The capital structure adjustment through debt financing based on various macroeconomic conditions in Korean market
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| Format: | Artículo científico |
| Langue: | en |
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Universidad Nacional Autónoma de México
2015
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| _version_ | 1876431179463262208 |
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| author | Hyun Jung Kim |
| author_facet | Hyun Jung Kim |
| contents | The capital structure adjustment through debt financing based on various macroeconomic conditions in Korean market Hyun Jung Kim Pando Sohn Ji-Yong Seo Economía y Finanzas Adjustment behavior macroeconomic conditions dynamic partial adjustment model pecking order and market timing theories We investigate the relationship between the capital structure and the economic conditions in Korean market. To find the adjustment behavior on capital structure depending on macroeconomic conditions, we use dynamic partial adjustment model to estimate adjustment speeds toward targets. As the data analyzed in the study, we use non-financial firms listed in the Korean stock exchange. Through the empirical test, we find evidence that is consistent with Hackbarth, Miao and Morellec (2006) and Cook and Tang (2010)’s arguments that firms tend to adjust faster their leverage toward target level in economic expansion. Thus, our findings support to the pecking order and market timing theories in terms of corporate finance theories on capital structure. In addition, our test results are re-confirmed with robust consistency even though we include year dummy variable in the empirical test model for controlling global financial crisis in contrast with Kim (2013). 2015 artículo científico 0185-1667 https://www.redalyc.org/articulo.oa?id=60142401005 https://www.redalyc.org/journal/601/60142401005/ https://www.redalyc.org/journal/601/60142401005/html/ https://www.redalyc.org/journal/601/60142401005/60142401005.epub https://www.redalyc.org/journal/601/60142401005/movil en http://www.redalyc.org/revista.oa?id=601 Investigación Económica application/pdf Universidad Nacional Autónoma de México Investigación Económica (México) Num.294 Vol.LXXIV |
| format | Artículo científico |
| id | redalyc_60142401005 |
| institution | Redalyc |
| language | en |
| publishDate | 2015 |
| publisher | Universidad Nacional Autónoma de México |
| spellingShingle | The capital structure adjustment through debt financing based on various macroeconomic conditions in Korean market Hyun Jung Kim Economía y Finanzas Adjustment behavior macroeconomic conditions dynamic partial adjustment model pecking order and market timing theories The capital structure adjustment through debt financing based on various macroeconomic conditions in Korean market Hyun Jung Kim Pando Sohn Ji-Yong Seo Economía y Finanzas Adjustment behavior macroeconomic conditions dynamic partial adjustment model pecking order and market timing theories We investigate the relationship between the capital structure and the economic conditions in Korean market. To find the adjustment behavior on capital structure depending on macroeconomic conditions, we use dynamic partial adjustment model to estimate adjustment speeds toward targets. As the data analyzed in the study, we use non-financial firms listed in the Korean stock exchange. Through the empirical test, we find evidence that is consistent with Hackbarth, Miao and Morellec (2006) and Cook and Tang (2010)’s arguments that firms tend to adjust faster their leverage toward target level in economic expansion. Thus, our findings support to the pecking order and market timing theories in terms of corporate finance theories on capital structure. In addition, our test results are re-confirmed with robust consistency even though we include year dummy variable in the empirical test model for controlling global financial crisis in contrast with Kim (2013). 2015 artículo científico 0185-1667 https://www.redalyc.org/articulo.oa?id=60142401005 https://www.redalyc.org/journal/601/60142401005/ https://www.redalyc.org/journal/601/60142401005/html/ https://www.redalyc.org/journal/601/60142401005/60142401005.epub https://www.redalyc.org/journal/601/60142401005/movil en http://www.redalyc.org/revista.oa?id=601 Investigación Económica application/pdf Universidad Nacional Autónoma de México Investigación Económica (México) Num.294 Vol.LXXIV |
| title | The capital structure adjustment through debt financing based on various macroeconomic conditions in Korean market |
| topic | Economía y Finanzas Adjustment behavior macroeconomic conditions dynamic partial adjustment model pecking order and market timing theories |
| url | https://www.redalyc.org/articulo.oa?id=60142401005 https://www.redalyc.org/journal/601/60142401005/ https://www.redalyc.org/journal/601/60142401005/html/ https://www.redalyc.org/journal/601/60142401005/60142401005.epub https://www.redalyc.org/journal/601/60142401005/movil |