Financial Failure In the Hospitality Industry

The hospitality industry (especially the restaurant segment) has a historically high rate of financial failures. Yet, financial failure in the industry has not received the attention it deserves. In this article, the authors identify basic reasons underlying failed ideas while presenting a study of several hospitality chains that have experienced varying degrees of financial failure. The characteristics and pitfalls of these companies provide the necessary groundwork to explore major lessons to be learned which should aid hospitality management to aviod future business failures.

Frameworks for Systemic and Structural Analysis of Financial Innovations in Infrastructure

Financial innovations have emerged globally to close the gap between the rising global demand for infrastructures and the availability of financing sources offered by traditional financing mechanisms such as fuel taxation, tax-exempt bonds, and federal and state funds. The key to sustainable innovative financing mechanisms is effective policymaking. This paper discusses the theoretical framework of a research study whose objective is to structurally and systemically assess financial innovations in global infrastructures. The research aims to create analysis frameworks, taxonomies and constructs, and simulation models pertaining to the dynamics of the innovation process to be used in policy analysis. Structural assessment of innovative financing focuses on the typologies and loci of innovations and evaluates the performance of different types of innovative financing mechanisms. Systemic analysis of innovative financing explores the determinants of the innovation process using the System of Innovation approach. The final deliverables of the research include propositions pertaining to the constituents of System of Innovation for infrastructure finance which include the players, institutions, activities, and networks. These static constructs are used to develop a hybrid Agent-Based/System Dynamics simulation model to derive propositions regarding the emergent dynamics of the system. The initial outcomes of the research study are presented in this paper and include: (a) an archetype for mapping innovative financing mechanisms, (b) a System of Systems-based analysis framework to identify the dimensions of Systems of Innovation analyses, and (c) initial observations regarding the players, institutions, activities, and networks of the System of Innovation in the context of the U.S. transportation infrastructure financing.

Private Club Financial Performance

This article reveals the median financial results for the club industry for 2011 using 24 financial ratios. The results are based on the submission of balance sheet and selected income statement numbers from 80 clubs. The ratios are reported as median results for the entire sample as well as the median results for the top and low performing clubs delineated by return on assets. The biggest differences between the two extreme groups of clubs are (1) average collection period, (2) operating cash flows to current liabilities and long-term debt, (3) fines interest earned, (4) fixed charge coverage ratio, (5) food and beverage inventory turnovers, (6) profit margin, (7) return on assets, (8) operating efficiency ratio, (9) labor cost percentage.

Short-term Trading in Long-term Funds: Implications for Financial Managers

Most hospitality firms do not consider managing stock portfolios to be a main part of their operations. They are in the service business, using their real assets and the services provided by employees to create valuable experiences for guests. However, the need to focus on stock investments arises through those employees. Employees consistently rank benefits, including retirement benefits, among the top five contributors to job satisfaction and as a key consideration in accepting a job.1 It is not surprising, then, that more than 90 percent of companies with 500 or more employees offer retirement plans. The five largest hotel companies in the U.S. have over $10 billion in assets under management in their retirement plans, making these plans a key component in retirement investment decisions.

Asset Management and Investment Banking

We find evidence that conflicts of interest are pervasive in the asset management business owned by investment banks. Using data from 1990 to 2008, we compare the alphas of mutual funds, hedge funds, and institutional funds operated by investment banks and non-bank conglomerates. We find that, while no difference exists in performance by fund type, being owned by an investment bank reduces alphas by 46 basis points per year in our baseline model. Making lead loans increases alphas, but the dispersion of fees across portfolios decreases alphas. The economic loss is $4.9 billion per year.

Hospitality Management Accounting: Current Problems and Future Opportunities

This paper discusses areas for future research opportunities by addressing accounting issues faced by management accountants practicing in hospitality organizations. Specifically, the article focuses on the use of the uniform system of accounts by operating properties, the usefulness of allocating support costs to operated departments, extending our understanding of operating costs and performance measurement systems and the certification of practicing accountants.

Durable (Financial) Power of Attorney, July 28, 2014

What is a financial power of attorney (FPOA)? A FPOA is a document authorizing an agent to make financial management decisions for the principal. The agent is the person that will be managing the principal���s finances, so it is important to choose someone trustworthy; someone who will not abuse or exploit this power, will listen to the principal���s wishes included in the document or otherwise communicated to the agent, and will look out for the principal���s best interests.

Role of financial and other information in trade credit decisions in SMEs: An international study

Trade credit is an important source of finance for SMEs and this study investigates the use of the financial statements and other information in making trade credit decisions in smaller entities in Finland, the UK, USA and South Africa. The study adds to the literature by examining the information needs of unincorporated entities as a basis for making comparisons with small, unlisted companies. In-depth, semi-structured interviews in each country were used to collect data from the owner-managers of SMEs and from credit rating agencies and credit insurers. The findings provide insights into similarities and differences between countries and between developed and developing economies. The evidence suggests that there are three main influences on the trade credit decision: formal and report-based information, soft information relating to social capital and contingency factors. The latter dictate the extent to which hard/formal information versus soft/informal information is used.

Financial Characteristics of Family Businesses and Financial Aspects of Succession

Family businesses are special in many respects. By examining their financial characteristics one can come to unique conclusions/results. This paper explores the general characteristics of the financial behaviour of family businesses, presents the main findings of the INSIST project���s company case studies concerning financing issues and strategies, and intends to identify the financial characteristics of company succession. The whole existence of family businesses is characterized by a duality of the family and business dimensions and this remains the case in their financial affairs. The financial decisions in family businesses (especially SMEs) are affected by aspects involving a duality of goals rather than exclusively profitability, the simultaneous presence of family and business financial needs, and the preferential handling of family needs at the expense of business needs (although it has to be said that there is evidence of family investments being postponed for the sake of business, too. Family businesses, beyond their actual effectiveness, are guided by individual goals like securing living standards, ensuring workplaces for family members, stability of operation, preservation of the company���s good reputation, and keeping the company���s size at a level that the immediate family can control and manage. The INSIST project���s company case studies revealed some interesting traits of family business finances like the importance of financial support from the founder���s family during the establishment of the company, the use of bootstrapping techniques, the financial characteristics of succession, and the role of family members in financial management.

Perspectiva das mulheres na avalia����o do Programa de Humaniza����o do Pr��-Natal e Nascimento

OBJETIVO: Analisar a import��ncia da inclus��o da perspectiva das mulheres na avalia����o do Programa de Humaniza����o do Pr��-Natal e Nascimento. PROCEDIMENTOS METODOL��GICOS: Estudo qualitativo realizado em base a dados prim��rios coletados para a avalia����o do Programa de Humaniza����o do Pr��-Natal e Nascimento, do Minist��rio da Sa��de, em 2003, em sete munic��pios das cinco regi��es do Brasil, selecionados a partir de dados extra��dos de sistemas de bancos de dados oficiais j�� existentes. Um dos atores considerado fundamental para a coleta de informa����es foi a mulher atendida pelo Programa, abordada por meio de dezesseis grupos focais realizados em unidades de sa��de. Para o tratamento dos dados emp��ricos foi utilizado o m��todo do Discurso do Sujeito Coletivo. A an��lise e discuss��o foram realizadas com o apoio dos conceitos em sa��de p��blica de acessibilidade e Sa��de Paid��ia. AN��LISE DOS RESULTADOS: O Programa estudado normatiza para todos os servi��os de sa��de do pa��s os procedimentos para a aten����o ao pr��-natal e o parto e os fluxos a serem observados. A an��lise do discurso das gestantes, nos grupos focais realizados, trouxe clareza quanto �� disson��ncia existente entre muitas dessas recomenda����es e os desejos e necessidades da mulher, o que faz com que ela procure tra��ar para si um outro fluxo de atendimentos. Esta ocorr��ncia traz preju��zos ao v��nculo que estabelece com o servi��o de sa��de, al��m de dificuldades de controle pelo servi��o do seguimento real que est�� sendo oferecido. CONCLUS��ES: A reflex��o realizada do Programa, tomando por base a perspectiva das mulheres atendidas, identificou aspectos cuja considera����o no momento da avalia����o poderia resultar em maior efetividade e humaniza����o do controle pr��-natal oferecido

O modelo organiza????es sociais: li????es e oportunidades de melhoria

As Organiza????es Sociais (OS) s??o organiza????es sem fins lucrativos, ???qualificadas??? para absorver atividades executadas por organiza????es p??blicas, nos termos e condi????es estabelecidas em contratos de gest??o firmados entre organiza????es e o governo. Este artigo relata os principais resultados do semin??rio ???O modelo OS: li????es e oportunidades de melhorias???, realizado em outubro de 2001, do qual participaram gestores e t??cnicos da Secretaria de Gest??o (SEGES), de OS, de ??rg??os supervisores dessas organiza????es, de ??rg??os intervenientes, e especialistas em gest??o p??blica. Com rela????o ??s OS analisadas, pode-se perceber que: a) h?? controv??rsias e ambig??idades quanto ?? sua natureza jur??dica e quanto ao processo de avalia????o dessas organiza????es; b) a gest??o de recursos humanos ?? afetada pela exist??ncia de grupos submetidos a distintos regimes de trabalho, isto ??, Estatuto dos Funcion??rios P??blicos e Consolida????o das Leis do Trabalho; c) a gest??o de recursos financeiros ?? marcada pela irregularidade no fluxo dos referidos recursos; e d) o controle dos bens p??blicos ocorre de forma fr??gil e o processo de compra est?? sendo realizado sem problemas. Com base nessas considera????es, o documento prop??e algumas sugest??es de aperfei??oamento do modelo OS.

O plano plurianual municipal no sistema de planejamento e or??amento brasileiro

A partir da perspectiva do New Public Financial Management, o artigo traz os aspectos t??cnicos e pol??ticos que permearam o desenvolvimento do sistema de planejamento e or??amento brasileiro. Considerando os condicionantes dos momentos hist??ricos que interferiram em seu desenvolvimento, s??o identificadas caracter??sticas pol??ticas, t??cnicas e metodol??gicas incidentes no controle financeiro, nas melhorias administrativas, no planejamento e, finalmente, na tend??ncia participativa decorrente da amplia????o de espa??os democr??ticos. Em seguida, s??o apresentados o tratamento constitucional dado ao Plano Plurianual e o aperfei??oamento do sistema de planejamento e or??amento trazido pela Lei de Responsabilidade Fiscal. S??o destacadas, para o caso municipal, as inova????es contidas no Estatuto da Cidade, com reflexos no Plano Plurianual Municipal. Ressalta-se a import??ncia do processo de planejamento e or??amento na execu????o das pol??ticas p??blicas, enfatizando as dificuldades ainda existentes quanto ?? regula????o do sistema de planejamento e or??amento para permitir o imbricamento dessas pol??ticas entre as tr??s esferas federativas.

Olhares acerca do processo de constru����o dos Projetos Pol��ticos Pedag��gicos dos cursos T��cnicos Integrados ao Ensino M��dio de Jovens e Adultos no contexto do Ifes campus Vit��ria

Este trabalho �� resultado da investiga����o que teve como objetivo analisar o processo de constru����o dos Projetos Pol��ticos Pedag��gicos dos cursos do Proeja no contexto do Ifes campus Vit��ria. O problema de pesquisa buscou captar os movimentos e as experi��ncias desencadeados nesse processo. No percurso metodol��gico, com ��nfase na pesquisa qualitativa, foi necess��rio entrela��ar duas abordagens: a etnografia escolar e a pesquisa-a����o em fun����o da atua����o profissional da pesquisadora no l��cus de estudo. Variados instrumentos foram utilizados para levantamento e a produ����o dos dados, dentre os quais: question��rios, entrevistas, di��rio de campo das observa����es, pesquisa bibliogr��fica e documental. Participaram da pesquisa aproximadamente 80 pessoas, entre docentes, alunos e gestores, abordados em contextos espec��ficos: o grupo de forma����o continuada, a comiss��o dos projetos, o encontros dos alunos, a reuni��o intermedi��ria dentre outros. O referencial te��rico-metodol��gico pautado na perspectiva do materialismo hist��rico dial��tico embasou toda a trajet��ria investigativa, em coer��ncia com a base da produ����o das pesquisas sobre trabalho e educa����o e por se constituir a refer��ncia que fundamenta os princ��pios estruturantes do curr��culo integrado na perspectiva da forma����o humana. Por meio da met��fora dos observat��rios, focamos nossas lentes sobre as quest��es que desafiaram a constru����o dos projetos pol��ticos pedag��gicos e sua coer��ncia com os princ��pios epistemol��gicos, pol��ticos e pedag��gicos do Proeja. Nesse movimento, diversos olhares foram captados, possibilitando-nos levantar os seguintes resultados: o percurso de constru����o dos projetos foi marcado por contradi����es que perpassam todo o processo e que constitu��ram um debate prof��cuo que tenciona a gest��o pedag��gica, administrativa e financeira do Ifes campus Vit��ria. O movimento se constituiu tamb��m em um processo de constru����o, partilha de saberes e experi��ncias, impulsionado pela busca da apreens��o dos sentidos da integra����o, que contraditoriamente n��o alcan��ou seus objetivos, embora n��o se possa negar os resultados positivos do processo no interior da Institui����o. Dessa forma, os desafios para efetiva����o da forma����o integrada no Ifes persistem. Ganha centralidade nessa discuss��o os sujeitos a quem o programa se volta e suas demandas de forma����o, bem como as condi����es materiais de oferta dos cursos e de forma especial as condi����es de envolvimento dos professores com o programa e as reflex��es sobre suas pr��ticas.

The convergence of the Central American countries to International Accounting Standards

Abstract: In the last few decades, Central American countries are making a significant effort in order to modernize their governments' legislation both on financial management and systems of financial information. In this sense, these countries aim to enhance the quality of public financial information in order to improve decision-making processes, decrease the level of corruption, and keep citizens informed. In this context, the purpose of this paper is twofold. Firstly, to assess the degree of similarity of the financial information that is being developed by Central American governments with regard to the recommendations set up by Ipsas, and secondly, to analyse the efforts and the strategies that those countries are carrying out in the process of implementing those standards. To determine the differences in the information containing the annual financial statements issued by national public authorities and the recommendations set up by Ipsas we conducted a deductive content analysis. In view of the results we can say that the quality of annual financial statements presented by the countries in Central America, in comparison to the recommendations by the Ipsas concerning Ifac information, is not enough. Hence, in order to operate significant changes, it is still necessary to create new strategies for the implementation of the Ipsas.

O papel do fundo de maneio das pequenas e m��dias empresas

Disserta����o de Mestrado em Finan��as Empresariais