분위회귀분석을 이용한 호텔․카지노 기업의 체계적 위험의 결정요인분석

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

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.