국제다각화가 타인자본비용에 미치는 영향

• 영문명: International Diversification and Cost of Debt
• 발행기관: 한국무역연구원
• 저자명: 전홍민(Hong-Min Chun)
• 간행물 정보: 『무역연구』제10권 제1호, 619~640쪽, 전체 21쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2014.02.28

영문 초록

This paper examines the association between international diversification and cost of debt capital in Korea. International diversification is essential activity for the firm s sustainable growth then international diversification activity has much attention from academy as well as industry. Prior literatures suggest that international diversification is positive or negative association with finn value in Korea. Also there is limited research has been done with international diversification and cost of debt capital using Korean firm-year observations. The empirical results is as follows. Using 2,258 observations Korean data from 2000 to 2009, overall international diversification is positively (+) associated with cost of debt capital which represent that credit rating agency recognize international diversification as a negative perspective which can lower the finn value or profitability. This paper has several contribution as follows. Prior literatures suggest that international diversification is positively associated with the cost of equity capital, this is the first empirical paper with international diversification and cost of debt capital using Korean data then international diversification can be the determinant of cost of debt capital.

목차

Abstract

Ⅰ. 서론

Ⅱ. 선행연구 및 가설설정

Ⅲ. 연구방법론

Ⅳ. 실증 결과

Ⅴ. 결론 및 한계점

참고문헌

키워드

International diversification Cost of debt capital