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| Tekijä: | Jang, S. |
| Otsikko: | Growth-focused or profit-focused firms: transitions toward profitable growth |
| Lehti: | Tourism Management
2011 : JUN, VOL. 32:3, p. 667-674 |
| Asiasana: | growth profit liquidity constraints cash flow companies by size |
| Kieli: | eng |
| Tiivistelmä: | Profitable growth is the most desired state tourism and hospitality firms hope to achieve. In reality, however, consistent profitable growth it is not easy for a tourism and hospitality firm. In order to achieve profitable growth, some firms concentrate on sales growth, victimizing profits, whereas others focus on profits and hold off on growth. To improve understanding of these strategies, this article examines the growth state, profit state and transitions of restaurant firms. The results imply profit-focused firms to be more likely to achieve profitable growth than growth-focused firms. Additionally, growth-focused firms with low liquidity had a higher probability of shifting to a state of low growth and low profit in the short-term, and this liquidity effect was more severe for small firms in long-term performance perspective. Further, when profit-focused firms had weak growth opportunities, large free cash flows increased the likelihood of shifting to low growth and profits in the short-term. |
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