자본구조 결정요인에 대한 환대 산업별 차이 분석

Abstract

This study investigates the differences in terms of capital structure and its determinants in hospitality industry. There are few empirical studies related to this topic in hospitality firms. This could be an interesting topic to explore, contributing to the hospitality financial management field. Subjects for this study are limited to hotel, restaurant, and travel agents industry. These industries are fairly capital-intensive (Karadeniz et al., 2009; Lee, 2007). Furthermore, the level of capital intensity is different in hotels, restaurants, and travel agents. Accordingly, the author tries to find out capital structure and its determinants by the perspectives of hotels, restaurants, and travel agents industries. Capital structure and its determinants are very sensitive to the impact of environment risk and corporate strategy because of these influence a significant amount of the variance in firms' performance. Facing high financial risks and volatile operating environments, it is important for hospitality firms to determine the composition of their capital structure and the factors affecting debt ratios. Due to economic changes during sub-prime mortgage crisis coming from U.S. and its impact on capital structure and its determinants, the author selected data for 6 years, which include two years before, during, and after the crisis. The results indicate that differences in hotel, restaurant, and travel agents industry groups are in property asset intensity, type of property company, level of development undertaking, firm size, profitability, and operation risk. There is no difference in capital structure, growth rate, debt tax shield, and non-debt tax shield.