기업의 비용구조가 현금보유에 미치는 영향

• 영문명: The Effects of Cost Structure on Corporate Cash Holdings
• 발행기관: 한국무역연구원
• 저자명: 이재익(Jae-Ik Lee) 신민식(Min-Shik Shin)
• 간행물 정보: 『무역연구』제14권 제5호, 593~611쪽, 전체 19쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2018.10.31

영문 초록

This study empirically analyzes the effects of cost structure on corporate cash holdings. The sample firms are selected from firms listed on the Korea Exchange from 1999 to 2015 and are classified into fixed cost structure firms and flexible cost structure ones. Cost structure is determined using the methodology of Kahl, Lunn and Nilsson (2012) and Kulchania (2016). The main results of this study can be summarized as follows. The cost structure has negative and significant effects on the corporate cash holdings, implying that the cost structure is negatively related to cash holdings. This relationship shows that firms with higher fixed costs hold higher levels of cash. Moreover, such relationship reveals that firms which see a change in the cost structure toward more fixed costs increase their cash holdings. In other words, this relationship shows that fixed cost structure firms hold more cash, but flexible cost structure firms hold less cash. Such findings provide further support for the research showing that firms with high operating leverage save more cash to decrease their default risks (Chen, Harford and Kamara, 2014; Novy-Marx, 2011).

목차

Ⅰ. 서론

Ⅱ. 선행연구 및 가설설정

Ⅲ. 연구설계

Ⅳ. 실증분석

Ⅴ. 결론

키워드

Cash Holdings Cost Structure Fixed Cost Structure Firms Flexible Cost Structure Firms