NDLI: Performance Gap Between Korean And U.S. Hospitality Firms: A Preliminary Examination Based On 2006 DATA

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Performance Gap Between Korean And U.S. Hospitality Firms: A Preliminary Examination Based On 2006 DATA

Content Provider	Scilit
Author	Youn, Hyewon Gu, Zheng
Copyright Year	2008
Description	Journal: The Journal of Hospitality Financial Management The purpose of this study was to identify problems and Weaknesses existing in the Korean hospitality industry by examining some key financial ratios in comparison with those of its U.S. peer. Using the 2006 financial data of 194 Korean hospitality firms and 80 U.S. hospitality firms, 13 financial ratios representing liquidity, leverage, solvency, efficiency, and profitability were computed for each firm. Independent sample t-tests were performed to determine if there were significant cross-country differences in the ratios. The results show that there was a huge performance gap between the hospitality industries of the two countries, and the U.S. hospitality firms outperformed their Korean counterparts in all five dimensions. The findings suggest that overreliance on debt financing, overcapacity, and lack of economies of scale are the likely causes of the underperformance of the Korean hospitality industry. To catch up with its U.S. peer, the Korean hospitality industry must change its pro-debt financing policy, adopt a conservative growth strategy to minimize overcapacity, and enlarge the operation scale via some structural reorganization within the industry.
Related Links	http://scholarworks.umass.edu/cgi/viewcontent.cgi?article=1192&context=jhfm
ISSN	10913211
e-ISSN	21522790
DOI	10.1080/10913211.2008.10653859
Journal	The Journal of Hospitality Financial Management
Issue Number	2
Volume Number	16
Language	English
Publisher	Informa UK Limited
Publisher Date	2008-09-01
Access Restriction	Open
Subject Keyword	Journal: The Journal of Hospitality Financial Management Tourism, Leisure, Sport and Hospitality Debt Financing Financial Ratios Hospitality Firms Hospitality Industry Korean Hospitality Overcapacity Performance Gap
Content Type	Text
Subject	Finance Tourism, Leisure and Hospitality Management Strategy and Management

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