Earticle

초록

영어

This study investigates empirical issues that have received little attention in the previous research in the Korean capital market. It is to find any financial determinants on the capital structure for the firms listed in the KOSDAQ (Korea Securities Dealers Automated Quotation). Coupled with one of the hypotheses to test for any financial attributes or characteristics on the capital structure, another test is performed to find any possible discriminating factors by utilizing a robust methodology, which may distinguish between the firms belonging the 'prime section' and the 'venture section' in terms of their financial aspects. Moreover, the null hypothesis that the changing trend or movement of a firm's capital structure with respect to its industry mean (or median) may be random, is also tested for the sample firms listed in the KOSDAQ stock market. For the book-value based debt ratios, size(INSIZE), growth(GROWTH), Market to book value of equity(MVBV), volatility(VOLATILITY), market value of equity (MVE) and section dummy (SECTION) showed their statistically significant effects on the book-value based leverage ratios, respectively. On the other hand, size(INSIZE), growth(GROWTH), market value of equity(MVE), beta(BETA) and section dummy (SECTION) showed their statistically significant effects on the market-value based leverage ratios, respectively. Moreover, this study found an interesting result that a firm belonging to each corresponding industry has a tendency for reversion toward its mean and median leverage ratios over the five-year tested period.

목차

Abstract
 1. INTRODUCTION
 2. PREVIOUS LITERATURE
 3. DATA AND METHODOLOGY
  3.1 Data Collection
  3.2. Methodologies
 4.ANALYSES AND INTERPRETATIONS
  4.1 Analyses
  4.2 Interpretations
 5. CONCLUDING REMARKS
 REFERENCES

키워드

저자

• Hanjoon Kim [ Hoseo University, Republic of Korea ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330