동태적 패널 모형을 이용한 건설업 자본구조 결정요인에 관한 연구

초록

This study explores the traditional capital structure theory; trade-off theory and pecking order theory whether these two traditional theory can be applicable for Korean construction companies. We focus on analyze total number of 37 construction companies listed in KOSPI and KOSDAQ from 2000 to 2015. We adopt dynamic panel model for the balanced panel data set to test which theory can explain the behavior of capital structure in South Korea. The general tax effect has supported the trace off theory as well as the size factor when determining capital structure. The profitability factor has supported the pecking order theory with marginally significant level. The asymmetric information has supported the trade-off theory. In general, we find that both theories has explained the relationship between the level of capital structure and our research variables. Using system GMM(Generalized Method of Moments), we also test the debt adjustment factor(a) whether it reflects the business cycle of construction industry. We find that the general decision of use of debt is related to the general business cycle but the company is insensitive to adjust optimal capital structure when the business cycle previously shifts expansionary period to extracting period.

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