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The Effect of Brand Diversification and Systematic Risk on Firm Shareholder Wealth: the Case of Brinker International, Inc

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The Effect of Brand Diversification and Systematic Risk on Firm Shareholder Wealth: the Case of Brinker International, Inc THE EFFECT OF BRAND DIVERSIFICATION AND SYSTEMATIC RISK ON FIRM SHAREHOLDER WEALTH: THE CASE OF BRINKER INTERNATIONAL, INC. by ABDULLAH M. MAKKI B.S. Cameron University, 2009 B.B.A. Cameron University, 2009 M.S. Florida State University, 2011 A dissertation submitted in partial fulfillment of the requirements for the degree of Doctor of Philosophy in the Rosen College of Hospitality Management at the University of Central Florida Orlando, Florida Fall Term 2016 Major Professor: Robertico Croes and Ji-Eun Lee © 2016 Abdullah M. Makki ii ABSTRACT Divestiture activity within the restaurant industry has increased in the last twenty years, however there is a dearth of research investigating the subsequent effects of the phenomenon. In particular none of the studies in the literature, have specifically examined the effects of restaurant firms’ brand diversification strategies and systematic risk on shareholder wealth when controlling for divestiture completions. This research extends the knowledge from previous work on corporate unbundling and brand diversification strategies to the unique restaurant industry. Drawing on agency theory, the long- and short-term effects of the resulting brand diversification levels on firm shareholder wealth following a divestiture is examined. In addition, the effect of systematic risk on shareholder wealth following a divestiture is investigated. The study is applied to one of the leading U.S. restaurant firms, Brinker International, Inc., since the company has completed a number of divestitures that have resulted in a reduction of its brand diversification. Time series data from 1994 to 2013 is used in the study. The Wharton Research Data Services database and Brinker International, Inc.’s Securities and Exchange Commission annual and quarterly filings are utilized in acquiring the data for the study. Data analysis for the study consists of a cointegration error correction model. Specifically, the study’s methodology includes unit root tests, cointegration, vector error correction, and causality tests for the proposed hypotheses. The results indicate that there is a long-run equilibrium relationship between shareholder wealth, brand diversification, and systematic risk. In addition, a short-term positive relationship exists between Brinker’s level of systematic risk and divestiture completion. In addition, a negative short-term relationship is found between Brinker’s brand diversification and shareholder wealth with divestiture completion. However, no iii statistically significant relationships are found between brand diversification, systematic risk, and shareholder wealth for Brinker in the short term. Overall, the study’s model for the short-term explains 23.63% of the variance in Brinker’s shareholder wealth. This study provides various theoretical and managerial implications for the restaurant literature, as well as, provides a catalyst for future studies to expand on the relationships between brand diversification, systematic risk, and shareholder wealth for restaurant firms when considering divestitures. iv ACKNOWLEDGMENTS I want to thank Dr. Robertico Croes, Dr. Ji-Eun Lee, Dr. Tadayuki Hara, and Dr. Paul Beaumont for all of their assistance and support throughout my Ph.D. endeavor. In particular I greatly appreciate their constant trust, encouragement, and guidance while completing my dissertation. I have immensely benefited from each of my committee members and would not have been able to complete this process if it were not for your constant positive influences. I am extremely grateful for my family and friends for their unwavering support and devotion throughout my educational endeavors. I am truly fortunate to have such a warm, caring, and truly loving family. My mom, dad, sisters, and brother have sacrificed countless times for my benefit. I am forever indebted to each of you! v TABLE OF CONTENTS LIST OF FIGURES ....................................................................................................................... ix LIST OF TABLES .......................................................................................................................... x CHAPTER ONE: INTRODUCTION ............................................................................................. 1 Introduction ................................................................................................................................. 1 Background ................................................................................................................................. 2 Agency Theory ........................................................................................................................... 5 Statement of the Problem ............................................................................................................ 8 Purpose of the Study ................................................................................................................. 15 Research Questions ................................................................................................................... 18 Methodology ............................................................................................................................. 19 Case Study ................................................................................................................................ 21 Significance of the Study .......................................................................................................... 26 Limitations of the Study ........................................................................................................... 27 CHAPTER TWO: LITERATURE REVIEW ............................................................................... 28 Introduction ............................................................................................................................... 28 Brand Diversification ................................................................................................................ 28 Systematic Risk ......................................................................................................................... 30 Shareholder Wealth ................................................................................................................... 31 Divestitures ............................................................................................................................... 33 Brand Diversification and Shareholder Wealth ........................................................................ 35 Brand Diversification and Systematic Risk .............................................................................. 39 vi Systematic Risk and Shareholder Wealth ................................................................................. 44 Impact of Divestitures ............................................................................................................... 47 Shareholder Wealth ............................................................................................................... 47 Brand Diversification ............................................................................................................ 51 Systematic Risk ..................................................................................................................... 54 Research Hypotheses Development .......................................................................................... 56 Conclusion ................................................................................................................................ 63 CHAPTER THREE: METHODOLOGY ..................................................................................... 64 Introduction ............................................................................................................................... 64 Research Design ....................................................................................................................... 64 Case Study ................................................................................................................................ 66 Analytical Framework .............................................................................................................. 71 Data Collection ......................................................................................................................... 75 Data Analysis ............................................................................................................................ 77 Unit Root Tests ..................................................................................................................... 80 Engle and Granger Two Step Procedure and Error Correction ............................................ 84 CHAPTER FOUR: FINDINGS .................................................................................................... 88 Introduction ............................................................................................................................... 88 Data Description ....................................................................................................................... 88 Unit Root Tests ......................................................................................................................... 93 Augmented Dickey-Fuller..................................................................................................... 93 Phillips-Perron
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