A Study on Determinants of Capital Structure of Listed Construction Companies

• 발행기관: 한국자료분석학회
• 저자명: Yun-Jeung Chang Tae-Yong Kim Tae-Yeong Choi Jae-Bum Hong
• 간행물 정보: 『Journal of The Korean Data Analysis Society (JKDAS)』Vol.13 No.1, 35~44쪽, 전체 10쪽
• 주제분류: 자연과학 > 통계학
• 파일형태: PDF
• 발행일자: 2011.02.28

영문 초록

We study the determinants of capital structure of listed construction firms in Korea. Using the KIS-VALUE III database of Korea Information Service Inc., we investigate a total of 1,223 construction companies listed on KOSPI and KOSDAQ for 1990-2007. The positive sign between size of firm and leverage ratio, and the negative sign between unlevered tax reduction effect and leverage ratio support our hypotheses. Although growth and profitability is statistically significant, the positive signs with leverage ratio contradict our hypotheses. Tangible fixed asset ratio shows a negative sign with leverage ratio before the financial crisis, while it reveals a positive sign with debt ratio after the crisis. These results imply that after the financial crisis, financial institutions put more emphasis on firms’ tangible fixed asset ratio, size and profitability.

목차

1. Introduction

2. Theoretical Background and Research Hypotheses

3. Data and Methodology

4. Empirical Results

5. Conclusion

References

키워드

Construction Companies Capital Structure Tradeoff Theory Pecking Order Theory Financial Crisis