The Effects of a Capital Structure in a Membership Tourism Company on Agency Costs: Focused on Moderating Effects of Different CEO Types (회원제 관광기업의 자본구조가 대리인 비용에 미치는 영향 - 경영자 유형에 따른 조절효과를 중심으로 -)

신해수; Choi， Seung-Dam (최승담)

doi:10.17086/JTS.2018.42.1.153.167

The Effects of a Capital Structure in a Membership Tourism Company on Agency Costs: Focused on Moderating Effects of Different CEO Types

Journal of Tourism Sciences
Abbr : JTS
2018, 42(1), pp.153-167
DOI : 10.17086/JTS.2018.42.1.153.167
Publisher : The Tourism Sciences Society Of Korea
Research Area : Social Science > Tourism

신해수 ¹, Choi， Seung-Dam ²

¹이촌회계법인
²한양대학교

Excellent Accredited

ABSTRACT

The purpose of this study was to analyze the effect of the unique capital structure of membership tourism companies, which recruit the funds required for the construction of tourism facilities, on the subsequent agency cost. This was done in order to analyze differences in relation to the individual CEO types. Hypotheses were set based on an analysis of relevant literature and we also obtained financial information and shareholder and CEO information on membership tourism companies operating as of the end of 2015. We then constructed unbalanced panel data, and a conducted panel regression analysis and hierarchical regression analysis. As a result of this research, it was found: 1) The invested capital ratio had a negative effect on agency cost, 2) The borrowing ratio and membership-debt ratio had a positive effect on agency cost, 3) The CEO type moderately effects capital structure as it relates to the ratio of sales and administrative expenses. This study explained the relationship between capital structure and agency cost by expanding the subject of agency cost to membership tourism companies. Based on this, it provides a conceptual framework for legal and systemic rules to protect the interests of members in the future and to check their respective CEOs.

KEYWORDS

Agency cost, Membership tourism company, Capital structure, CEO type

Citation status

* References for papers published after 2023 are currently being built.

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Journal of Tourism Sciences 2023 KCI Impact Factor : 2.7

The Effects of a Capital Structure in a Membership Tourism Company on Agency Costs: Focused on Moderating Effects of Different CEO Types

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Citation status

* References for papers published after 2023 are currently being built.

Journal of Tourism Sciences 2023 KCI Impact Factor : 2.7

The Effects of a Capital Structure in a Membership Tourism Company on Agency Costs: Focused on Moderating Effects of Different CEO Types

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KEYWORDS

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