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학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
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연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
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This paper examines the association between international diversification and cost of debt capital in Korea.
International diversification is essential activity for the firm's sustainable growth then international diversificationactivity has much attention from academy as well as industry.
Prior literatures suggest that international diversification is positive or negative association with firm value inKorea. Also there is limited research has been done with international diversification and cost of debt capitalusing Korean firm-year observations.
The empirical results is as follows. Using 2,258 observations Korean data from 2000 to 2009, overallinternational diversification is positively (+) associated with cost of debt capital which represent that creditrating agency recognize international diversification as a negative perspective which can lower the firm value orprofitability.
This paper has several contribution as follows. Prior literatures suggest that international diversification ispositively associated with the cost of equity capital, this is the first empirical paper with internationaldiversification and cost of debt capital using Korean data then international diversification can be thedeterminant of cost of debt capital.
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참고문헌 (33)
참고문헌 신청
Ahmed, A. / 2002 / MortonThe Role of Accounting Conservatism in Mitigating Bondholder-Shareholder Conflicts over Dividend Policy and in Reducing Debt Costs / The Accounting
Bharath S. / 2008 / Accounting Quality and Debt Contracting / The Accounting Review 83
Denis D / 2002 / Global Diversification, Industrial Diversification, and Firm Value / Journal of Finance 5
Dhaliwal, D. S. / 2008 / Auditor Fees and Cost of Debt. Journal of Accounting / Journal of Accounting, Auditing and Finance
Doukas J. / 2003 / Geographic Diversification and Agency costs of Debt of Multinational Firms / Journal of Corporate Finance 9
Bharath S. / 2008 / Accounting Quality and Debt Contracting / The Accounting Review 83
Denis D / 2002 / Global Diversification, Industrial Diversification, and Firm Value / Journal of Finance 5
Dhaliwal, D. S. / 2008 / Auditor Fees and Cost of Debt. Journal of Accounting / Journal of Accounting, Auditing and Finance
Doukas J. / 2003 / Geographic Diversification and Agency costs of Debt of Multinational Firms / Journal of Corporate Finance 9
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