Person: ÖZDEMİR, Özgür
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Özgür
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ÖZDEMİR
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ArticlePublication Metadata only Underlying factors of ups and downs in financial leverage overtime(Sage, 2017-09-01) Kizildag, M.; Özdemir, Özgür; Hotel Management; ÖZDEMİR, ÖzgürWe present new stylized facts on the underlying reasons of US hospitality and tourism firms’ fluctuating levels of financial leverage during the period 1990–2015 using comprehensive micro- and macro-level accounting data overtime. To characterize this puzzling phenomenon, we quantified firm-specific and macroeconomic parameters and a diverse set of leverage proxies at various time frames with various structures. We further took account of the recent economic upheaval in our analyses so that we can compare firms’ leverage behavior as “before” and “after” the major economic turmoil in 2007–2009 periods. The primary themes of our arguments were that firm-specific leverage factors significantly influenced short-term leverage, while long-term leverage was mostly determined by macroeconomic indicators. Beyond that, book leverage was more favorable across firms than market leverage. Last, hospitality and tourism firms substantially extended their borrowing capacities, aggressively grew their leverage ratios, and dramatically increased collateral values leading to lower cost of borrowing due to relaxed lending standards in the aftermath of the recent upheaval. Our article complements previous work by examining whether leverage factors demonstrate discrepancies from the prior findings and by proposing rigorous industry-specific outlook and solution for the financial leverage literature.ArticlePublication Metadata only The effect of geographic dispersion on the initial and long-run ipo performance(Sage, 2017-09) Özdemir, Özgür; Hotel Management; ÖZDEMİR, ÖzgürThis study examines the effect of geographic dispersion on the short-run and long-run initial public offering (IPO) performance of restaurant firms. Sample of the study consists of 103 restaurant IPOs conducted between 1981 and 2011. The study finds that being geographically dispersed or concentrated in a small area does not lead to a significant difference in the initial returns of restaurant IPOs. Yet the analysis shows that restaurant firms with geographically dispersed operations have significantly higher long-run returns in the post-IPO period compared with their local counterparts. This is evidenced by the significantly larger cumulative abnormal returns for geographically dispersed restaurant firms in the post-IPO period.ArticlePublication Metadata only Is more better? The relationship between meeting space capacity and hotel operating performance(Elsevier, 2016-02) Madanoglu, M.; Özdemir, Özgür; Hotel Management; ÖZDEMİR, ÖzgürThis study examines the effect of meeting space capacity on hotel operating performance. We use Resource-Based View (RBV) of the firm as the theoretical foundation. We employ a national-level dataset with more than 20,000 hotels in the United States for the 2007–2012 period. We find that meeting space has a non-linear effect on hotel operating performance. That is, at low levels of meeting space, meeting space capacity is negatively related to hotel operating performance. At high levels of meeting space, meeting space capacity has a positive influence on operating performance. These findings provide insights for hotel owners, developers and practitioners in planning hotel meeting space capacity.ArticlePublication Metadata only What do we know about social media and firms’ financial outcomes so far?(Emerald Publishing Limited, 2017) Kizildag, M.; Altin, M.; Özdemir, Özgür; Demirer, I.; Hotel Management; ÖZDEMİR, ÖzgürPurpose: This paper aims to understand the emergence, the revolution and the relevant knowledge of academic research concentrating on social media (SM) and hospitality and tourism firms’ financial performance. The authors not only identified the gaps and critical issues in research but also re-conceptualized profound directions for the future research in technology and finance in the hospitality and tourism field. Design/methodology/approach: This study adopted an in-depth review analysis to investigate and review previous scholarly papers published in hospitality, tourism and hospitality and tourism journals from January 2011 to the present. The authors thoroughly analyzed and reviewed peer-reviewed/refereed, blind-reviewed, full-length published articles and working papers within SM and hospitality firms’ financial performance. Editor notes, prefaces, research notes, industry articles, internet publications, conference preceding, books and book chapters were excluded. Findings: Having examined the empirical content of 26 peer-reviewed scholarly articles, the authors clearly observed that none of the papers went beyond analyzing the effect of SM on hotels’ revenue per available room, revenues, net profit, average daily rate, occupancy rates, net operating income, etc., and all papers ignored the analysis of many critical financial proxies. Research limitations/implications: This critique and review paper is limited to the relationship between SM and firms’ financial performance within the hospitality and tourism context. Practical implications: This review provides a blueprint to guide future research, facilitate knowledge accumulation and create a new understanding and awareness in practice as well as SM and financial performance research. Social implications: This paper complements and adds to previous work by demonstrating various aspects, evidences, findings and inferences regarding the association between online SM platforms and firms’ financial performance and by proposing rigorous abstract and specific future extensions to both practice and discipline-specific knowledge. Originality/value: There is an absence of the most updated review study of published papers on SM and hospitality and tourism firms’ financial performance. Although how SM contributes to firms’ financial performance is clear to academicians and industry professionals, no solid consensus or theoretical certainty about what the authors know and do not know has been achieved.ArticlePublication Open Access Does risk matter in CEO compensation contracting? Evidence from US restaurant industry(Elsevier, 2013-09) Özdemir, Özgür; Kizildag, M.; Upneja, A.; Hotel Management; ÖZDEMİR, ÖzgürThe structure of compensation packages of Chief Executive Officers (CEOs) has been a significant research interest for researchers across various disciplines. In this paper, we examine a unique relationship between CEO compensation and risk (systematic risk) in the US restaurant industry. Our research question stems from the assumption that CEOs must be rewarded with a higher incentive-based compensation in high-risk profile restaurant companies in order to motivate them to perform in their full potential for mutual benefits of the CEO and shareowners. Furthermore, we investigate whether firm risk moderates the relationship between firm performance and CEO total compensation controlling for the firm size and CEO ownership. We draw our sample firms from the US restaurant industry. Findings of our study suggest that firm risk induces a higher proportion of incentive-based compensation for restaurant companies’ CEOs, and firm risk does not seem to moderate the relationship between pay and performance in the restaurant industry.ArticlePublication Open Access A synergy effect of internationalization and firm size on performance: US hotel industry(Emerald, 2014) Lee, S.; Upneja, A.; Özdemir, Özgür; Sun, K.- A.; Hotel Management; ÖZDEMİR, ÖzgürPurpose – The purpose of the current study is to investigate the existence of a negative synergy effect of internationalization and firm size on firm performance for publicly traded US hotels.Design/methodology/approach – The study performs the two-way fixed-effects model to investigate the proposed negative synergy effect.Findings – The findings do not support the proposed negative synergy effect, but support the positive synergy effect of internationalization and firm size on performance.Originality/value – This study examines the hypothesis developed based on the agency cost theory using the hotel industry's unique monitoring cost argument. However, findings support the opposite, implicitly suggesting that the hotel's monitoring cost in the international franchising context may not be severe as some expect.ArticlePublication Metadata only Does franchising matter on IPO performance?: An examination of underpricing and post-IPO performance(Emerald Publishing Limited, 2017) Özdemir, Özgür; Kizildag, M.; Hotel Management; ÖZDEMİR, ÖzgürPurpose - This paper has two main purposes. First, this paper aims to examine whether pre-initial public offering (IPO) franchising activity of issuing firms is priced in the financial markets and results in pricing differential between franchising and non-franchising firms at the time of IPO. Second, the paper aims to find out whether firms with pre-IPO franchising achieve better post-IPO stock performance compared to non-franchising firms. Design/methodology/approach - To test research hypotheses, empirical models were developed and tested through ordinary least square regression analysis. Several data sources were used including Thomson One Banker's SDC database, Compustat/CRSP and IPO prospectuses. Findings - The paper provides further insights to the underpricing phenomenon surrounding IPOs and long-run performance of IPO shares subsequent to listing. Particularly, the study reveals that franchising firms underprice their issues to a higher degree compared to non-franchising firms, and franchising positively affects the post-IPO benchmark adjusted cumulative abnormal returns (CARs) over a three-year observation period. Research limitations/implications - Because the study tests the proposed hypotheses using data only from the restaurant industry, the research results may lack generalizability. Therefore, researchers are encouraged to test similar hypotheses using larger sample sizes from other industries. Practical implications - The study's findings have important implications both for IPO issuers in positioning their offering and for IPO investors in comparing IPO stocks and forming long-run portfolios. Originality/value - This paper contributes both to the IPO and franchising literatures by providing primary insights about how investors perceive pre-IPO franchising and incorporate their perception into their pricing at an IPO.ArticlePublication Metadata only Compensation practices in the lodging industry: Does top management pay affect corporate performance?(Elsevier, 2014-04) Upneja, A.; Özdemir, Özgür; Hotel Management; ÖZDEMİR, ÖzgürThe current study examines the relationship between executive compensation and firm performance in the U.S. lodging industry. It is not clear-cut whether performance leads to compensation or compensation drives firm performance. Our contention is that cash and lagged equity-based compensation drive the firm performance. Our findings suggest that chief executive officer's (CEO) contemporaneous cash-compensation and one-year lagged equity-compensation positively affect the accounting performance measures return on assets and Tobin's Q; but neither compensation components affects the market-performance measure, stock returns, in the lodging industry. Quantitatively similar findings are found for the chief financial officer (CFO). Further robustness test show that further lags of equity compensation of both named executives do not result in increased stock performance in the lodging industry.ArticlePublication Metadata only The role of internationalization on the IPO performance of service firms: Examination of initial returns, long-run returns, and survivability(Elsevier, 2016) Özdemir, Özgür; Upneja, A.; Hotel Management; ÖZDEMİR, ÖzgürThis study examines the effect of internationalization on the initial and long-run IPO performance of service firms. The study discusses that pre-IPO internationalization of service firms contributes to the explanation of long-discussed IPO underpricing phenomenon, and underperformance of IPOs in the long-run. Sample of the study includes 1822 IPO issues conducted by US service firms between 1980 and 2009. Findings of the study suggest that international service firms leave less money on table in their IPOs compared to domestic service firms by providing significantly lower first day returns to their investors on their first day of public trading. Moreover, our findings provide evidence that 3-year cumulative abnormal returns and 3-year buy-and-hold returns of international service firms are significantly higher than domestic service firms, and international service firms outperform domestic service firms in both operating return on assets and operating cash flows in the post-IPO period. Lastly, the study documents that survival rate of service firms subsequent to an IPO issue increases with pre-IPO internationalization.ArticlePublication Open Access Kaldıraç oranı ve yatırımlar i̇li̇şki̇si̇ni̇n borsa İstanbul’da i̇şlem gören fi̇rmalar açısından i̇ncelenmesi̇(Marmara Üniversitesi, 2016-12) Özdemir, Özgür; Hotel Management; ÖZDEMİR, ÖzgürBu çalışmanın amacı finansal kaldıraç oranının firmaların yatırımlarını etkileyip etkilemediğini Türkiye’de faaliyet gösteren şirketler özelinde incelemek ve yatırımlar-kaldıraç oranı yazınına gelişmekte olan bir ülke örneğiyle katkıda bulunmaktır. Bu amaçla, hisseleri 1994-2014 yılları arasında Borsa İstanbul’da işlem görmüş ve/veya görmekte olan 246 şirkete ait 1.681 firma-yıl verisi kullanılarak, kaldıraç oranı-yatırımlar oranı ilişkisi sabit etkiler regresyon modeliyle incelenmiştir. Çalışmanın verisi uluslararası bir veri sağlayıcısı olan Wharton Research Data Services tarafından hazırlanmakta olan Compustat ve Center for Research in Security Prices (CRSP) adlı iki veri tabanından alınmıştır. Analizler sonucu ortaya çıkan bulgular, kaldıraç oranı ve yatırımlar arasında negatif bir ilişki olduğu ve bu negatif ilişkinin büyüme kapasitesi düşük olan firmalarda daha şiddetli hissedildiği yönündedir. Elde edilen bu bulgular, sermaye yapısı teorileriyle uyumlu olarak, yüksek borç oranıyla faaliyetlerini sürdüren Türk şirketlerinin yeni yatırımlar yapamadıklarını ve dolayısıyla da mevcut büyüme olanaklarından faydalanamadıklarını ortaya koymuştur. Ayrıca, çalışmanın sonuçları düşük büyüme kapasitesi olan ve yüksek kaldıraçla faaliyetlerini sürdüren firmalarda, kaldıracın serbest nakdin yöneticiler tarafından yetersiz büyüme vadeden yatırımlara aktarılmasını engelleyen bir kalkan rolü oynadığı teorisini destekler niteliktedir. Bu bulgular uluslararası literatürdeki bulgularla genel olarak paralellik göstermektedir.