이해관계자 이론의 자본구조 예측가능성에 관한 실증적 연구

This paper positively investigates that the Cornell․Shapiro's stakeholder theory can predict capital structure of korean firms. To test this idea, 245 firms in the KSE are categorized into 2 different strategic group with related ratio(RR) and specialization ratio(SR), : related and unrelated diversified firm. Cross-sectional multiple regressions with dummy variables show that capital structure is significantly related to the strategic variable. But the sign of strategic variable coefficient is opposite to Barton et al's results. Presumably, the reasons of that due to the differences in management surroundings between Korea and America, namely, manager's perception in the cost of capital, the degrees of informational asymmetries under the owner's management system. According to these results, the stakeholder theory can predict the capital structure of korean firms, but they lie in management surroundings which different from American firms.