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Determinants of Capital Expenditures in the U.S. Restaurant Industry

This article studies the factors that determine capital expenditures of restaurant firms. Regression analysis is used to study a sample of 78 firms from 2002–2012. The study hypothesizes that growth opportunities, free cash flow, and above-average earnings will have a positive impact on the capital expenditures of restaurant firms. The impact of firm size and economic conditions on capital expenditures is also examined. As such, issues critical to the determination of capital expenditures in the U.S. restaurant industry are better understood.