Institutional Investors and International Diversification in the U.S. Restaurant Industry

References

• Ball , S. and Roberts , L. 2003 . “ Restaurants ” . In The international hospitality industry: Structure, characteristics and issues. , Edited by: Brotherton , Bob . Oxford : Butterworth-Heinemann. .
   Google Scholar
• Basham , M. March 4 2010 . Industry surveys: restaurants , March 4 , New York : Standard & Poors, NY. .
   Google Scholar
• Bathala , C. , Moon , K. and Rao , R. 1994 . Managerial ownership, debt policy and the impact of institutional holdings: An agency perspective . Financial Management , 23 ( 3 ) : 38 – 50 .
   Web of Science ®Google Scholar
• Bethel , J. and Liebeskind , J. 1993 . The effect of ownership structure on corporate restructuring . Strategic Management Journal , 14 ( S1 ) : 15 – 31 .
   Web of Science ®Google Scholar
• Bhide , A. 2000 . The origin and evolution of new business. , New York : Oxford University Press. .
   Google Scholar
• Brickley , J. , Lease , R. and Smith , C. Jr. 1988 . Ownership structure and voting on antitakeover amendments . Journal of Financial Economics , 20 ( January–March ) : 267 – 291 .
   Google Scholar
• Brinker . 2010 . 2009 10-K Retrieved April 7, 2010, from Brinker International at http://phx.corporate-ir.net/phoenix.zhtml?c=119205&p=irol-sec
   Google Scholar
• Bushee , B. 2001 . Do institutional investors prefer near-term earnings over long-run value? . Contemporary Accounting Research , 18 ( 2 ) : 207 – 246 .
   Web of Science ®Google Scholar
• Chen , X. , Harford , J. and Li , K. 2007 . Monitoring: Which institutions matter? . Journal of Financial Economics , 86 ( 2 ) : 279 – 305 .
   Web of Science ®Google Scholar
• Darden . 2010 . 2009 10-K Retrieved April 7, 2010 from Darden Restaurant at http://investor.darden.com/financials.cfm
   Google Scholar
• David , P. , Hitt , M. and Gimeno , J. 2001 . The influence of activism by institutional investors on R&D . Academy of Management Journal , 44 ( 1 ) : 144 – 157 .
   Web of Science ®Google Scholar
• David , P. , Kochhar , R. and Levitas , E. 1998 . The effect of institutional investors on the level and mix of CEO compensation . Academy of Management Journal , 41 ( 2 ) : 200 – 208 .
   Web of Science ®Google Scholar
• Denis , D. , Denis , D. and Yost , K. 2002 . Global diversification, industrial diversification, and firm value . Journal of Finance , 57 ( 5 ) : 1951 – 1979 .
   Web of Science ®Google Scholar
• Fatemi , A. 1984 . Shareholder benefits from corporate international diversification . Journal of Finance , 39 ( 5 ) : 1325 – 1344 .
   Web of Science ®Google Scholar
• George , G. , Wiklund , J. and Zahra , S. 2005 . Ownership and the internationalization of small firms . Journal of Management , 31 ( 2 ) : 210 – 233 .
   Web of Science ®Google Scholar
• Geringer , J. , Beamish , P. and da Costa , R. 1989 . Diversification strategy and internationalization: implications for MNE performance . Strategic Management Journal , 10 ( 2 ) : 109 – 119 .
   Web of Science ®Google Scholar
• Gillan , S. and Starks , L. 2003 . Corporate governance, corporate ownership, and the role of institutional investors: A global perspective . Journal of Applied Finance , 13 : 4 – 22 .
   Google Scholar
• Graves , S. and Waddock , S. 1990 . Institutional ownership and control: Implications for long-term corporate strategy . Academy of Management Executive , 4 ( 1 ) : 75 – 83 .
   Google Scholar
• Hair , J. , Anderson , R. , Tatham , R. and Black , W. 1998 . Multivariate data analysis, , 5th ed. , Upper Saddle River , NJ : Prentice Hall. .
   Google Scholar
• Hartzell , J. and Starks , L. 2003 . Institutional investors and executive compensation . Journal of Finance , 58 ( 6 ) : 2351 – 2374 .
   Web of Science ®Google Scholar
• Hitt , M. , Hoskisson , R. and Kim , H. 1997 . International diversification: Effects on innovation and firm performance in product-diversified firms . Academy of Management Journal , 40 ( 4 ) : 767 – 798 .
   Web of Science ®Google Scholar
• Hua , N. and Upneja , A. 2007 . Going international? Important factors executives should consider! . International Journal of Contemporary Hospitality Management , 19 ( 7 ) : 537 – 545 .
   Google Scholar
• Hua , N. and Upneja , A. 2009 . Globalization, internationalization, multinationalization: New buzzwords or do investors reward restaurant firms that go abroad? , Pennsylvania State University. . Working paper
   Google Scholar
• International Hotel and Restaurant Association . 1998 . The restaurant revolution: Growth, change and strategy in the international food service industry 1995–2005
   Google Scholar
• Jacobs , M. 1991 . Short-term America: The causes and cures of our business myopia. , Cambridge , MA : Harvard Business School Press. .
   Google Scholar
• Kochhar , R. and David , P. 1996 . Institutional investors and firm innovation: A test of competing hypotheses . Strategic Management Journal , 17 ( 1 ) : 73 – 84 .
   Web of Science ®Google Scholar
• Kotobe , M. 1990 . The relationship between offshore sourcing and innovativeness of U.S. multinational firms: An empirical investigation . Journal of International Business Studies , 21 ( 4 ) : 623 – 638 .
   Google Scholar
• Lee , K. , Khan , M. and Ko , J. 2008 . Outback Steakhouse in Korea . Cornell Hospitality Quarterly , 49 ( 1 ) : 62 – 72 .
   Web of Science ®Google Scholar
• Lu , J. and Beamish , P. 2001 . The internationalization and performance of SMEs . Strategic Management Journal , 22 ( 6/7 ) : 565 – 586 .
   Web of Science ®Google Scholar
• Mallin , C. 2007 . Corporate governance, , 2nd ed. , New York : Oxford University Press. .
   Google Scholar
• McDonald's . 2010 . 2009 financial highlights Retrieved April 7, 2010 from www.aboutmcdonalds.com/mcd/investors/publications/2009_Financial_Highlights.html
   Google Scholar
• Morck , R. and Yeong , B. 1992 . Internalization: An event study method . Journal of International Economics , 33 ( 1/2 ) : 41 – 56 .
   Google Scholar
• Oak , S. and Dalbor , M. 2008a . The impact of dividend policy on institutional holdings: Hotel REITs and non-REIT hotel corporations . Journal of Hospitality Financial Management , 16 ( 1 ) : 1 – 17 .
   Google Scholar
• Oak , S. and Dalbor , M. 2008b . Institutional investor preferences for lodging stocks . International Journal of Hospitality Management , 27 ( 1 ) : 3 – 11 .
   Web of Science ®Google Scholar
• Oak , S. and Dalbor , M. 2009 . Do institutional investors favor firms with greater brand equity? An empirical investigation of investments in U.S. lodging firms . International Journal of Contemporary Hospitality Management , 22 ( 1 ) : 24 – 40 .
   Google Scholar
• Oak , S. and Dalbor , M. 2010 . The impact of internationalization acquisition announcements on the returns of U.S. lodging firms . Journal of Hospitality Financial Management , 17 ( 1 ) : 19 – 32 .
   Google Scholar
• Riahi-Belkaoui , A. 1996 . Internationalization, diversification strategy and ownership structure: Implications for French MNE performance . International Business Review , 5 ( 4 ) : 367 – 376 .
   Google Scholar
• Singh , A. , Upneja , A. and Dalbor , M. 2004 . Analysis of relative growth rates between domestic and international earnings of U.S. based publicly traded restaurant firms . Journal of Foodservice Business Research , 6 ( 4 ) : 25 – 41 .
   Google Scholar
• Tabachnick , B. and Fidell , L. 2001 . Using multivariate statistics. , Needham Heights , MA : Allyn & Bacon. .
   Google Scholar
• Taylor , W. 1990 . Can big owners make a big difference? . Harvard Business Review , : 70 – 82 . (Sept./Oct.)
   Google Scholar
• Technomic Inc . 1998 . Update of analysis of the 100 largest US chain restaurant companies , Chicago , IL : Technomic Information Services. .
   Google Scholar
• Technomic Inc . 2010 . Technomic top 500 annual report details slow down in chain restaurant growth rates . Businesswire. , March 25
   Google Scholar
• Tihanyi , L. , Johnson , R. , Hoskisson , R. and Hitt , M. 2003 . Institutional ownership differences and international diversification: The effects of boards of directors and technological opportunity . Academy of Management Journal , 46 ( 2 ) : 195 – 211 .
   Web of Science ®Google Scholar
• Tsai , H. and Gu , Z. 2007 . Institutional ownership and firm performance: Empirical evidence from U.S.-based publicly traded restaurant firms . Journal of Hospitality & Tourism Research , 31 ( 1 ) : 19 – 38 .
   Google Scholar
• Zahra , S. , Neubaum , D. and Huse , M. 2000 . Entrepreneurship in medium-size companies: Exploring the effects of ownership and governance systems . Journal of Management , 26 ( 5 ) : 947 – 976 .
   Web of Science ®Google Scholar