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학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
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2020
2019
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Consumer co-operatives in Korea have been rapidly growing and concerns about financing policy are increasing. This paper aims to identify the determinants affecting the capital structure of consumer co-operatives in Korea. There are two leading theories in finance that explain the capital structure, i.e., “trade-off theory” and “pecking order theory”. Though many empirical researches have investigated what are determinants of capital structure, listed corporations were the main target of interest. Using pooled panel regressions, we examine what determinants affect leverage ratio for the sample of iCOOP Korea, the largest consumer co-operative. The research findings indicate that profitability and firm size of co-operatives have significant negative (-) effect on leverage ratio, while the fixed asset ratio and asset growth have significant positive (+) relation with the ratio. In conclusion, determinants of capital structure in consumer co-operatives as MOB(Member-Owned Business) are different from those in IOB(Investor-Owned Business).
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참고문헌 (31)
참고문헌 신청
/ 2012 / / iCOOP소비자생활협동조합 사업연합회 12차 총회자료집
DeAngelo, H. / 1980 / Optimal Capital Structure under Corporate and Personal taxation / Journal of Financial Economics 8 (1) : 3 ~ 29
Fama, E. F. / 2002 / Testing Trade-Off and Pecking Order Predictions about Dividends and Debt / The Review of Financial Studies 15 (1) : 1 ~ 33
Frank, M. Z. / 2003 / Testing the Pecking Order Theory of Capital Structure / Journal of Financial Economics 67 (2) : 217 ~ 248
Graham, J. R. / 2001 / The Theory and Practice of Corporate Finance: Evidence from the Field / Journal of Financial Economics 60 (2) : 187 ~ 243
DeAngelo, H. / 1980 / Optimal Capital Structure under Corporate and Personal taxation / Journal of Financial Economics 8 (1) : 3 ~ 29
Fama, E. F. / 2002 / Testing Trade-Off and Pecking Order Predictions about Dividends and Debt / The Review of Financial Studies 15 (1) : 1 ~ 33
Frank, M. Z. / 2003 / Testing the Pecking Order Theory of Capital Structure / Journal of Financial Economics 67 (2) : 217 ~ 248
Graham, J. R. / 2001 / The Theory and Practice of Corporate Finance: Evidence from the Field / Journal of Financial Economics 60 (2) : 187 ~ 243
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