Detail A Difference Test of the Capital Structure Determinants in Korean Hospitality Industry   Oleh:  Kang, Minjung ; Sul, Hoonku ; Lee, Misoon ; Kim, Jinyoung Jenis: Article from Proceeding Dalam koleksi: The International Symposium on Social Sciences (TISSS) and Hong Kong International Conference on Education, Psychology and Society (HKICEPS) at Hongkong, December 2013, page 295-303. Topik: capital structure; hospitality Fulltext: Hong Kong-Conference 38.pdf (506.11KB) Isi artikel 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. These industries are fairly capital-intensive (Karadeniz et al., 2009; Lee, 2007). 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. There are few empirical studies related to this topic in hospitality firms. 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 can lead to a bankruptcy. Due to economic changes during sub-prime mortgage crisis and its impact on capital structure, the author selected company 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, research and 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. Opini Anda Klik untuk menuliskan opini Anda tentang koleksi ini! Kembali

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