관광기업의 재무비율을 통한 경쟁전략 유형과 재무성과간의 관계 연구

Abstract

Abstract This study focuses hospitality businesses to find out relationship between competitive advantage positioning utilizing financial ratios and financial performance. KIS-VALUE financial data were extracted from hospitality business with the audited financial statements. In order to exclude variables coming from macro-economic financial crisis such as the sub-prime mortgage crisis, a total of five years of data in 2009 though 2013, were used in this study. A cost leadership in competitive strategies is the firm that has ability to be the lowest cost producer on an industry for a given level of quality. Firms pursuing a differentiation create value using a different paradigm with the focus on generating high margins through the uniqueness of products and services, price premium, innovative marketing and distribution channels. A focus is in between these two strategies in a specific segment. Most of business strategy studies have attempted to develop strategy constructs, based on perceptual measures using surveys. In contrast this study was based on the publicly available financial data. Moreover, I utilized competitive advantage strategy derived from financial data, based on the constructs developed by Tripathy (2006), Balsam et al. (2011), Asdemir et al.(2013), and Bryan, Fernando, and Tripathy (2013). Differentiation strategic variables are utilized by selling, general and administrative expenses scaled by net sales and net sales scaled by cost of goods sold. Two additional variables for cost leadership are net sales scaled by capital expenditure on property, plant, and equipment, and net sales scaled by net book value of plant and equipment. In conclusion, cost leadership was identified significant in financial performance in hotel businesses. Differentiation and cost leadership positioning were linked together with financial performance among the foodservice businesses. Differentiation only was related to financial performance in travel businesses.