자본구조 조정속도의 비대칭성: 동태적 패널 임계 분석

• 영문명: Asymmetries in the Speed of Capital Structure Adjustment: Evidence from a Dynamic Panel Threshold Model
• 발행기관: 강원대학교 경영경제연구소
• 저자명: 조성빈(Sungbin Cho)
• 간행물 정보: 『아태비즈니스연구』제15권 제3호, 417~430쪽, 전체 14쪽
• 주제분류: 인문학 > 문학
• 파일형태: PDF
• 발행일자: 2024.09.30

국문 초록

Purpose - This paper investigates the asymmetric capital structure adjustment toward target leverage. Our study consistently estimates heterogeneous speeds of adjustment in different regimes reflecting heterogeneity in firm characteristics. Design/methodology/approach - We collect balanced panel data on Korean listed firms over the period 2005 2023. In order to capture non-linearities in the speed of capital structure adjustments, this paper employs the dynamic panel threshold model that allows endogeneity in regressors and threshold variables. Findings - Using firm characteristics as proxies for adjustment costs of deviation from and adjustment to target leverage, we find asymmetric effects on the speed of capital structure adjustments. Firms of large size, with high profitability, with large cash flow and with large investment adjust capital structure faster than those with the opposite characteristics. On the other hand, firms with high growth opportunities and with high risk move slowly toward the target leverage. Research implications or Originality - This paper provides new evidence of cross-sectional asymmetries in capital structure adjustments, which calls for cautions in sample-splitting in an arbitrary manner.

목차

Ⅰ. 서론

Ⅱ. 선행연구

Ⅲ. 분석자료 및 방법론

Ⅳ. 실증분석 결과

Ⅴ. 결론

References

키워드

Asymmetry Capital Structure Dynamic Panel Threshold Model Speed of Adjustment