본문 바로가기
KERD
논문KCI 등재

How Do Firms Choose Their Debt Types?

이지윤|이진숙
지식경영연구원 (The Institute of Knowledge Management, Chosun University)|2023.09|기업과혁신연구 (Journal of Corporation and Innovation)|제46권 제3호|pp. 19-48|DOI 10.22778/jci.2023.46.3.19

1

조회

0

다운로드

0

인용

0

참고문헌

키워드

Bank DebtConvertible DebtDebt TypeBonds-and-Notes
주제분류무역학

초록

We empirically investigate the joint determinants of a firm’s debt types using simultaneous equations in which a firm’s choice of a debt source is endogenous to other choices of debt sources. Specifically, we examine the interactions between debt choices within a firm. We find that among a firm’s debt components, bank debt has a complementary relation with bonds-and-notes, and that bank debt and convertible debt are substitutes. Our paper makes an important contribution to the literature in that we consider the joint determinants of a firm’s debt choices (i.e., bonds-and-notes, bank debt, convertible debt, and capitalized leases), while existing empirical research has explained a firm’s debt choices independently.

Abstract

We empirically investigate the joint determinants of a firm’s debt types using simultaneous equations in which a firm’s choice of a debt source is endogenous to other choices of debt sources. Specifically, we examine the interactions between debt choices within a firm. We find that among a firm’s debt components, bank debt has a complementary relation with bonds-and-notes, and that bank debt and convertible debt are substitutes. Our paper makes an important contribution to the literature in that we consider the joint determinants of a firm’s debt choices (i.e., bonds-and-notes, bank debt, convertible debt, and capitalized leases), while existing empirical research has explained a firm’s debt choices independently.

참고문헌 (66)

  1. Acharya, V. V., "Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies", Journal of Fnancial Intermediation, 16(4), pp.515~554 (2007)
  2. Almeida, H., "The Cash Flow Sensitivity of Cash", Journal of Finance, 59(4), pp.1777~1804 (2004)
  3. Ang, J., "The Leasing Puzzle", Journal of Finance, 39(4), pp.1055~1065 (1984)
  4. Barclay, M. J., "The Maturity Structure of Corporate Debt", Journal of Finance, 50(2), pp.609~631 (1995)
  5. Barclay, M. J., "The Priority Structure of Corporate Liabilities", Journal of Finance, 50(3), pp.899~917 (1995)
  6. Baum, C. F., "Instrumental Variables and GMM : Estimation and Testing", The Stata Journal, 3(1), pp.1~31 (2003)
  7. Berlin, M., "Debt Covenants and Renegotiation", Journal of Financial Intermediation, 2(2), pp.95~133 (1992)
  8. Billett, M. T., "Growth Opportunities and the Choice of Leverage, Debt Maturity, and Covenants", Journal of Finance, 62(2), pp.697~730 (2007)
  9. Bolton, P., "Equity, Bonds, and Bank Debt : Capital Structure and Financial Market Equilibrium Under Asymmetric Information", Journal of Political Economy, 108(2), pp.324~351 (2000)
  10. Boot, Arnoud W. A., "Relationship Banking : What Do We Know?", Journal of Financial Intermediation, 9(1), pp.7~25 (2000)
  11. Brealey, R. A., "Principles of Corporate Finance" (2014), McGraw-Hill
  12. Brennan, M. J., "The Case For Convertibles", Journal of Applied Corporate Finance, 1(2), pp.55~64 (1988)
  13. Secured Debt Financing and Leverage: Theory and Evidence, "Brown, D. T.", University of Florida, ~ (2006)
  14. Cantillo, M., "How Do Firms Choose Their Lenders? An Empirical Investigation", Review of Financial Studies, 13(1), pp.155~189 (2000)
  15. Chava, S., "Managerial Agency and Bond Covenants", Review of Financial Studies, 23(3), pp.1120~1148 (2010)
  16. Chemmanur, T. J., "Reputation, Renegotiation, and the Choice Between Bank Loans and Publicly Traded Debt", Review of Financial Studies, 7(3), pp.475~506 (1994)
  17. DeAngelo, H., "Optimal Capital Structure Under Corporate and Personal Taxation", Journal of Financial Economics, 8(1), pp.3~29 (1980)
  18. DeMarzo, P. M., "Optimal Long-Term Financial Contracting", Review of Financial Studies, 20(6), pp.2079~2128 (2007)
  19. Denis, D. J., "The Choice Among Bank Debt, Non-Bank Private Debt, and Public Debt : Evidence From New Corporate Borrowings", Journal of Financial Economics, 70(1), pp.3~28 (2003)
  20. Detragiache, E., "Public Versus Private Borrowing : A Theory with Implications for Bankruptcy Reform", Journal of Financial Intermediation, 3(4), pp.327~354 (1994)
  21. Diamond, D. W., "Financial Intermediation and Delegated Monitoring", Review of Economic Studies, 51(3), pp.393~414 (1984)
  22. Diamond, D. W., "Monitoring And Reputation : The Choice Between Bank Loans and Directly Placed Debt", Journal of Political Economy, 99(4), pp.689~721 (1991)
  23. Diamond, D. W., "Seniority and Maturity of Debt Contracts", Journal of Financial Economics, 33(3), pp.341~368 (1993)
  24. Eisfeldt, A. L., "Leasing, Ability to Repossess, and Debt Capacity", Review of Financial Studies, 22(4), pp.1621~1657 (2009)
  25. Erel, I., "Macroeconomic Conditions and Capital Raising", Review of Financial Studies, 25(2), pp.341~376 (2012)
  26. Essig, S. M., "Convertible Securities and Capital Structure Determinants", Doctor, pp.1992
  27. Faulkender, M., "Does the Source of Capital Affect Capital Structure?", Review of Financial Studies, 19(1), pp.45~79 (2006)
  28. Flannery, M. J., "Asymmetric Information And Risky Debt Maturity Choice", Journal of Finance, 41(1), pp.19~37 (1986)
  29. Frank, M. Z., "Capital Structure Decisions : Which Factors Are Reliably Important?", Financial Management, 38(1), pp.1~37 (2009)
  30. Graham, J. R., "Proxies For the Corporate Marginal Tax Rate", Journal of Financial Economics, 42(2), pp.187~221 (1996)
  31. Graham, J. R., "Debt, Leases, Taxes, and the Endogeneity of Corporate Tax Status", Journal of Finance, 53(1), pp.131~162 (1998)
  32. Green, R. C., "Investment Incentives, Debt, and Warrants", Journal of Financial Economics, 13(1), pp.115~136 (1984)
  33. Greene, W. H., "Econometric Analysis" (2003), Pearson Education India
  34. Hackbarth, D., "Optimal Priority Structure, Capital Structure, and Investment", Review of Financial Studies, 25(3), pp.747~796 (2012)
  35. Harris, M., "The Theory of Capital Structure", Journal of Finance, 46(1), pp.297~355 (1991)
  36. The Choice Between Public and Private Debt: An Analysis of Post-Deregulation Corporate Financing in Japan, "Hoshi, T.", National Bureau of Economic Research, Inc, ~ (1993)
  37. Houston, J., "Bank Information Monopolies and the Mix of Private and Public Debt Claims", Journal of Finance, 51(5), pp.1863~1889 (1996)
  38. Isagawa, N., "Convertible Debt : An Effective Financial Instrument to Control Managerial Opportunism", Review of Financial Economics, 9(1), pp.15~26 (2000)
  39. Jensen, M. C., "Theory of the Firm : Managerial Behavior, Agency Costs and Ownership Structure", Journal of Financial Economics, 3(4), pp.305~360 (1976)
  40. Jensen, M. C., "Recent Advances in Corporate Finance" (1985), Irwin
  41. Johnson, S. A., "An Empirical Analysis of the Determinants of Corporate Debt Ownership Structure", Journal of Financial and Quantitative Analysis, 32(1), pp.47~69 (1997)
  42. Johnson, S. A., "Debt Maturity and the Effects of Growth Opportunities and Liquidity Risk on Leverage", Review of Financial Studies, 16(1), pp.209~236 (2003)
  43. Johnston, J., "Econometric Methods" (1984), McGraw-Hill
  44. Kennedy, P., "A Guide to Econometrics" (2008), Blackwell Publishing
  45. Khang, K., "The Determinants of Corporate Debt Mix", Quarterly Journal of Finance and Accounting, 52(3, pp.4) (2014), 119~166
  46. Kim, C. S., "The Determinants of Corporate Liquidity: Theory and Evidence", Journal of Financial and Quantitative Analysis, 33(3), pp.335~359 (1998)
  47. Krishnan, V. S., "Bankruptcy Costs and the Financial Leasing Decision", Financial Management, 23(2), pp.31~42 (1994)
  48. Krishnaswami, S., "Information Asymmetry, Monitoring, and the Placement Structure of Corporate Debt", Journal of Financial Economics, 51(3), pp.407~434 (1999)
  49. Lease, R. C., "Realized Returns and the Default and Prepayment Experience of Financial Leasing Contracts", Financial Management, 19(2), pp.11~20 (1990)
  50. Lemmon, M. L., "Back to the Beginning : Persistence and the Cross-Section of Corporate Capital Structure", Journal of Finance, 63(4), pp.1575~1608 (2008)
  51. Marston, F., "Substitutability of Leases and Debt in Corporate Capital Structures", Journal of Accounting, Auditing and Finance, 3(2), pp.147~164 (1988)
  52. Myers, S. C., "Corporate Financing and Investment Decisions When Firms Have Information that Investors Do Not Have", Journal of Financial Economics, 13(2), pp.187~221 (1984)
  53. Opler, T., "The Determinants and Implications of Corporate Cash Holdings", Journal of Financial Economics, 52(1), pp.3~46 (1999)
  54. Park, C., "Monitoring and Structure of Debt Contracts", The Journal of Finance, 55(5), pp.2157~2195 (2000)
  55. Rajan, R. G., "Insiders and Outsiders : The Choice Between Informed and Arm's-Length Debt", Journal of Finance, 47(4), pp.1367~1400 (1992)
  56. Rajan, R. G., "What Do We Know About Capital Structure? Some Evidence from International Data", Journal of Finance, 50(5), pp.1421~1460 (1995)
  57. Rauh, J. D., "Capital Structure and Debt Structure", Review of Financial Studies, 23(12), pp.4242~4280 (2010)
  58. Roberts, M. R., "Control Rights and Capital Structure : An Empirical Investigation", Journal of Finance, 64(4), pp.1657~1695 (2009)
  59. Ross, S. A., "The Determination of Financial Structure : The Incentive-Signalling Approach", The Bell Journal of Economics, 8(1), pp.23~40 (1977)
  60. Sharpe, S. A., "Capital Market Imperfections and the Incentive to Lease", Journal of Financial Economics, 39(2-3), pp.271~294 (1995)
  61. Smith Jr, C. W., "Determinants of Corporate Leasing Policy", Journal of Finance, 40(3), pp.895~908 (1985)
  62. Stohs, M. H., "The Determinants of Corporate Debt Maturity Structure", Journal of Business, 69(3), pp.279~312 (1996)
  63. Sufi, A., "Bank Lines of Credit in Corporate Finance : An Empirical Analysis", Review of Financial Studies, 22(3), pp.1057~1088 (2009)
  64. Titman, S., "The Determinants of Capital Structure Choice", Journal of Finance, 43(1), pp.1~19 (1988)
  65. Whited, T. M., "Debt, Liquidity Constraints, and Corporate Investment : Evidence from Panel Data", Journal of Finance, 47(4), pp.1425~1460 (1992)
  66. Wooldridge, J. M., "Introductory Econometrics: A Modern Approach" (2009), Cengage Learning

관련 논문AI추천

Do Tangible Assets Support Long-Term Debt? New Evidence from Unsecured Debt Financing by Small Firms한중호경영연구소 · Seoul Journal of Business2008 · 제14권 제2호TESTS OF OF THE PECKING ORDER THEORY AND THE TRADEOFF THEORY OF OPTIMAL CAPITAL STRUCTUREJong C. Rhim, Soku Byoun사람과세계경영학회 · Global Business and Finance Review2005 · 제10권 제2호Corporate Innovation and Maturity Structure of Debt김동겸, 최종범보험연구원 · 보험금융연구2022 · 제33권 제2호Information Asymmetry, Risk Rating, and Debt Maturity: Evidence from Small Business Data한중호경영연구소 · Seoul Journal of Business2008 · 제14권 제2호Role of Industry Position in Capital Structure: Evidence from Korea손판도한국질서경제학회 · 질서경제저널2020 · 제23권 제4호CEO Inside Debt and Costs of Bank Debt Financing한중호경영연구소 · Seoul Journal of Business2011 · 제17권 제2호

이 간행물의 다른 논문 (7건)

한국에서 환율 및 국제유가의 변화가 소비자물가에 미치는 비선형효과 분석이선호pp. 3-18An Empirical Study of the Effect of the Personality Type Determined by the MBTI on Sales Performance in B2B Salespeople구자원, 정병호pp. 49-76지각된 위협의 심각성이 브랜드 노스탤지어 감정과 브랜드 애호도에 미치는 영향나광진, 권민택, 한태환pp. 77-91특허 경쟁과 특허 전문대리인박성훈pp. 93-110COVID-19 기간 동안 세무회계교육방법 혁신에 관한 연구최보람pp. 111-124
원문 보기