지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
커뮤니티
연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
초록· 키워드
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We empirically explore the effects of credit risk, moral hazard, and lender relationship on the use of syndicated loan collateral pledged by borrowers. Consistent with previous empirical research, we find that lenders are more likely to require collateral for syndicated loans granted to Korean borrowers with higher credit risk, as reflected in the leverage ratio, Altman’s z-score, and maturity. In the presence of borrower’s hold-up problems, borrowers are less likely to pledge collateral. This suggests that Korean borrowers do not prefer to offer collateral as a means of mitigating potential hold-up problems in an agency setting. We also find that the borrower-lender relationship is the primary determinant of the use of collateral. The size of borrower assets and sales, however, are not determining factors in loan collateralization. Finally, the terms of loan characteristics, such as loan size and loan type, affect the likelihood of collateral. These results are robust after we control for the asset tangibility. The main limitation of this study, however, is the fact that our sample mainly covers the period of 1990’s, suggesting that there are other determinants of structure yet to be identified. In fact, there is a good possibility that the recent global credit crisis could have significantly influenced the structure of syndicated loan market in Korea. We leave it for future research.
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참고문헌 (24)
참고문헌 신청
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Al-Dala’in, Summons / 2009 / The Relationship between a Mobile Device and a Shopper’s Trust for E-Payment Systems / Information Science and Engineering (ICISE) 313 : 3132 ~
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Bagozzi, R. P / 1991 / Assessing construct validity in organizational research / Administrative Science Quarterly 36 (3) : 421 ~ 430
Barclay, D. W / 1995 / The partial least squares(PLS)approach to causal modeling:Personal computer adaptation and use as an illustration / Technology Studies 2 (2) : 285 ~ 30
Al-Dala’in, Summons / 2009 / The Relationship between a Mobile Device and a Shopper’s Trust for E-Payment Systems / Information Science and Engineering (ICISE) 313 : 3132 ~
Amberg, H / 2003 / The Compass Acceptance Model for the Analysis and Evaluation of Mobile Services / International Journal for Mobile Communications (IJMC)
Bagozzi, R. P / 1991 / Assessing construct validity in organizational research / Administrative Science Quarterly 36 (3) : 421 ~ 430
Barclay, D. W / 1995 / The partial least squares(PLS)approach to causal modeling:Personal computer adaptation and use as an illustration / Technology Studies 2 (2) : 285 ~ 30
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