| Summary: | 碩士 === 國立臺灣科技大學 === 財務金融研究所 === 104 === This paper is to explores the relationship between financial variables and systematic risk (beta) in casino companies (CCs) of North America. We employ the factor–specific measure and capital asset pricing model (CAPM), which are combined together not only to identify the most important financial variables but also to distinguish those CCs. This paper reexamines the determinants of the casino industry and, in particular, the role that the size of the firm plays in its performance. Our empirical results show that (1) firm size significantly and affirmatively affects beta before, during, and after the financial crisis; (2) Asset turnover and profitability are significant predictors after the financial crisis; (3) further mergers and acquisitions among CCs are ways of achieving economies of scale. The findings suggest that making existing CCs capacity more performance–driven, may reduce their systematic risk and enhance the firm’s value.
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