# An Exploration of the Debt Ratio of Ski Lift Operators

^{1}

^{2}

^{*}

## Abstract

**:**

## 1. Introduction

## 2. Conceptual Background and Research Hypotheses

**Hypothesis**

**1.**

**Hypothesis**

**2.**

**Hypothesis**

**3.**

## 3. Empirical Model and Data

## 4. Descriptive Statistics and Empirical Results

#### 4.1. Descriptive Statistics

#### 4.2. Estimations

^{2}are not calculated because they are difficult to interpret in the case of observations that are down weighted.

## 5. Discussion and Conclusions

## Author Contributions

## Funding

## Acknowledgments

## Conflicts of Interest

## Appendix A

**Figure A1.**Debt-to-capital ratio in 2013 across municipalities (mean). Note: Measured as four-digit postal codes. Source: Balance sheet data.

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Mean | Std. Dev. | Min | Max | |
---|---|---|---|---|

Debt-to-capital ratio in 2013 in % | 1.01 | 1.31 | 0.00 | 10.0 |

Distance to nearest agglomeration in km | 66.28 | 28.55 | 6.80 | 148.0 |

Number of beds per km of ski-runs (#) | 123.38 | 331.70 | 4.47 | 4664 |

Share of foreign overnight stays | 0.771 | 0.238 | 0.005 | 0.998 |

Dummy variables: | ||||

Presence of neighbor within 15 km | 0.669 | |||

Size (length of slopes, X, in km): | ||||

<10 km | 0.129 | |||

10 ≤ X ≤ 25 km | 0.302 | |||

25 ≤ X = 75 km | 0.242 | |||

X ≥ 75 km | 0.327 | |||

Max elevation (E): | ||||

<1350 m | 0.093 | |||

1350 m ≥ E < 1700 m | 0.137 | |||

1700 m ≥ E < 1900 m | 0.202 | |||

1900 m ≥ E < 2250 m | 0.286 | |||

E ≥ 2250 m | 0.282 | |||

Federal state: | ||||

Carinthia | 0.093 | |||

Upper Austria | 0.044 | |||

Lower Austria | 0.020 | |||

Salzburg province | 0.206 | |||

Styria | 0.133 | |||

Tyrol | 0.379 | |||

Vorarlberg | 0.125 |

Debt-To-Capital Ratio in 2013 | Negative Equity Position in 2013 | ||
---|---|---|---|

Mean | Median | Mean | |

Maximum Elevation, E, in meters a.s.l (m) | |||

<1350 m | 1.276 | 0.916 | 0.300 |

1350 m ≥ E < 1700 m | 1.439 | 0.949 | 0.386 |

1700 m ≥ E < 1900 m | 1.045 | 0.664 | 0.196 |

1900 m ≥ E < 2250 m | 0.919 | 0.768 | 0.191 |

E ≥ 2250 m | 0.566 | 0.558 | 0.138 |

Federal states | |||

Carinthia | 1.676 | 0.967 | 0.500 |

Lower Austria | 0.603 | 0.514 | 0.182 |

Upper Austria | 0.667 | 0.661 | 0.200 |

Salzburg province | 0.698 | 0.709 | 0.115 |

Styria | 1.322 | 0.903 | 0.371 |

Tyrol | 0.921 | 0.667 | 0.192 |

Vorarlberg | 1.152 | 0.646 | 0.129 |

Size (Length of slopes, X, in km) | |||

<10 km | 1.696 | 1.216 | 0.447 |

10 ≤ X ≤ 25 km | 1.207 | 0.784 | 0.253 |

25 ≤ X = 75 km | 0.897 | 0.797 | 0.197 |

X ≥ 75 km | 0.635 | 0.609 | 0.124 |

Proximity | |||

No neighbor within 15 km | 1.145 | 0.831 | 0.292 |

Presence of a neighbor within 15 km | 0.941 | 0.692 | 0.186 |

(i) | (ii) | (iii) | |||||||
---|---|---|---|---|---|---|---|---|---|

Total Sample | Eastern Austria | Western Austria | |||||||

Coeff. | t-stat | Coeff. | t-stat | Coeff. | t-stat | ||||

10 ≤ X ≤ 25 km (ref. cat. <10 km) | −0.237 | −1.07 | −0.405 | *** | −2.87 | −0.042 | −0.22 | ||

25 ≤ X = 75 km | −0.162 | −0.68 | −0.515 | *** | −3.17 | 0.034 | 0.18 | ||

X >=75 km | −0.361 | −1.50 | −0.473 | ** | −2.30 | −0.168 | −0.87 | ||

1350 m ≥ E < 1700 m (ref. cat. <1350 m) | −0.163 | −0.78 | 0.066 | 0.49 | −0.297 | −1.41 | |||

1700 m ≥ E < 1900 m | −0.310 | * | −1.88 | −0.049 | −0.30 | −0.422 | ** | −2.46 | |

1900 m ≥ E < 2250 m | −0.258 | −1.59 | 0.076 | 0.55 | −0.449 | *** | −2.69 | ||

E ≥ 2250 m | −0.304 | * | −1.73 | 0.477 | *** | 2.66 | −0.483 | *** | −2.74 |

Presence of neighbor within 15 km | −0.145 | ** | −2.46 | −0.213 | *** | −2.78 | −0.177 | ** | −2.37 |

ln distance to nearest agglomeration | −0.010 | −0.13 | −0.447 | *** | −5.29 | 0.038 | 0.49 | ||

ln number of beds per km of ski-runs | −0.067 | * | −1.67 | −0.147 | *** | −3.15 | −0.064 | −1.47 | |

Share of foreign overnight stays | 0.491 | ** | 2.07 | −0.275 | * | −1.71 | 0.755 | *** | 2.63 |

Federal states (ref Tyrol specification (i) and (iii)) | |||||||||

Carinthia | 0.192 | 1.35 | −0.549 | *** | −5.20 | ||||

Upper Austria | −0.258 | −1.17 | −0.877 | *** | −5.54 | ||||

Lower Austria | −0.092 | −0.50 | −0.534 | *** | −4.37 | ||||

Salzburg province | 0.113 | 1.55 | 0.145 | * | 1.92 | ||||

Styria (ref specification (ii)) | 0.300 | ** | 2.56 | ||||||

Vorarlberg | −0.055 | -0.58 | −0.020 | −0.19 | |||||

Constant | 1.148 | *** | 2.77 | 4.064 | *** | 7.53 | 0.694 | ** | 2.15 |

Number of observations | 248 | 72 | 176 |

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