Effect of employment size on the value of Korean hospitality businesses

초록

The purpose of this research is to examine the effect of employment size on the value of firms. To measure the value of firms, this study employed market to book value. Human capital theory is the theoretical underpinning. In order to collect the data, this research employed hospitality firms traded at public stock market (e.g., KOSDAQ and KOSPI). The data is composed of multiple firms and years, which stands for the characteristics of panel data. The number of hospitality firms was 10, and the study period is 2000-2016. The data appeared as unbalanced panel, and the number of observation was 139. For the data analysis, this research executed three regression analysis, which include ordinary least square, fixed effect, and random effect. The results indicate that the number of employee and value of firm has the inverted-U shape association.

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