Abstract
ABSTRACTThe purpose of this research is to examine how upper echelon theory accounts for restaurant internationalization. In particular, this research identified five attributes drawn from upper echelon theory (age, tenure, formal education level, share ownership, and stock options) that explain restaurant internationalization. We collected information from various sources (e.g., LinkedIn, 10-K annual reports, ExecuComp, and Compustat) in examining 29 restaurant companies listed on U.S. stock exchanges (NASDAQ, NYSE, and AMEX) over the 2000–2013 period. Panel feasible generalized least squares was used for the data analysis. We found that tenure negatively affected restaurant companies’ degree of internationalization. However, the results also showed that education level and the value of top managers’ stock options encouraged them to engage in less internationalization.
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