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The purpose of this study is to develop an index for financial constraints, specifically for restaurant firms, and to further validate the developed financial constraint index.

This study used logistic regression with a composite criterion based on the dividend payout ratio, KZ index and Cleary index to estimate restaurant firms’ financial constraints. Then, a fixed-effects regression was used to verify the validity of the measurement of restaurant firms’ financial constraints.

A restaurant firm’s operating profit, financial leverage, asset tangibility, sale of fixed assets and percentage change in number of employees are critical indicators for identifying financial constraints. The results indicated that in cases with positive operating cash flows, the effect of operating cash flow on capital investments continuously decreased as restaurant firms’ financial constraints increased.

This study is unique in that the specific financial and operational characteristics of restaurant firms were included in the model to determine financial constraint indicators, such as sale of fixed assets and percentage change in number of employees.

The purpose of this study was to extend the understanding of restaurant firms’ overall debt and equity financing practices by considering what drives equity financing. More importantly, this study attempted to identify whether an optimal financial leverage point exists in the relationship between debt financing and equity financing for restaurant firms.

This study used fixed-effects regression models with a sample of 1,549 unbalanced firm-year panel data to identify restaurant firms’ financial practices and the impacts of financial constraints.

First, restaurant firms tend to issue long-term debt to pay back existing debt. However, the amount of debt does not exactly match the debt’s maturity. Second, small restaurant firms’ net debt financing, as well as net equity financing, has an inverted-U-shaped relationship with financial leverage. Finally, the effect of financial leverage on external financing significantly differs between small and large restaurant firms.

Restaurant firms routinely use both debt and equity financing interchangeably to manage their financial constraints and target debt ratio. Further, firm size is an important indicator of financial constraints, while equity financing plays an important role in managing an optimal target debt ratio.

This study is unique in that it considers determinants of restaurant firms’ long-term debt financing as well as equity financing. This study also examines differences in long-term debt and equity financing practices between financially constrained and unconstrained firms.

The restaurant network is reforming rapidly due to the advancements encountered so far in the restaurant–third party logistics (3PL) collaborations. These collaborations resulting from a strategical partnership between the restaurant and the 3PLs play a significant role in getting a good handle on the web, logistics activities, online business and many more services. Despite the collaborations, 3PL in the restaurant supply chain is associated with many risks that may hamper the supply chain's profitability. In this study, several risks related to 3PL are investigated and analysed.

Deciding the relative importance of different risks is an intricate errand. The predominance of one risk over the others changes from individual to individual and ?rm to ?rm. Therefore, to catch the changeability in choice, the fuzzy analytical hierarchy process (AHP) is an extremely valuable tool used in this research. In addition to this, fuzzy AHP is incorporated with fuzzy TOPSIS for preference ranking of 3PL risks in the restaurant supply chain and obtain risk index value, which provides an excellent approach to rank the risks. Furthermore, we performed a sensitivity analysis to analyse the stability of the results obtained in this study.

Results indicate that “macro-level risks” (i.e. the risks associated with 3PL in the restaurant supply chain due to political agitation in the district, cataclysmic events, ailments like COVID-19, bird influenza, etc.) is the most relevant first-level risk with high-risk index as well as high relative weight. As per the analysis of second-level risks, the occurrence of cataclysmic events holds the most elevated risk index value.

This research provides the restaurant industry and the 3PL with a generalized framework with set parameters that can be used to attain a successful 3PL in the restaurant supply chain of any developing nation.

This research proposes an evaluation framework for the risk assessment of third-party logistics in the restaurant supply chain. This paper explores risks for efficient implementation of 3PL in the restaurant supply chain. From a managerial perspective, the rank table is also provided with the goal that mitigation of the risks can be done quickly.

This study aims to investigate the influence and impact mechanism of capital tax incentives on firm innovation.

This study employs the difference-in-differences (DID) method, in conjunction with the exogenous impact of accelerated depreciation (AD) pilot policy. This study selects Chinese listed companies from 2010 to 2017 as the research sample.

Firstly, AD exerts a substantial positive effect on the quantity and quality of the innovation output of firms, and the positive impact results primarily from heightened investment in fixed assets, particularly, machinery and equipment. Secondly, the influence of the policy is pronounced in non-state-owned enterprises, mature enterprises, less capital-intensive enterprises and non-high-tech industries, which all exhibit strong innovation incentives. Lastly, the tax incentive policy significantly stimulates firm innovation in the short term, but its long-term impact on innovation incentives lacks statistical significance.

This study highlights the significance of capital tax incentives in facilitating the innovation process in firms.

This study aims to identify why restaurant firms go public (IPO) despite high financing costs and which factors make firms stay public for the long term after an IPO. Also, this study aimed to link and compare restaurant firms’ pre- and post-IPO accounting information and how IPO proceeds were used.

This study used random-effects regression analysis with a number of dependent variables for a sample of 1,347 unbalanced panel data. In addition, logistic regression analyses were used to identify why restaurant firms were delisted within short periods after going public.

First, rebalancing financial structures was the most important reason for IPOs, whereas financing future growth was only a minor motivation. Second, post-IPO performance significantly differed between restaurant firms based on their pre-IPO financial conditions, as well as how they used IPO proceeds. Third, restaurant firms with low profitability, inefficient non-operating expenses and difficulties in generating revenue increased their financial burdens, which ultimately caused restaurant firms to be delisted within a short period after an IPO. Furthermore, the reasons for merging included cash shortages, large short-term liabilities and increased major operating expenses, together with increases in capital expenditures.

This study is unique, in that it explains the relationships between motivations for going public and post-IPO performances by directly linking the usages of IPO proceeds with firms’ operational performances. To the best of the authors’ knowledge, this study is the first to examine the effects of IPOs on restaurant firms’ operational, non-operational, investment and financial activities on firms’ performances.

The paper summarizes predictions about the use of franchising as an expansion strategy and examines them through an empirical investigation of a sample of restaurant franchisors. The restaurant industry is an appropriate field for such an investigation as franchising is extensively used in this sector. The subject of growth is also important from the consumer’s perspective because of the increased desire for convenience and uniformity. The results suggest that franchising is an effective strategy for store expansion. However, larger chains have a lower need to use franchising as a growth strategy, apparently because they have their own resources. The paper also shows that the chain’s mix of company owned and franchised outlets is likely to be influenced by its past growth pattern. The results indicate that a significant increase in the proportion of franchised outlets is unlikely for chains that already have a relatively high percentage of franchised outlets. This is ostensibly because synergistic benefits are achieved through having both company owned and franchised stores.

The purpose of this paper is to empirically test the validity of the service-profit chain (SPC) in a restaurant company context to comprehensively explicate the relationship between organizational practices, employee attitudes with customer and financial outcomes.

The method used both questionnaire and company proprietary data to measure the predicted SPC outcomes through structural equation modeling. The research data were obtained from employees, customers and management at five restaurants in one casual theme restaurant chain in Australia.

The findings indicate that revenue may be a more appropriate outcome than profit in the SPC, that context and individual unit circumstances matter and that there may be a time lag between organizational actions, employee behavior, customer satisfaction and financial outcomes.

Because of the nature of field research, there are limitations. As restaurants were added during the study, data per unit were impacted. Moreover, budgetary constraints limited the number of customer surveys. Nonetheless, the data set includes management, customer, employee and proprietary financial measures which are rarely available in the research literature. These data allow a thorough study of the SPC that provides both important findings and a model for future investigations into the SPC.

As the SPC is a widely cited model used to explain the linkages between managerial and organizational actions and financial outcomes as they work through employee interactions with customers, the findings suggest that the chain may have a more direct impact on revenue than profit. Moreover, the data strongly suggest that context matters as the unique context of the restaurants had important influences on financial outcomes. The findings also indicate that a time lag exists between managerial and organizational actions and financial outcomes, suggesting that it can take time for such actions to ripple through the SPC.

Structural equation modeling and standardized measures allowed the authors to overcome prior limitations in SPC research. Moreover, SPC researchers seldom have access to the proprietary data that enabled a test of the entire SPC. Consequently, this study contributes new insights into this classic model’s value in predicting and explaining financial outcomes resulting from the actions of an organization’s leadership influencing employee behavior toward customers in the restaurant industry.

The present study is an intra-industry analysis, which aims to investigate whether the impact of COVID-19 on employment level, clientele rate, liquidity constraints and sustainability aspect of different food outlets is symmetric or asymmetric in nature.

With the help of well-structured questionnaire, the study has surveyed 80 food outlets in total by interviewing the managers and owners of these outlets. Food outlets have been classified into four categories namely international, national, local and street food outlets. Econometric techniques like MANOVA and Garret ranking have been employed to fulfil the objective of the study.

The results depict that the impact of COVID-19 on employment level and liquidity constraints is significantly asymmetric amongst different groups of food outlets, even though the decline in extent of clientele is somewhat same for all groups. The survival aspect of outlets also witnesses clear-cut asymmetry in results as big outlets have greater potential to survive for longer if lockdown happens again when compared to street food outlets as their financial availability and stability differ.

The sample size of study is restricted, mainly due to lesser number of national franchise's food outlets available in Amritsar, though other categories of eateries were sufficient in number. Further, the study is restricted only to one district of Punjab state, whereas for future research, inter-district comparison can be done.

The findings reveal that the street food outlets may gain by fostering its online functioning. Similarly national food outlets are encouraged to alter their business strategies to revive their sales against their competitors.

This study is one of the explorer studies to analyse the impact of COVID-19 by making an intra-industry comparison for the eatery industry – considering four different categories of eateries. The classification of eateries helps in analysing whether the employment level, clientele rate, liquidity constraints and survival perspective have been affected symmetrically for the whole eateries industry or does severity of being affected differ asymmetrically. The study makes a contribution by adding a new string of dimension to the existing load of literature in the domain of hospitality.

The purpose of this paper is to explore the financial characteristics associated with outperformance of US public restaurant firms in challenging economic times and the empirical measure of outperformance proposed herein.

This study utilizes a Logit model and considers the relevant financial variables in annual deviation forms to explore an empirical model that explains financial outperformance in troubled economic times for the restaurant industry.

The results of the study indicate that larger market share, asset turnover, and profit margin, combined with lower leverage, BM, earnings variance, and size, in addition to franchise utilization, appear to produce collectively a fine balance for success in difficult economic times.

This paper does not address the fine balance between short‐term financial performance and long‐term sustainability. Further, the employed contemporaneous modeling framework may limit generality of findings of this paper.

This study provides systematic evidence on an empirical framework linking financial characteristics and outperformance of restaurant firms in difficult economic times. Its results have timely and significant implications for practitioners, researchers and other parties of interest.

This study aimed to determine the factors affecting consumers’ perceptions and intention to purchase home meal kit services (HMK), a convenient home-cooked meal option, considering the moderating effects of monetary restriction, through the lens of the theory of planned behaviour (TPB).

This cross-sectional study used an online, self-administered survey to collect data from 374 US adults. Results were tested for variable associations via multiple linear regression and moderation analyses.

HMK adoption intention was positively associated with attitude and subjective norms but negatively associated with perceived behavioural control. Consumers’ HMK attitude demonstrated a significant positive relationship with food safety concerns and perceived time constraints. Income and financial constraints were significant moderators of the associations between TPB determinants and HMK intention. The findings emphasised the possibility of using HMK as a foodservice option for time-challenged consumers with food safety concerns.

This study addressed the limited research on HMK, a competitive meal option that foodservice businesses could implement to boost revenue. The study establishes the contribution in understanding the motivators and barriers that potentially affect consumers’ HMK behaviour through the lens of TPB. The results expand the scope of the TPB application in food-related research, providing a deeper understanding of antecedents and other factors on consumers’ HMK behavioural attitudes. Understanding this information will enable practitioners to develop strategies that meet consumers’ concerns when embracing this service to promote HMK.