여행기업의 자본구조와 기업성과의 관계에 관한 연구

The tourism industry occupying an important area in the service industry has contributed to thenational economic growth. The capital structure decision is important because of the impact ofsuch a decision on the firm’s ability to deal with its competitive environment. Most of empiricalstudies on the capital structure and profitability of the firm have been conducted on firms. But,there is no consensus about the relation between capital structure and firm's performance up tonow. This study examines the relationship between capital structure and profitability of the touringfirms in Korea. The selection of exploratory variables is based on the alternative capital structuretheories and previous empirical works. Panel data analysis is employed in this study. The set ofvariables includes financial performance measured by return on equity (ROE) and return onassets (ROA), and capital structure measured by such as the ratio of total debts to total assets,the ratio of short-term debts to total assets, and the ratio of long-term debts to total assets, andcontrol variables such as firm size, sales growth, advertising expenditure, educational activity,firm age. We find the following empirical results. First, there is no significant relation between capitalstructure variables and financial performance in total sample and the group of big-size firms. Second, there is a negative relation between the ratio of long-term debts to total assets andfinancial performance in the group of small-size firms. But other capital structure variables haveno significant effect on financial performance in the group of small-size firms. The resultsimplicate that capital structure can not be the useful information in predicting the firm'sprofitability in tourism industry of Korea.