This study investigates the effect of corporate governance(GOVRN) and debt dependancy (LEV) on capital structure adjustment speed(CSAS). Prior studies compared the CSAS using dummy variables of GOVRN without the consideration of control variables. This study, in the first step, estimates CSAS, and then adopts fixed effect model and multivariate anslysis which include control variables such as firm size, profitability, and liquidity to identify the effect of GOVRN and LEV on CSAS. Differently from prior research, conflict samples in calculating the CSAS are deleted.Followings are the results. In the fixed effect model, the GOVRN affects the CSAS when we adopt the sample using the book value of LEV. However, we do not find any evidences to support that the GOVRN affects the CSAS when we adopt the sample using the market value of LEV. In this case, the higher the LEV, the faster the CSAS.We examine the association between CSAS and GOVRN, LEV, and the interaction effect of GOVRN and LEV using multi-range analysis. When the LEV is high with the market value sample, the GOVRN does not affect the CSAS. However, when the LEV is low with the market value sample, the CSAS is faster as the GOVRN is stronger. When we use book value sample, the GOVRN does not affect the CSAS.
This study investigates the effect of corporate governance(GOVRN) and debt dependancy (LEV) on capital structure adjustment speed(CSAS). Prior studies compared the CSAS using dummy variables of GOVRN without the consideration of control variables. This study, in the first step, estimates CSAS, and then adopts fixed effect model and multivariate anslysis which include control variables such as firm size, profitability, and liquidity to identify the effect of GOVRN and LEV on CSAS. Differently from prior research, conflict samples in calculating the CSAS are deleted.Followings are the results. In the fixed effect model, the GOVRN affects the CSAS when we adopt the sample using the book value of LEV. However, we do not find any evidences to support that the GOVRN affects the CSAS when we adopt the sample using the market value of LEV. In this case, the higher the LEV, the faster the CSAS.We examine the association between CSAS and GOVRN, LEV, and the interaction effect of GOVRN and LEV using multi-range analysis. When the LEV is high with the market value sample, the GOVRN does not affect the CSAS. However, when the LEV is low with the market value sample, the CSAS is faster as the GOVRN is stronger. When we use book value sample, the GOVRN does not affect the CSAS.
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