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.
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