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Open AccessFeature PaperArticle

An Exploration of the Debt Ratio of Ski Lift Operators

1
Austrian Institute of Economic Research (WIFO), 1030 Vienna, Austria
2
Department of Public Finance, University of Innsbruck, 6020 Innsbruck, Austria
*
Author to whom correspondence should be addressed.
Sustainability 2018, 10(9), 2985; https://doi.org/10.3390/su10092985
Received: 4 July 2018 / Revised: 3 August 2018 / Accepted: 16 August 2018 / Published: 22 August 2018
(This article belongs to the Special Issue Sustainable Winter Tourism in Changing Climate)
This article examines the determinants of the debt-to-capital ratio of ski lift operators. The analysis is based on the total population of 248 ski lift operators in Austria. The median debt-to-capital ratio is 73%, with a highly skewed distribution, where almost every fourth operator exhibits negative equity capital. Robust regressions show that the debt-to-capital ratio significantly depends on the size of the ski area, elevation, location, presence of a neighboring ski area, supply of accommodation nearby, and the proportion of foreign overnight stays. However, the significance and magnitude of these factors differ between East and West Austria. For eastern Austria, larger ski operators, with neighboring resorts close by and a vast supply of accommodation, have a significantly lower debt-to-capital ratio. In western Austria, elevation and presence of a neighbor are significant predictors. Operators with a neighbor nearby exhibit a 15-percentage-point lower debt ratio. View Full-Text
Keywords: debt-to-capital ratio; ski lift operators; elevation; agglomeration; robust regression method debt-to-capital ratio; ski lift operators; elevation; agglomeration; robust regression method
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MDPI and ACS Style

Falk, M.; Steiger, R. An Exploration of the Debt Ratio of Ski Lift Operators. Sustainability 2018, 10, 2985. https://doi.org/10.3390/su10092985

AMA Style

Falk M, Steiger R. An Exploration of the Debt Ratio of Ski Lift Operators. Sustainability. 2018; 10(9):2985. https://doi.org/10.3390/su10092985

Chicago/Turabian Style

Falk, Martin; Steiger, Robert. 2018. "An Exploration of the Debt Ratio of Ski Lift Operators" Sustainability 10, no. 9: 2985. https://doi.org/10.3390/su10092985

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