고속도로 휴게소의 재무성과 결정요인에 관한 연구：재무적 변수와 비재무적 변수를 중심으로

[Purpose]The purpose of this study is to analyze the financial and non－financial factors of nationwide highway rest areas managed by the Korea Expressway Corporation comprehensively. This analysis aims to examine the impact on the operational performance of rest area management companies and provide rational alternatives. [Methodology]For this study, we analyzed financial and non－financial factors of highway rest areas from 2017 to 2021. Utilizing audit reports disclosed on the Electronic Disclosure System (Dart system) and information publicly disclosed by the Korea Expressway Corporation, a total of 837 samples of rest area businesses for the respective years were analyzed. [Findings]The first financial factor of highway rest areas showed that products and tobacco had a positive impact on performance. Additionally, in terms of operational structure, it was found that when a company operated many rest areas, especially under a leasing arrangement, it had a positive influence on operational performance. The second non－financial factor of highway rest areas indicated that during the COVID－19 period, revenue clearly decreased. Furthermore, rest areas located in the central axis and the north－western region, specifically those along highways in the metropolitan area, demonstrated higher operational performance in South Korea. [PolicyImplications]In the midst of the COVID－19 situation, empirical evidence has demonstrated that artificial policies to suppress the use of rest areas can lead to a decline in their operational performance. Based on these generalized findings, it highlights the importance of policy development to sustainably operate rest areas even during national crises such as natural disasters or pandemic－level situations.