메뉴 건너뛰기
.. 내서재 .. 알림
소속 기관/학교 인증
인증하면 논문, 학술자료 등을  무료로 열람할 수 있어요.
한국대학교, 누리자동차, 시립도서관 등 나의 기관을 확인해보세요
(국내 대학 90% 이상 구독 중)
로그인 회원가입 고객센터 ENG
주제분류

추천
검색
질문

논문 기본 정보

자료유형
학술저널
저자정보
Daeyoung Kim (University of Seoul and Financial Supervisory Service) Byung-Uk Chong (University of Seoul) Heonsoo Kim (University of Seoul)
저널정보
한국경제연구학회 Korea and the World Economy Korea and the World Economy Vol.25 No.1
발행연도
2024.4
수록면
1 - 27 (27page)
DOI
10.46665/kwe.2024.04.25.1.1

이용수

표지
📌
연구주제
📖
연구배경
🔬
연구방법
🏆
연구결과
AI에게 요청하기
추천
검색
질문

초록· 키워드

오류제보하기
This paper examines how a firm’s access to different types of financing sources in capital markets affects its target leverage and the speed of adjustment to the target. Public equity (listed stock) and market-based debt (bond) are mainly taken into account as two main sources of capital of interest. Using a large data set of public and private firms in Korea, we classify the firms according to whether they have access to public equity (listed stock) and market-based debt (bond) in the capital markets. As the imbalance in number of observations and heterogeneity between public and private firms are substantial, we conduct empirical analyses with the matched sample as well as with the full sample. The findings of our paper show that different types of capital sources can have different implications on the firm’s target leverage, adjustment, and financing activities. A public firm tends to have lower leverage and adjusts to its target leverage faster than a private firm in Korea. A firm with access to bond market is shown to have higher leverage and adjusts faster to its target leverage than that without such access, regardless of whether the firms are public or private. Our paper also provides the findings that a public firm exercises more active issuance and retirement of capital than a private firm and that a firm with access to bond market, regardless of whether a firm is public or private, exercises more active issuance and retirement of capital than that without such access. This paper contributes to the literature on capital structure by integrating different types of capital sources in a single empirical framework and by providing new empirical findings based on the analysis of matched sample as well as full sample.

목차

1. INTRODUCTION
2. LITERATURE REVIEW AND HYPOTHESIS DEVELOPMENT
3. RESEARCH DESIGN AND SAMPLE DESCRIPTIONS
4. DETERMINANTS OF TARGET LEVERAGE
5. ADFUSTMENT TO TARGET LEVERAGE
6. DETERMINANTS OF CAPITAL ISSUANCE OR RETIREMENT
7. CONCLUSION
REFERENCES

참고문헌 (0)

참고문헌 신청

함께 읽어보면 좋을 논문

논문 유사도에 따라 DBpia 가 추천하는 논문입니다. 함께 보면 좋을 연관 논문을 확인해보세요!

최근 본 자료

전체보기

댓글(0)

0

UCI(KEPA) : I410-151-24-02-090314859