The Effect Of Capital Structure on Investment in Ecotourism Projects

Ecotourism projects need to be financed in a timely and appropriate manner, and determining the optimal structure of capital helps us to identify appropriate financing tools. The purpose of this study is to determine the optimal structure of capital in ecotourism projects. To do this end, we applied a mathematical programming model named Data Envelopment Analysis (DEA), as well as Maximum Efficiency Analysis and Minimum Risk Analysis. Given similar financing methods, the statistical population was of those ecotourism projects with a homogeneous capital structure. The results show, due to the small scale of recreational projects and their inability to use financing methods in market capital, the methods that increase the ratio of capital to debt are more sustainable. Furthermore, among the three widely used methods in financing the projects, i.e., personal capital, banking facilities, and public-private partnerships, public-private partnerships is more effcient.

Keywords:

Ecoturism , Sustainable Development , Financing , Capital Structure , Maximum Return , Minimum Risk , Mashhad