Award Date

December 2015

Degree Type


Degree Name

Doctor of Philosophy (PhD)


Hotel Administration

First Committee Member

Michael C. Dalbor

Second Committee Member

Grace Chatfield

Third Committee Member

Toni Repetti

Fourth Committee Member

Seoki Lee

Fifth Committee Member

Robert Chatfield

Number of Pages



The purpose of this dissertation is to advance the theoretical and practical understanding

of the relationship between publicly traded U.S. restaurant firms’ internationalization as a

corporate strategy and risks using a comprehensive set of risk measures: 1) market-based risk (i.e., systematic and unsystematic risk) and 2) accounting-based risk (i.e., standard deviation of return on assets (ROA), return on equity (ROE), and earnings per share (EPS) during the period of 2000-2013. This dissertation further investigates linear, nonlinear, and lagged effects of internationalization on restaurant firms’ risks. In summary, the findings of this dissertation reveal that internationalization tends to mitigate systematic risk, supporting modern portfolio theory in a restaurant context. Furthermore, internationalization tends to have an inverted U-shaped relationship with ROA risk, indicating that the risk-increasing effects of internationalization on a restaurant firm’s ROA risk exist at the initial stage of internationalization while risk-reducing effects of internationalization on the restaurant firm’s ROA risk occur at the later stage of internationalization.


Accounting-based risk; Internationalization; Market-based risk; Restaurant firms


Corporate Finance | Finance | Finance and Financial Management

File Format


Degree Grantor

University of Nevada, Las Vegas




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