산업 내 기업의 자본구조 편차에 미치는 결정요인

In this paper, we empirically investigate the determinants on dispersion of capital structure in intra-industry using sample of non-financial firms listed in KOSPI market of Korea. In prior papers, firms in some industries tend to have a similar dispersion of capital structure while firms in other industries exhibit different dispersion of capital structure. Why do firms have a different dispersion of capital structure or a similar dispersion of capital structure? Also what are the determinants of dispersion in capital structure? This question is a key role in understanding capital structure and also sheds light to new evidence on the determinants of capital structure. Based on these results in prior studies, we setup empirical testable hypotheses and implement regressions based on empirical models to find the determinants of dispersion of capital structure. The results we find are as follows: First, we document that our empirical results support the technological effect hypothesis, which means that dispersion of capital structure in industry is affected by technological effect. Second, we also find that asset-liquidity effect does not affect the dispersion of capital structure. Third, we provide the evidence that firms in the high concentrated industry exhibit greater intra-industry dispersion. Especially, we show the evidence that high proportion of share as a proxy for governance makes the intra-industry dispersion greater. This evidence supports the agency effect. Our empirical result implies the new implication to understand the determinant of capital structure.