원문정보
Financial Distress Cost Determinants Model and Financial Productivity
초록
영어
The purposes of this paper are to build theoretical and empirically testable model to improve financial productivity for identifying determining factors of financial distress cost, and to analyze this model empirically using the Korea Stock Exchange panel data, and to test the impact of IMF crisis on the determinants. The financial productivity factors of determining financial distress cost identified in this paper include firm's liquidity policy, financing policy, growth opportunity, business risk, profitability, size and chaebol-non chaebol dummy variable. Empirical panel estimation test reveals that this model can explain about 49.8% of the cross sectional variance in the financial distress cost. The regression results on the model variables are generally in line with predictions. But the coefficient estimates on growth opportunity is never significant. And it appears that the exogenous variable which explains IMF crisis has positive effect on the determinants of financial distress cost.
목차
II. 재무곤경비용의 결정요인
III. 자료와 연구모형
IV. 실증분석결과
V. 요약과 결론
참고문헌
Abstract