Capital structure adjustment in Korean retail firms
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Kim, Sang-Su | - |
dc.contributor.author | Lee, Jeong-Hwan | - |
dc.date.accessioned | 2022-07-12T23:50:31Z | - |
dc.date.available | 2022-07-12T23:50:31Z | - |
dc.date.created | 2021-05-13 | - |
dc.date.issued | 2017-11 | - |
dc.identifier.issn | 1738-3110 | - |
dc.identifier.uri | https://scholarworks.bwise.kr/hanyang/handle/2021.sw.hanyang/151222 | - |
dc.description.abstract | Purpose - Capital structure adjustment costs influence the test of the standard trade-off theory of capital structure. We investigate whether there exist economically significant capital adjustment costs in the Korean retail industry. Research design, data, and methodology - This paper adopts the model of Leary and Roberts(2005) to obtain the hazard rate of capital structure variations. The retail firms traded in the KOSPI and KOSDAQ markets are analyzed from 2000 to 2016. Results - The empirical analysis shows infrequent capital structure adjustments in the Korean retail firms. The duration analysis emphasizes that the fixed adjustment cost plays an important role in the determination of capital structure adjustments for the Korean retail firms. Yet, even after taking account of infrequent capital structure adjustments, the trade off theory only weakly explains the capital structure variations of the Korean retail firms. Conclusions - This paper confirms the existence of capital structure adjustment costs for the Korean retail firms. Our results argue for the significance of fixed adjustment costs in capital structure adjustments. Such emphasis on the fixed cost is inconsistent with the existing studies. The trade off theory does not successfully explain capital structure policy in the Korean retail firms even after considering adjustment costs. | - |
dc.language | 영어 | - |
dc.language.iso | en | - |
dc.publisher | Korea Distribution Science Association (KODISA) | - |
dc.title | Capital structure adjustment in Korean retail firms | - |
dc.type | Article | - |
dc.contributor.affiliatedAuthor | Lee, Jeong-Hwan | - |
dc.identifier.doi | 10.15722/jds.15.11.201711.41 | - |
dc.identifier.scopusid | 2-s2.0-85037122023 | - |
dc.identifier.bibliographicCitation | Journal of Distribution Science, v.15, no.11, pp.41 - 48 | - |
dc.relation.isPartOf | Journal of Distribution Science | - |
dc.citation.title | Journal of Distribution Science | - |
dc.citation.volume | 15 | - |
dc.citation.number | 11 | - |
dc.citation.startPage | 41 | - |
dc.citation.endPage | 48 | - |
dc.type.rims | ART | - |
dc.type.docType | Article | - |
dc.identifier.kciid | ART002285938 | - |
dc.description.journalClass | 1 | - |
dc.description.isOpenAccess | Y | - |
dc.description.journalRegisteredClass | scopus | - |
dc.description.journalRegisteredClass | kci | - |
dc.subject.keywordAuthor | Adjustment costs | - |
dc.subject.keywordAuthor | Capital structure | - |
dc.subject.keywordAuthor | Retail industry | - |
dc.identifier.url | https://www.kci.go.kr/kciportal/landing/article.kci?arti_id=ART002285938#none | - |
Items in ScholarWorks are protected by copyright, with all rights reserved, unless otherwise indicated.
222, Wangsimni-ro, Seongdong-gu, Seoul, 04763, Korea+82-2-2220-1365
COPYRIGHT © 2021 HANYANG UNIVERSITY.
Certain data included herein are derived from the © Web of Science of Clarivate Analytics. All rights reserved.
You may not copy or re-distribute this material in whole or in part without the prior written consent of Clarivate Analytics.