service restaurant industry are compared.
The sample of this study includes 13 casual dining restaurant firms and 12 quick service restaurant firms. Compustat North America is the primary data source for this study. The annual data for casual dining restaurant firms from 1980 to 2011 is collected from this database. There are 238 firm-years in total. Two firm-years are excluded due to systematic missing values, and 15 firm-years are excluded due to missing share price information. Thus, the final count of data points for casual dining restaurant firms usable for analysis purposes is 221. The annual data for quick service restaurant firms from 1980 to 2011 is also collected from the Compustat North America database. There are 251 firm-years in total. Eight firm-years are excluded due to systematic missing values, and 47 firm-years are excluded due to missing share price information. Thus, the final count of data points for quick service restaurant firms usable for analysis purposes is 196.
Pearson correlation and multivariate analyses are performed to answer the four research questions in this study. Two hypotheses are supported while one hypothesis is not supported and one hypothesis remains unanswered due to Multicollinearity issues identified in multiple regression models. The results of this study show that 1) R&D, training, advertising, labor and pension are all important valuation constructs in the hospitality industry, and 2) there are some differences, however, between casual dining restaurant firms and quick service restaurant firms. This study fills the gap in the current literature by providing a quantitative method to value intangible assets in the hospitality industry that uses the valuation constructs identified in previous hospitality research. The practical implications of this study will provide managers in the hospitality industry with helpful insights for strategic decision making, specifically in regards to research and development, advertising and employee compensation.
en_US
dc.format.mediumETDen_US
dc.publisherVirginia Techen_US
dc.rightsThis Item is protected by copyright and/or related rights. Some uses of this Item may be deemed fair and permitted by law even without permission from the rights holder(s), or the rights holder(s) may have licensed the work for use under certain conditions. For other uses you need to obtain permission from the rights holder(s).en_US
dc.subjectIntangible Assetsen_US
dc.subjectMarket-to-Book Ratioen_US
dc.subjectResearch and Developmenten_US
dc.subjectTrainingen_US
dc.subjectAdvertisingen_US
dc.subjectLaboren_US
dc.subjectPensionen_US
dc.subjectCash Flowsen_US
dc.titleIntangible Assets Valuation in the Hospitality Industryen_US
dc.typeDissertationen_US
dc.contributor.departmentHospitality and Tourism Managementen_US
dc.description.degreePh. D.en_US
thesis.degree.namePh. D.en_US
thesis.degree.leveldoctoralen_US
thesis.degree.grantorVirginia Polytechnic Institute and State Universityen_US
thesis.degree.disciplineHospitality and Tourism Managementen_US
dc.contributor.committeechairKumar, Ramanen_US
dc.contributor.committeechairMagnini, Vincent Paulen_US
dc.contributor.committeememberUysal, Muzafferen_US
dc.contributor.committeememberSingal, Manishaen_US
dc.contributor.committeememberOlsen, Michael D.en_US


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