콘텐츠 바로가기
로그인
컨텐츠

Category Open

Resources

tutorial

Collection of research papers and materials on development issues

home

Resources
Economy Financial Policy

Print

Corporate financing choices in South Korea : Trends in the aggregate financials in regards to the pecking order theory

Related Document
Frame of Image
  • Corporate financing choices in South Korea
  • Park, Na Young
  • The Association of Korean Economic Studies


link
Title Corporate financing choices in South Korea
Similar Titles
Sub Title

Trends in the aggregate financials in regards to the pecking order theory

Material Type Reports
Author(English)

Park, Na Young

Publisher

[Seoul]:The Association of Korean Economic Studies

Date 2015-12
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Holding The Association of Korean Economic Studies

Abstract

Corporate financing patterns can be observed either from firm-level data or aggregate financial data. Although many prior studies use firm-level data, aggregate data also has its own benefits: It shows how the trend of aggregate corporate financing choices in the economy has evolved over time. This paper looks at the aggregate corporate financing patterns over time in South Korea, particularly focusing on changes around crises. Specifically, the paper attempts to reflect the trends in the aggregate financials in South Korea upon the peckingorder theory of corporate financing decisions. In particular, this paper finds that debt issuance exhibits tendency of growing upon economic and financial crises. In addition, there is a clear pattern that net debt issuance follows financing deficit in the aggregate financials. These results in general support the implication of the pecking-order theory of corporate financing decisions.