Moderating Effects of Capital Intensity on the Relationship Between Leverage and Financial Distress in the U.S. Restaurant Industry

Seoki Lee
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引用次数: 2

Abstract

ABSTRACT The main purpose of this current study is to examine a moderating effect of capital intensity on the relationship between leverage and financial distress for publicly traded U.S. restaurant firms during the period 1990–2008. Two specific research questions are: (1) Do a firm's leverage and capital intensity influence the firm's financial distress? (2) Does a firm's capital intensity moderate the effect of the firm's leverage on financial distress? The findings suggest that capital intensity shows a significant and positive moderating effect. While leverage increases the degree of financial distress, and capital intensity decreases the degree, independently, the magnitude of leverage's worsening impact on financial distress decreases as the level of capital intensity increases.
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资本密集度对美国餐饮业杠杆与财务困境关系的调节作用
本研究的主要目的是考察1990-2008年期间美国上市餐饮公司的资本密集度对杠杆和财务困境之间关系的调节作用。两个具体的研究问题是:(1)企业的杠杆率和资本密集度是否影响企业的财务困境?(2)企业的资本密集度是否会调节企业杠杆对财务困境的影响?研究结果表明,资本密集度具有显著的正向调节作用。虽然杠杆会增加财务困境的程度,而资本密集度会降低财务困境的程度,但独立地,杠杆对财务困境的恶化影响程度会随着资本密集度的增加而减小。
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