자본구조의 수렴현상에 관한 연구 -EU 국가들을 대상으로-

This study investigates whether capital structures in EU countries have converged. Considering the long history of European integration and the accelerating speed of such integration over recent years, this paper investigates the effects of European integration on capital structures. As an attempt to explain changing capital structures, this study takes convergence perspectives. That is, this paper tests mean- and variance-convergence hypotheses by using econometric models such as OLS and SUR. Test results show that some countries show converging trends at the level of individual countries. However, their test statistics are not significant at the conventional significance level. In contrast, the variance of the debt ratios indicates a diminishing tendency, thus accepting variance-convergence hypothesis.