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dc.contributor.authorSkalpe, Ole
dc.date.accessioned2024-06-05T07:33:27Z
dc.date.available2024-06-05T07:33:27Z
dc.date.issued2003
dc.identifier.urihttps://thuvienso.hoasen.edu.vn/handle/123456789/15307
dc.descriptionTourism Management 24 (2003) 623–634vi
dc.description.abstractThe purpose of this paper is to apply accounting-based risk measures to describe and compare the risk involved in accommodation and restaurants to three other industries. It is found that the variation in earnings is particularly high in construction, but also significant in accommodation and restaurants. The volatility in construction is caused by variance in sales. Construction companies experience low profits when the economy is depressed, while earnings boom when the economy progresses. On the other hand, earnings in retail are stable. It appears that retailing provides low risk and steady profits. The sales variance in accommodation and restaurants is fairly low. The high variability in earnings is mainly caused by operational and financial leverage. Despite the high total risk, hotels and restaurants earn less profit than the other industries examined. Apparently, the market does not reward self-inflicted risk induced by high leverage. Perhaps Norwegian accommodation providers and restaurant keepers have concerns other than maximising profit and minimising risk, and owners’ lifestyles are reflected in the financial accounts. An alternative explanation might be that the accommodation/catering sector has had unrealistic expectations in the period covered by the researchvi
dc.language.isoenvi
dc.publisherElserviervi
dc.subjectHotel financial performance; Restaurants; Norway; Financial risk accountingvi
dc.titleHotels and restaurants—are the risks rewarded? Evidence from Norwayvi
dc.typeArticlevi


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