Examining the Determinants of Systematic Risk in the Hotel and Casino Industry: An Application of Quantile Regression

김상혁

Journal of Tourism Sciences

Abbr : JTS
2010, 34(7), pp.277-291
Publisher : The Tourism Sciences Society Of Korea
Research Area : Tourism

김상혁 ¹

¹경성대학교

ABSTRACT

Using quantile regression analysis, this study identifies the determinants of systematic risk in the hotel and casino industry. The quantile regression method enables to estimate whether different levels of systematic risks in the hotel and casino companies have different determinants of systemic risk or not. Results of the OLS regression analysis show that only debt ratio is the determinant of systematic risk in the hotel and casino companies. However, the results of quanitle regression analysis provide that debt ratio, return on asset, firm size are differently related with different levels of systematic risk. Results from this study suggest that quantile regression analysis provide more concise results than OLS regression analysis in identifying the determinants of systematic risk in the hotel and casino industry. This study also proposes the possibility of utilizing the quantile regression analysis for different topics in the hospitality study.
KEYWORDS

Systematic risk, Quantile regression analysis, Hotel and casino industry
REFERENCES (24)

[journal] 김유선 / 2009 / Wage Determinants in the Korean Labour Market / 산업관계연구 / 한국노사관계학회 19(2) : 1~25

[journal] 박순식 / 1991 / 회계변수를 이용한 체계적 위험의 예측에 관한 연구 / 경영경제 9 : 95~116

[book] 변찬복 / 2010 / 호스피탈리티 재무 / 기문사

[book] 선우석호 / 2009 / 선우 석호교수의 재무관리 / 율곡출판사

[book] 신민철 / 2007 / 사회연구방법의 기초 / 창민사

[book] 신창국 / 2003 / 호텔회계원리 / 형설출판사

[journal] 안승철 / 1993 / 회계변수를 이용한 체계적 위험의 결정요인모형에 관한 연구 / 증권학회지 15 : 179~213

[journal] 양재훈 / 2010 / An Empirical Study on the Effects of Agility on the Level of Logistics Performance under the e-Commerce Environment / 전자무역연구 / 한국전자무역연구소 8(3) : 41~64

[book] 이정남 / 2007 / 통계학(R활용) / 자유아카데미

[book] 임완순 / 2008 / 재무관리의 이해 / 대왕사

[book] 조동훈 / 2009 / 호텔회계원리 / 한올출판사

[journal] 조민호 / 2000 / 호텔산업의 체계적 위험의 결정요인에 관한 연구 / 관광학연구 24(1) : 75~92

[journal] 최강식 / 2005 / Income Distribution and Determinants of Self-Employment : Quantile Regression Analysis / 노동경제논집 / 한국노동경제학회 28(1) : 135~156

[book] 최정길 / 2009 / 호텔회계학 입문 / 21세기사

[journal] Beaver, W. / 1970 / The Association Between Market Determined and Accounting Determined Risk Measures / The Accounting Review 45(4) : 654~682

[book] Hao, L. / 2007 / Quantile Regression / SAGE Publications

[journal] Hung, J. / 2005 / An Examination of Factors Influencing Airline Beta values / Journal of Air Transport Management 11(4) : 291~296

[journal] Jeon, S. / 2006 / The Persistence of Abnormal Earnings and Systematic risk / Tourism Management 27(5) : 867~873

[journal] Kim, H. / 2002 / Hotel Real Estate Investment Trusts' Risk Features and Beta Determinants / Journal of Hospitality and Tourism Research 26(2) : 138~154

[book] Koenker, R. / 2005 / Quantile Regression / Cambridge University Press

[journal] Koenekr, R. / 1978 / Regression Quantiles / Econometrica 46(1) : 33~50

[book] Ott, R. L. / 2001 / An Introduction to Statistical Methods and Data Analysis (5th ed.) / Duxbury

[journal] Skalpe, O. / 2003 / Hotels and Restaurants-Are the Risks Rewarded? Evidence from Norway / Tourism Management 24(6) : 623~634

[journal] Sharpe, W. F. / 1964 / Capital Assets Prices: A Theory of Market Equilibrium under Conditions of Risk / Journal of Finance 19(3) : 425~442
KCI Citation (5)

KJC Korea
Journal Central

Statistics

Tools