패널데이터모형을 적용한 호텔 외국인 객실수요 결정요인 추정

Estimating the Determinants of Room Demand of Foreign Users in Hotels: A Panel Data Model Approach

This paper adopts Hsiao‘s panel data model technique. In this study, random effect model in the one-way error component regression model has been determined. Analyzing Seoul upscale hotels, over a 36 quarter period (1997Q1～2005Q4), this study provides empirical evidences of significance positive relationships between the number of arrivals in Korea, exchange rate, seasonality of 2 quarter, 4 quarter and room demand of foreign user. However, this study provides empirical evidences of significance negative relationships between average room rate, consumer price index, severe acute respiratory syndrom, pathogenic avian influenza and room demand of foreign user. Implications of these findings are discussed for hospitality context research and practice.