• The Journal of Asian Finance, Economics and Business
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• 제6권3호
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• pp.41-53
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• 2019

Building a target capital structure is one of the most important decisions in corporate financial management. The purpose of this article is to identify the determinants of capital structure and adjustment mechanism toward the target leverage. The partial adjustment model was applied on a sample of 306 non-financial companies listed on Vietnam stock exchange market during the period of 2008-2017. By the fixed effect model estimation method, the research results have discovered the factors of growth opportunities, firm size, tangible fixed assets and firm's unique characteristics have a positive effect on the target capital structure of enterprises. Besides, profitability and dividend payment have a negative effect on the target capital structure of enterprises. Accordingly, the research results show that the average adjustment speed toward target leverage of the firms is 90.03%. Research results also demonstrate firms have higher or lower debt ratio than the target debt ratio, capital surplus or capital deficit also have an impact on the adjustment rate toward the target capital structure. The research results are consistent with the Dynamic Trade-off Theory. From this result, this article has provided policy implications for non-financial companies listed on Vietnam's stock market in building a reasonable target capital structure according to operating timeline to maximize enterprise value.

• 재무관리연구
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• 제25권2호
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• pp.33-68
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• 2008

본 연구에서는 전통적 자본구조 이론인 정태적 상충이론과 자본조달순위이론 뿐만 아니라 최근 새로 등장하고 있는 시장적시성이론의 타당성과 거시 경제변수가 자본구조에 미치는 영향을 종합적인 틀에서 분석하였다. 목표자본구조 결정과 자본조달 선택의 2단계 분석 결과, 자본구조의 특정이론이 일관성 있게 지지되기보다는 각 이론이 부분적으로 지지되는 결과가 나타났다. 1단계 목표자본구조 식의 추정에 있어서 기업 특성변수의 계수는 전반적으로 정태적 상충이론보다는 자본조달순위이론을 지지하였으나 2단계의 자본조달 선택요인의 분석에서는 정태적 상충이론에서 주장하듯 기업이 목표자본구조를 설정하고 이를 추구하는 경향이 있는 것으로 분석되었다. 또한, 자금이 부족한 기업일수록 회사채보다는 오히려 주식을 발행하는 경향이 강한 것으로 나타나 단순한 형태의 자본조달순위이론의 예측과는 부합하지 않았다. 그러나 주가가 상대적으로 고평가된 기업일수록 회사채보다 주식을 발행할 가능성이 높게 나타나 시장적시성이론이 지지되는 결과를 보였다. 한편 본 연구에서는 Korajczyk and Levy(2003)와 달리 기간 스프레드와 신용 스프레드 등 거시경제 변수가 자본구조 결정에 미치는 영향은 미미하였고, 재무적 제약이 있는 기업보다 재무적 제약이 없는 기업이 자본조달 시기를 조절할 수 있기 때문에 거시경제 변수나 시장 적시성 변수의 영향이 더 클 것이라는 그들의 주장을 지지하는 직접적 증거도 발견되지 않았다.

• 재무관리연구
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• 제2권1호
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• pp.55-75
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• 1986

This article is to analyse the economic efficiency of capital market, which plays a role of resource allocation in terms of financial claims such as stock and bond. It provides various contributions to the welfare theoretical aspects of modern capital market theory. The key feature that distinguishes the theory described here from traditional welfare theory is the presence of uncertainty. Securities has time dimensions and the state and outcome of the future are really uncertain. This problem resulting from this uncertainty can be solved by complete market, but it has a weak power to explain real stock market. Capital Market is faced with the uncertainity because it is a kind of incomplete market. Individuals and firms in capital market made their consumption-investment decision by their own criteria, i. e. the maximization of expected utility form intertemporal consumption and the maximization of the market value of firm. We noted that allocative decisions that had to be made in the economy could be naturally subdivided into two groups. One set of decisions concerned the allocation of first-period resources among consumption $C_i$, investment in risky firms $I_j$, and riskless investment M. The other decisions concern the distribution among individuals of income available in the second period $Y_i(\theta)$. Corresponing to this grouping, the theoretical analysis of efficiency has also been dichotomized. The optimality of the distribution of output in the second period is distributive efficiency" and the optimality of the allocation of first-period resources is 'the efficiency of investment'. We have found in the distributive efficiency that the conditions for attainability is the same as the conditions for market optimality. The necessary and sufficient conditions for attainability or market optimality is that (1) all utility functions are such that -$\frac{{U_i}^'(Y_i)}{{U_i}^"(Y_i)}={\mu}_i+{\lambda}Y_i$-linear risk tolerance function where the coefficients ${\mu}_i$ and $\lambda$ are independent of $Y_i$, and (2) there are homogeneous expectations, i. e. ${\Large f}_i(\theta)={\Large f}(\theta)$ for every i. On the other hand, the efficiency of investment has disagreement about optimal investment level. The investment level for market rule will not generally lead to Pareto-optimal allocation of investment. This suboptimality is caused by (1)the difference of Diamond's decomposable production function and mean-variance valuation model and (2) the selection of exelusive investment or competitive investment. In conclusion, this article has made an analysis of conditions and processes of Pareto-optimal allocation of resources in capital marker and tried to connect with significant issues in modern finance.

• 국제학술발표논문집
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• The 5th International Conference on Construction Engineering and Project Management
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• pp.133-140
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• 2013

The purpose of this study is identifying the relationship among the business strategy, order receiving capability and leverage variables of a construction company using industry characteristic variables, in addition to the explanation variables used in the previous studies. The samples of this study were limited to the construction companies listed in Korean stock market. This study built multiple regression analysis models, which have been frequently used in traditional previous studies, in the explanation of company capital structure. Empirical analysis on Static Trade-off Theory and Pecking Order Theory was done by the built model. The study results suggested that the capital structure determination behavior of a construction company generally follows Static Trade-off Theory; however, profitability was found to follow Pecking Order Theory. The explanation variables used in the previous capital structure studies mostly produced significant results; however, the variables, which this study experimentally used, did not produce significant results. It is believed that it implies that additional studies are required in the selection of variables and study methodology. Consequently, a case that unconditionally supports a particular theory is scarce. It has been also found that a case can support both theories at the same time. Therefore, it is believed that development study methodology or introduction of new study methodology that can identify the dynamic characteristic of construction company capital structure formation is required.

• 유통과학연구
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• 제22권3호
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• pp.105-112
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• 2024

Purpose: This study analyzed the relationship between corporate capacity and management performance in the Korean distribution industry during the COVID-19 pandemic. Research design, data and methodology: The data for this study used the 2021 KOTRA GCL Test Data, and multiple regression analysis was performed using SPSS 26. As corporate competency, human capital and related capital of intellectual capital theory were utilized, and the global network level of social network theory was also utilized. As an additional analysis, corporate characteristics factors were used. Results: First, the level of global mindset of human capital acted as a positive factor in management performance, and the level of professional manpower did not achieve significant results. Second, related capital acted as a positive factor in corporate performance. Third, from the perspective of social network theory, the global network level of companies acted as a positive factor in management performance. Finally, the relationship between corporate characteristics and management performance was marginally significant. Conclusions: In order to improve the business performance of a company in a market shock such as the COVID-19 pandemic, it is required to strengthen the level of network construction with customers and increase the level of intellectual capital that a company has.

• The Journal of Asian Finance, Economics and Business
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• 제8권1호
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• pp.45-52
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• 2021

The capital structure is one of the hot financial topics among researchers and scholars. Its importance comes from the fact that capital structure is closely related to companies' ability to meet different stakeholders' needs. A suitable capital structure will boost the business and create a competitive advantage in the context of fierce competition. Many companies choose an optimal debt level based on the trade-off between interest and debt costs. This study aimed to test the existence of trade-off theory in capital structure, the case of Vietnam's real estate companies, which are growing very fast recently. Instead of considering constant optimal leverage to test the trade-off model, we take advantage of the dynamic capital structure determined by growth opportunities, profitability, tax incentives, tangibility, liquidity, and firm size. The dynamic panel data regression was estimated by the system Generalized Method of Moment (Sys-GMM). The empirical evidence showed that real estate companies listed in the Vietnamese stock market might change their leverage toward a target capital structure determined by influential factors in a long-term perspective. In particular, the debt-to-asset ratio will change by approximately 14 percent, positively, in response to the difference between the current debt-to-asset ratio and the dynamic target debt-to-asset ratio.

• The Journal of Asian Finance, Economics and Business
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• 제7권10호
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• pp.1-8
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• 2020

The objective of the study is to investigate the effect of growth opportunities on capital structure and dividend policy in Indonesia. The study employs panel data of companies listed on Indonesia Stock Exchange that distribute dividends from 2007 to 2017. Fixed and random effect regression models are used. Findings based on growth opportunities on capital structure and dividend policy in Indonesia are in line with the existing theory (i.e., contracting theory). Growth opportunities have a significant negative correlation with debt ratio and dividend yield, which suggests that firms with high growth opportunities are discouraged to generate debt to resolve underinvestment and asset-substitution problem. Firms with more investment opportunities tend to adopt a low dividend payout policy because the cash flows will be used up for investment. The positive impact of firm size on leverage is due to the low bankruptcy risk and cost of a large company. Profitability has a positive impact on the dividend policy because profitable companies can reserve larger free cash flows and, thus, pay higher dividends. The positive influence of ownership on leverage is interpreted by the unwillingness of majority stockholders to commit to equity financing in order to avoid reducing the ownership and preserve control of the company.

• 한국의류산업학회지
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• 제21권6호
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• pp.766-775
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• 2019

This study investigated the appearance management aspects of middle-aged male CEO's based on Bourdieu's class theory. We conducted in-depth interviews with male CEOs in their 40s and 50s to understand the characteristics of appearance management in terms of economic, cultural and social capital. We found that they acquire educational capital based on their parents' economic capital and form their own cultural capital as adults. They had the characteristics of Petit Brujois, which aimed for a higher class. The characteristics of differentiation based on appearance management identified three results came from solidifying one's class position: clothing management, diversifying and upgrading appearance management, and pursuing their own ideal image. The influence of social network and cultural capital was also observed in appearance management. This study explored the characteristics of discriminatory appearance management through an in-depth study of middle-aged male CEOs as well as contributed to understanding the context of capital and appearance management by applying Bourdieu's class theory. In addition, this study provides basic data that can be referred to a design and marketing direction for the men's clothing market by providing information on male consumers with high purchasing power.

• 경영과정보연구
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• 제29권4호
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• pp.207-223
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• 2010

본 연구에서는 국내 금융회사중 내부모형을 승인받아 사용하고 있는 국내 은행의 실제 위험유형별 자료를 이용하여 시장위험과 신용위험간 관계를 고려한 통합위험을 측정하였으며, 이를 통하여 위험유형간 분산효과가 존재하는지 검증해 보았다. 검증방법은 법규상 규제자본과 내부모형을 통해 산출되는 시장위험과 신용위험의 단순 합산 및 위험액 자체에 직접 임의의 상관관계를 고려하는 단순통합모형을 이용하여 비교 검증하였다. 실증분석 결과, 다음과 같은 사실들을 확인할 수 있었는데, 먼저 내부모형은 시장위험에서는 평균적으로 규제자본에 비해 40.4%, 신용위험은 45.4%의 분산효과를 보였으며, 통계적으로도 유의한 차이를 보였다. 이는 내부모형의 경우 하위 위험요인간 분산효과로 인하여 규제자본에 비해 필요자본이 작아진 다는 것을 의미한다. 다음으로 실무에서 이용하는 위험액 자체에 임의의 상관관계를 적용하여 산출한 단순 통합위험을 경제적 자본의 대용치인 내부모형의 단순합산과 비교해 본 결과 분산효과는 크지 않았으며, 통계적으로도 유의하지 않은 것으로 나타났다. 이는 은행의 시장위험이 신용위험에 비해 규모면에서 과소하여 분산효과가 크게 나타나지 않는 것으로 설명할 수 있다.

• 한국벤처창업학회:학술대회논문집
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• 한국벤처창업학회 2017년도 춘계학술대회
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• pp.49-49
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• 2017

This paper provides theory and evidence on how venture capital's (VC's) investment influence on new venture (NV) performance. Despite the wealth of research on the relationship between VC's investment and NV's performance, there are conflicts about whether the VC's investment can contribute to the performance of NV and NV's market value or not. For the accurate measure of the investment effect from VC, this research explored how the venture capital's investment in each development stage affects the NV's performance. The research was based on signaling theory and the theory of information asymmetry and looked for which factors affect a NV's performance. Using a sample of 364 firms went to public from 2000 to 2007, we find NV performance increases as NV acquires initial investment of VC in the early stage of development. While NV's potential absorptive capacity moderates the main relationship positively, we find no indication that NV's realized abortive capacity and NV's reputation have significant effect on the main relationship as moderators.