최저임금이 Hospitality 산업의 생산성에 미치는 효과

Purpose – The minimum wage has been considered one of critical issues in overall labor market, especially for the hospitality industry. The purpose of this study is to examine the effect of minimum wage’s increase on the hospitality industry’s productivity in Korea. Design, data, and methodology –For this study, the minimum wage is represented by both the amount of minimum wage and the growth rate of minimum wage. Also, the each hospitality industry’s productivity index, the consumer price index for each expenditure type, and real GDP were gathered from various secondary data bases for this study. The data used for this study is the annual panel data from 2000 to 2018 in Korea. The panel unit root test and panel fixed effect model were adopted to achieve the objective of this study. Result – The empirical results showed that only the amount of minimum wage in previous year negatively influences on the productivity of hospitality industry for the current year. Otherwise, the amount of minimum wage in the current year, as well as both previous and current growth rate of minimum wage don’t significantly influence on the productivity of hospitality industry for the current year. Conclusions – The results offer some insights into the effect of minimum wage on the productivity of hospitality industry in Korea. Theoretically, this study provides a new type of conceptual framework that verifies relationships between minimum wage and firm’s performance for the hospitality industry in Korea