New restaurants and their intra-industry effects: evidence from Portugal
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| Format: | Artículo científico |
| Langue: | en |
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Universidade do Algarve
2017
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| _version_ | 1876453848690720768 |
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| author | Luís Miguel Serra Coelho |
| author_facet | Luís Miguel Serra Coelho |
| contents | New restaurants and their intra-industry effects: evidence from Portugal Luís Miguel Serra Coelho Estudios de Turismo intra Restaurants event study industry effects abnormal operating performance This paper investigates the intra-industry effects resulting from the birth of a new restaurant at Portugal. Using event-study methods, this paper finds that, in the year the new competitors open for business, industry rivals experience an average abnormal loss of -17.6% in their return- on -assets, which is due to a significant decrease in their profit margin, and asset turnover ratio. Regression analysis further shows that high industry concentration, low labor productivity, and low asset profitability magnify the rivals’ underperformance, which is particularly acute when the restaurants are located at Lisbon and Oporto, the two most heavily po pulated Portuguese cities. Overall, this paper contributes to the literature studying the economics of the eating-places industry, and has important implications for both practice, and public policy. 2017 artículo científico 2182-8458 https://www.redalyc.org/articulo.oa?id=388749633005 en http://www.redalyc.org/revista.oa?id=3887 Tourism & Management Studies application/pdf Universidade do Algarve Tourism & Management Studies (Portugal) Num.1 Vol.13 |
| format | Artículo científico |
| id | redalyc_388749633005 |
| institution | Redalyc |
| language | en |
| publishDate | 2017 |
| publisher | Universidade do Algarve |
| spellingShingle | New restaurants and their intra-industry effects: evidence from Portugal Luís Miguel Serra Coelho Estudios de Turismo intra Restaurants event study industry effects abnormal operating performance New restaurants and their intra-industry effects: evidence from Portugal Luís Miguel Serra Coelho Estudios de Turismo intra Restaurants event study industry effects abnormal operating performance This paper investigates the intra-industry effects resulting from the birth of a new restaurant at Portugal. Using event-study methods, this paper finds that, in the year the new competitors open for business, industry rivals experience an average abnormal loss of -17.6% in their return- on -assets, which is due to a significant decrease in their profit margin, and asset turnover ratio. Regression analysis further shows that high industry concentration, low labor productivity, and low asset profitability magnify the rivals’ underperformance, which is particularly acute when the restaurants are located at Lisbon and Oporto, the two most heavily po pulated Portuguese cities. Overall, this paper contributes to the literature studying the economics of the eating-places industry, and has important implications for both practice, and public policy. 2017 artículo científico 2182-8458 https://www.redalyc.org/articulo.oa?id=388749633005 en http://www.redalyc.org/revista.oa?id=3887 Tourism & Management Studies application/pdf Universidade do Algarve Tourism & Management Studies (Portugal) Num.1 Vol.13 |
| title | New restaurants and their intra-industry effects: evidence from Portugal |
| topic | Estudios de Turismo intra Restaurants event study industry effects abnormal operating performance |
| url | https://www.redalyc.org/articulo.oa?id=388749633005 |