자본구조 결정요인에 대한 환대 산업별 차이 분석

This study investigates the differences in terms of capital structure and its determinants in hospitality industry. Subjects for this study are limited to hotel, restaurant, and travel agents industry. There are few empirical studies related to this topic in hospitality firms. Capital structure and its determinants are very sensitive to the impact of business environment risk. Sub-prime mortgage crisis in the U.S. made a major impact on the Korean economy ever since 2007. 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 which may lead to a bankruptcy. To deter the sampling bias influenced by economic changes during sub-prime mortgage crisis and its impact on capital structure, the authors selected company data for 6 years, which include two years before, during, and after the crisis. The authors review capital structure and its determinants already known in related literature and apply them to the perspectives of hotels, restaurants, and travel agents industries for different characteristics. The results indicate that the difference in capital structure is not found and provides study validity indicating industry characteristics are not influenced by capital structure. Thus, there are some differences in its determinants by the effect of industry characteristics. 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 growth rate, debt tax shield, and non-debt tax shield.