Earticle

초록

영어

Does production technology a¤ect a …rm’s debt maturity choice? To address this question, we examine how the factor demands for labor and …xed capital change op- timal debt maturity choices. Without payback guarantees of principles and interests, creditors seek collaterals for their debt contracts. Yet, they have very restricted ways to secure the fund used for wage payments. Hence, a …rm with substantial wage pay- ments relies more signi…cantly on shorter term debt …nancing, which is relatively free from collateral requirements. Because production technology determines this factor demand for labor and …xed capital, a …rm’s technology plays a critical role in deciding optimal debt maturity policy. Our theory highlights this factor demand channel and predicts a shorter debt maturity structure for labor intensive …rms. Consistent with our predictions, we …nd that labor intensive U.S. manufacturing …rms show shorter debt maturity structures and exercise active short-term debt policies.

목차

Abstract
 1 Introduction
 2 Theoretical Model
  2.1 Model Set Up
  2.2 The Value of Equity and Optimal Policies
  2.3 Discussion and Empirical Prediction
 3 Empirical Analysis
  3.1 Data Description
  3.2 Empirical Results: Firm Level
  3.3 Empirical Results: Industry Level
 4 Conclusion
 References

저자

• Se-Jik Kim [ Seoul National University ]
• Jeong Hwan Lee [ Hanyang University ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330