기업의 자본구조가 제품시장에서의 경쟁적 지위에 미치는 영향

Leverage ratio has significant positive affects on market share. Because Cournot and Bertrand firms have strategic advantages in the product market, respectively, they can improve their competitive position in product market by strategically using debt. Cournot firms can enhance their competitive position in product market by strategically using debt to increase outputs aggressively, and Bertrand firms also improve their competitive position in product market by strategically using debt to reduce prices ahead of rivals. However, the effects of leverage ratio on market share are weaker for chaebol firms as compared to non-chaebol firms. Moreover, the effects of leverage ratio on market share are weaker for high growth firms as compared to low growth firms. In conclusion, under Cournot competition strategy, leverage ratio affects market share positively, implying that Cournot firms can boost their market share by strategically using debt to increase outputs aggressively. Similarly, under Bertrand competition strategy, leverage ratio significantly and positively affects market share, implying that Bertrand firms can increase their market share by strategically using debt to reduce prices ahead of rivals. This study also implies that managers must have to consider leverage ratio as a new determinant of the competitive strategy in product market.