Agency or stewardship? Fiscal and non-fiscal leadership attributes influence on capital structure of the U.S. lodging firms

WooSik Choi, Hyun-Kyoung Chatfield, Robert Chatfield

Research output: Contribution to journalArticle


Abstract Purpose – This study aims to empirically investigate agency and stewardship theories in the US lodging market by examining the influence of fiscal and non-fiscal leadership structures on the debt financing decisions of lodging firms. Design/methodology/approach – Secondary financial data have been collected for USA-based lodging firms. Subsequently, bivariate correlation, pooled ordinary least square) and endogeneity analyses have been performed on the data. Findings – The findings support the significant influence of some corporate governance attributes on the capital structure of US lodging firms and show the limited applicability of agency and stewardship theories. Practical implications – Theoretical and managerial implications are suggested in terms of balancing leadership structure attributes from the agency and stewardship theories, the capital structure of lodging firms and the future research. Originality/value – Despite its importance considering the intensive c
Original languageEnglish
JournalInternational Journal of Contemporary Hospitality Management
StatePublished - Mar 2018


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