Geographical Diversification, Risk and Firm Performance of US Casinos

References

• Akehurst , G. P. 1984 . The measurement of concentration in the hospitality industry . International Journal of Hospitality Management , 3 ( 1 ) : 25 – 33 .
   Google Scholar
• Amihud , Y. and Lev , B. 1981 . Risk reduction as a managerial motive for conglomerate mergers . Bell Journal of Economics , 12 ( 2 ) : 605 – 617 .
   Google Scholar
• Amit , R. and Livnat , J. 1988 . Diversification strategies, business cycles and economic performance . Strategic Management Journal , 9 ( 2 ) : 99 – 110 .
   Web of Science ®Google Scholar
• Anastassopoulos , G. , Filippaios , F. and Phillips , P. 2007 . “ An ‘eclectic’ investigation of tourism multinationals’ activities: Evidence from the hotels and hospitality sector in Greece. Hellenic Observatory Papers on Greece and Southeast Europe ” . Available at http://eprints.lse.ac.uk/5614/1/GreeSE%2520No8.pdf (accessed 4 August 2011)
   Google Scholar
• Andersen , T. G. , Bollerslev , T. , Diebold , F. X. and Ebens , H. 2001 . The distribution of realized stock return volatility . Journal of Financial Economics , 61 ( 1 ) : 43 – 76 .
   Web of Science ®Google Scholar
• Anderson , D. R. , Sweeney , D. J. and Williams , T. A. 2005 . Statistics for Business and Economics , 9th edn , Mason , OH : South Western .
   Google Scholar
• Barney , J. 1991 . Firm resources and sustained competitive advantage . Journal of Management , 17 ( 1 ) : 99 – 120 .
   Web of Science ®Google Scholar
• Barton , S. L. 1988 . Diversification strategy and systematic risk: Another look . Academy of Management Journal , 31 ( 1 ) : 166 – 175 .
   Web of Science ®Google Scholar
• Basham , M. and Kwon , E. Y. 2009 . Industry Surveys: Lodging & Gaming , New York : Standard & Poor's .
   Google Scholar
• Belsley , D. A. , Kuh , E. and Welsch , R. E . 1980 . Regression Diagnostics: Identifying Influential Data and Sources of Collinearity , New York : John Wiley & Sons .
   Google Scholar
• Berger , A. N. and Deyoung , R. 2001 . The effects of geographic expansion on bank efficiency . Journal of Financial Service Research , 19 ( 2–3 ) : 163 – 184 .
   Web of Science ®Google Scholar
• Bers , M. and Springer , T. M. 1997 . Economies-of-scale for real estate investment trusts . Journal of Real Estate Research , 14 ( 3 ) : 275 – 290 .
   Google Scholar
• Bodnar , G. M. , Tang , C. and Weintrop , J. 1999 . “ Both sides of corporate diversification: The value impacts of global and industrial diversification ” . Available athttp://papers.ssrn.com/sol3/papers.cfm?abstract_id=217869 (accessed 18 July 2009)
   Google Scholar
• Borde , S. F. 1998 . Risk diversity across restaurants: An empirical analysis . Cornell Hotel and Restaurant Administration Quarterly , 39 ( 2 ) : 64 – 69 .
   Google Scholar
• Borde , S. F. , Chambliss , K. and Madura , J. 1994 . Explaining variation in risk across insurance Companies . Journal of Financial Services Research , 8 ( 3 ) : 177 – 191 .
   Google Scholar
• Brealey , R. and Myers , S. 2003 . Principles of Corporate Finance , 5th edn , New York : McGraw-Hill/Irwin .
   Google Scholar
• Brueggeman , W. B. and Fisher , J. 2005 . Real Estate Finance and Investments , New York : McGraw-Hill/Irwin .
   Google Scholar
• Buhner , R. 1987 . Assessing international diversification of West German corporations . Strategic Management Journal , 8 ( 1 ) : 25 – 37 .
   Web of Science ®Google Scholar
• Campbell , J. Y. , Lettau , M. , Malkiel , B. G. and Xu , Y. 2001 . Have individual stocks become more volatile? An empirical exploration of idiosyncratic risk . Journal of Finance , 56 ( 1 ) : 1 – 43 .
   Web of Science ®Google Scholar
• Capar , N. and Kotabe , M. 2003 . The relationship between international diversification and performance in service firms . Journal of International Business Studies , 34 ( 4 ) : 345 – 355 .
   Web of Science ®Google Scholar
• Caves , R. E. 1982 . Multinational Enterprise and Economic Analysis , Cambridge , , UK : Cambridge University Press .
   Google Scholar
• Chatterjee , S. and Wernerfelt , B. 1991 . The link between resources and type of diversification: Theory and evidence . Strategic Management Journal , 12 ( 1 ) : 33 – 48 .
   Web of Science ®Google Scholar
• Cheng , P. and Roulac , S. E. 2007 . Measuring the effectiveness of geographical diversification . Journal of Real Estate Portfolio Management , 13 ( 1 ) : 29 – 44 .
   Google Scholar
• Chong , B. S. 1991 . The effects of interstate banking on commercial banks’ risk and profitability . The Review of Economics and Statistics , 73 ( 1 ) : 78 – 84 .
   Web of Science ®Google Scholar
• Chung , K. H. and Pruitt , S. W. 1994 . A simple approximation of Tobin's q . Financial Management , 23 ( 3 ) : 70 – 74 .
   Web of Science ®Google Scholar
• Coles , T. and Hall , C. M. 2008 . International Business and Tourism: Global Issues, Contemporary Interactions , London : Routledge .
   Google Scholar
• Corgel , J. B. and deRoos , J. A. 1997 . Hotel investments in the portfolio: Are they part of the core? . Real Estate Finance , 14 ( 2 ) : 29 – 37 .
   Google Scholar
• Demsetz , R. S. and Strahan , P. E. 1997 . Diversification, size, and risk at bank holding companies . Journal of Money, Credit, and Banking , 29 ( 3 ) : 300 – 313 .
   Web of Science ®Google Scholar
• Deng , S. and Elyasiani , E. 2008 . Geographic diversification, bank holding company value, and risk . Journal of Money, Credit, and Banking , 40 ( 6 ) : 1217 – 1238 .
   Web of Science ®Google Scholar
• Denis , D. J. , Denis , D. K. and Sarin , A. 1994 . The information content of dividend changes: Cash flow signaling, overinvestment, and dividend clienteles . The Journal of Financial and Quantitative Analysis , 29 ( 4 ) : 567 – 587 .
   Web of Science ®Google Scholar
• Denis , D. J. , Denis , D. K. and Yost , K. 2002 . Global diversification, industrial diversification, and firm value . Journal of Finance , 57 ( 5 ) : 1951 – 1979 .
   Web of Science ®Google Scholar
• D’Hauteserre , A.-M. 2001 . Representations of rurality: Is Foxwoods Casino Resort threatening the quality of life in southeastern Connecticut? . Tourism Geographies , 3 ( 4 ) : 405 – 429 .
   Google Scholar
• Doukas , J. A. and Lang , L. H. P. 2003 . Foreign direct investment, diversification and firm performance . Journal of International Business Studies , 4 ( 2 ) : 153 – 172 .
   Google Scholar
• Eadington , W. R. 1996 . The legalization of casinos: Policy objectives, regulatory alternatives, and cost/benefit considerations . Journal of Travel Research , 34 ( 3 ) : 3 – 8 .
   Google Scholar
• Eadington , W. R. 1999 . “ The spread of casinos and their role in tourism development ” . In Contemporary Issues in Tourism Development , Edited by: Pearce , D. G. and Butler , R. W. 127 – 142 . London : Routledge .
   Google Scholar
• Egelhoff , W. G. 1982 . Strategy and structure in multinational corporations: an information processing approach . Administrative Science Quarterly , 27 ( 3 ) : 435 – 458 .
   Web of Science ®Google Scholar
• Ghoshal , S. 1987 . Global strategy: An organizing framework . Strategic Management Journal , 8 ( 5 ) : 425 – 440 .
   Web of Science ®Google Scholar
• Gomes , L. and Ramaswamy , K. 1999 . An empirical examination of the form of the relationship between multinationality and performance . Journal of International Business Studies , 30 ( 1 ) : 173 – 188 .
   Web of Science ®Google Scholar
• Grant , R. M. , Jammine , A. P. and Thomas , H. 1988 . Diversity, diversification, and profitability among British manufacturing companies . Academy of Management Journal , 31 ( 4 ) : 1972 – 84 . 771 – 801 .
   Google Scholar
• Gu , Z. and Kim , H. 2003 . An examination of the determinants of hotel REITs’ unsystematic risk . Journal of Hospitality & Tourism Research , 27 ( 2 ) : 166 – 184 .
   Google Scholar
• Gujarati , D. N. 2006 . Essentials of Econometrics , 3rd edn , Boston : McGraw-Hill .
   Google Scholar
• Hall , C. M. 2010 . Crisis events in tourism: Subjects of crisis in tourism . Current Issues in Tourism , 13 ( 5 ) : 401 – 417 .
   Web of Science ®Google Scholar
• Hall , C. M. and Hamon , C. 1996 . Casinos and urban redevelopment in Australia . Journal of Travel Research , 34 ( 3 ) : 30 – 36 .
   Google Scholar
• Hall , C. M. and Williams , A. M. 2008 . Tourism and Innovation , London : Routledge .
   Google Scholar
• Hamada , R. S. 1972 . The effect of the firm's capital structure on the systematic risk of common Stocks . Journal of Finance , 27 ( 2 ) : 435 – 452 .
   Web of Science ®Google Scholar
• Hamel , G. 1991 . Competition for competence and interpartner learning within international strategic alliances . Strategic Management Journal , 12 ( summer ) : 83 – 103 .
   Web of Science ®Google Scholar
• Hitt , M. A. , Hoskisson , R. E. and Ireland , R. D. 1994 . A mid-range theory of the interactive effects of international and product diversification on innovation and performance . Journal of Management , 20 ( 2 ) : 297 – 326 .
   Web of Science ®Google Scholar
• Hitt , M. A. , Hoskisson , R. E. 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
• Hospitality Trends . 2009 . “ Boyd gaming reports first quarter results ” . Available athttp://www.htrends.com/modules.php?op=modload&name=trends&file=detail&sid=38679 (accessed 21 July 2009)
   Google Scholar
• Hsu , L. and Jang , S. 2008 . The determinant of the hospitality industry's unsystematic risk: A comparison between hotel and restaurant firms . International Journal of Hospitality & Tourism Administration , 9 ( 2 ) : 105 – 127 .
   Google Scholar
• Hughes , J. S. , Logue , D. E. and Sweeney , R. J. 1975 . Corporate international diversification and market measures of risk and diversification . Journal of Financial and Quantitative Analysis , 10 ( 4 ) : 627 – 637 .
   Web of Science ®Google Scholar
• Hurdle , G. J. 1974 . Leverage, risk, market structure and profitability . Review of Economics and Statistics , 56 ( 4 ) : 478 – 485 .
   Web of Science ®Google Scholar
• Hymer , S. H. 1976 . A Study of Direct Foreign Investment , Cambridge , MA : MIT Press .
   Google Scholar
• Jacquillat , B. and Solnik , B. H. 1978 . Multinationals are poor tools for diversification . Journal of Portfolio Management , 4 ( 2 ) : 8 – 12 .
   Google Scholar
• Jang , S. and Tang , C. 2009 . Simultaneous impacts of international diversification and financial leverage on profitability . Journal of Hospitality & Tourism Research , 33 ( 3 ) : 347 – 368 .
   Web of Science ®Google Scholar
• Jensen , M. C. 1986 . Agency costs of free cash flow, corporate finance, and takeovers . American Economic Review , 76 ( 2 ) : 323 – 329 .
   Web of Science ®Google Scholar
• Jensen , M. C. and Murphy , K. J. 1990 . Performance pay and top-management incentives . Journal of Political Economy , 98 ( 2 ) : 225 – 264 .
   Web of Science ®Google Scholar
• Jones , G. R. and Hill , C. W. 1988 . Transaction cost analysis of strategy-structure choice . Strategic Management Journal , 9 ( 2 ) : 159 – 172 .
   Web of Science ®Google Scholar
• Jose , M. L. , Nichols , L. M. and Stevens , J. L. 1986 . Contribution of diversification, promotion, and R&D to the value of multiproduct firms: a Tobin's q approach . Financial Management , 15 ( 4 ) : 33 – 42 .
   Web of Science ®Google Scholar
• Kim , C. W. , Hwang , P. and Burgers , W. P. 1989 . Global diversification strategy and corporate profit performance . Strategic Management Journal , 10 ( 1 ) : 45 – 57 .
   Web of Science ®Google Scholar
• Kim , C. W. , Hwang , P. and Burgers , W. P. 1993 . Multinationals’ diversification and the risk-return trade-off . Strategic Management Journal , 14 ( 4 ) : 275 – 286 .
   Web of Science ®Google Scholar
• Kim , W. , Ryan , B. and Ceschini , S. 2007 . Factors affecting systematic risk in the US restaurant industry . Tourism Economics , 13 ( 2 ) : 197 – 208 .
   Google Scholar
• Kogut , B. 1985 . Designing global strategies: Profiting from operating flexibility . Sloan Management Review , 27 ( 1 ) : 27 – 38 .
   Google Scholar
• Kotabe , M. , Srinivasan , S. S. and Aulakh , P. S. 2002 . Multinationality and firm performance: The moderating role of R&D and marketing capabilities . Journal of International Business Studies , 33 ( 1 ) : 79 – 97 .
   Web of Science ®Google Scholar
• Lang , L. H. P. and Stulz , R. M. 1994 . Tobin's q, corporate diversification, and firm performance . Journal of Political Economy , 102 ( 6 ) : 1248 – 1280 .
   Web of Science ®Google Scholar
• Lee , C.-K. , Kang , S. and Reisinger , Y. 2010 . Community attachment in two rural gaming communities: Comparisons between Colorado gaming communities, USA and Gangwon gaming communities, South Korea . Tourism Geographies , 12 ( 1 ) : 140 – 168 .
   Web of Science ®Google Scholar
• Lee , J. and Jang , S. 2007 . The systematic-risk determinants of the US airline industry . Tourism Management , 28 ( 2 ) : 434 – 442 .
   Web of Science ®Google Scholar
• Lev , B. 1974 . On the association between operating leverage and risk . Journal of Financial and Quantitative Analysis , 9 ( 4 ) : 627 – 641 .
   Web of Science ®Google Scholar
• Liang , N. and Rhoades , S. A. 1988 . Geographic diversification and risk in banking . Journal of Economics and Business , 40 ( 4 ) : 271 – 284 .
   Web of Science ®Google Scholar
• Lintner , J. 1965 . The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets . Review of Economics and Statistics , 47 ( 1 ) : 13 – 39 .
   Web of Science ®Google Scholar
• Logue , D. E. and Merville , L. J. 1972 . Financial policy and market expectations . Financial Management , 1 ( 3 ) : 37 – 44 .
   Google Scholar
• Lubatkin , M. and Chatterjee , S. 1994 . Extending modern portfolio theory into the domain of corporate diversification: Does it apply? . Academy of Management Journal , 37 ( 1 ) : 109 – 136 .
   Web of Science ®Google Scholar
• Lubatkin , M. and O’Neill , H. M. 1987 . Merger strategies and capital market risk . Academy of Management Journal , 30 ( 4 ) : 665 – 684 .
   Web of Science ®Google Scholar
• MacLaurin , T. and MacLaurin , D. 2003 . Casino gaming and tourism in Canada . International Journal of Contemporary Hospitality Management , 15 ( 6 ) : 328 – 332 .
   Google Scholar
• Markowitz , H. 1952 . Portfolio selection . Journal of Finance , 7 ( 1 ) : 77 – 91 .
   Web of Science ®Google Scholar
• McConnell , J. J. and Servaes , H. 1990 . Additional evidence on equity ownership and corporate value . Journal of Financial Economics , 27 ( 2 ) : 595 – 612 .
   Web of Science ®Google Scholar
• Miller , J. C. and Pras , B. 1980 . The effects of multinational and export diversification on the profit stability of US corporations . Southern Economic Journal , 46 ( 3 ) : 792 – 805 .
   Web of Science ®Google Scholar
• Miller , K. D. and Bromiley , P. 1990 . Strategic risk and corporate performance: An analysis of alternative risk measures . Academy of Management Journal , 33 ( 4 ) : 756 – 779 .
   Web of Science ®Google Scholar
• Montgomery , C. A. and Singh , H. 1994 . Diversification strategy and systematic risk . Strategic Management Journal , 5 ( 2 ) : 181 – 191 .
   Google Scholar
• Moyer , R. C. and Chartfield , R. 1983 . Market power and systematic risk . Journal of Economics and Business , 35 ( 1 ) : 123 – 130 .
   Web of Science ®Google Scholar
• Nachum , L. 2004 . Geographic and industrial diversification of developing country firms . Journal of Management Studies , 41 ( 2 ) : 273 – 294 .
   Web of Science ®Google Scholar
• Piner , J. M. and Paradis , T. W. 2004 . Beyond the casino: Sustainable tourism and cultural development on Native American lands . Tourism Geographies , 6 ( 1 ) : 80 – 98 .
   Google Scholar
• Propper , C. , Burgess , S. and Green , K. 2004 . Does competition between hospitals improve the quality of care? Hospital death rates and the NHS internal market . Journal of Public Economics , 88 ( 7–8 ) : 1247 – 1272 .
   Web of Science ®Google Scholar
• Roehl , W. S. 1996 . Competition, casino spending, and use of casino amenities . Journal of Travel Research , 34 ( 3 ) : 57 – 62 .
   Google Scholar
• Rugman , A. M. 1976 . Risk reduction by international diversification . Journal of International Business Studies , 7 ( 2 ) : 75 – 80 .
   Web of Science ®Google Scholar
• Senchack , A. J. and Beedles , W. L. 1980 . Is indirect international diversification desirable? . Journal of Portfolio Management , 6 ( 2 ) : 49 – 57 .
   Google Scholar
• Sharpe , W. F. 1964 . Capital asset prices: A theory of market equilibrium under conditions of risk . Journal of Finance , 19 ( 3 ) : 425 – 442 .
   Web of Science ®Google Scholar
• Simonoff , E. and Baig , E. 1997 . The right way to invest in REITs . Business Week , 14 April : 110
   Google Scholar
• Stulz , R. M. 1990 . Managerial discretion and optimal financing policies . Journal of Financial Economics , 26 ( 1 ) : 3 – 27 .
   Web of Science ®Google Scholar
• Tallman , S. and Li , J. 1996 . Effects of international diversity and product diversity on the performance of multinational firms . Academy of Management Journal , 39 ( 1 ) : 179 – 196 .
   Web of Science ®Google Scholar
• Vernon , R. 1966 . International investment and international trade in the product life cycle . Quarterly Journal of Economics , 80 ( 2 ) : 190 – 207 .
   Web of Science ®Google Scholar
• Wernerfelt , B. and Montgomery , C. A. 1988 . Tobin's q and the importance of focus in firm performance . The American Economic Review , 78 ( 1 ) : 246 – 250 .
   Web of Science ®Google Scholar
• Wilson , G. and Jadlow , J. M. 1982 . Competition, profit incentives, and technical efficiency in the provision of nuclear medicine services . The Bell Journal of Economics , 13 ( 2 ) : 472 – 484 .
   Google Scholar