부채특성이 경영권방어수단과 타인자본비용 간의 관계에 미치는 영향

• 영문명: The Effect of Debt Characteristics on the Relationship between Anti-Takeover Provision and the Cost of Debt
• 발행기관: 강원대학교 경영경제연구소
• 저자명: 이아영 김성혜
• 간행물 정보: 『아태비즈니스연구』제14권 제3호, 205~219쪽, 전체 15쪽
• 주제분류: 인문학 > 문학
• 파일형태: PDF
• 발행일자: 2023.09.30

영문 초록

Purpose - This study examines the effect of corporate debt characteristics on the relationship between anti-takeover provision and the cost of debt. Design/methodology/approach - The study analyzes a sample of non-financial firms listed on the stock market with December fiscal year-end from 2011 to 2018. Debt default risk (debt size, liquidity ratio, interest coverage ratio, loss occurrence) and the issuance of bonds are utilized as measures of corporate debt characteristics. Findings - First, it is observed that creditors of firms with anti-takeover provision demand higher returns as the debt default risk of these firms increases. Second, for firms issuing bonds, it is found that bondholders in companies with anti-takeover provision also seek higher returns. Research implications or Originality - This study contributes by demonstrating that the effect of anti-takeover provision on creditors can vary depending on corporate debt characteristics. Particularly, the study highlights the importance of a firm's debt default risk and creditor distinction (bondholders vs. regular creditors) as significant factors that may influence perceptions of anti-takeover provision.

목차

Ⅰ. 서론

Ⅱ. 경영권방어수단에 대한 이해

Ⅲ. 선행연구 및 가설설정

Ⅳ. 표본의 선정 및 연구방법

Ⅴ. 실증분석 결과

Ⅵ. 결론

References

키워드

Anti-Takeover Provision Bondholders Cost of Debt Debt Characteristics Financial Risk Regular Creditors