글로벌 금융위기 전·후 외식기업의 자본구조 결정요인에 관한 연구

Abstract

This study examined what factors affect the capital structure and how the global financial crisis affects the relationship between the factors and capital structure for the food service industry in South Korea. Sample firms are composed of 39 firms belonging to the food service industry among those listed on the KOSPI and KOSDAQ markets of the Korea Exchange. The sample period is 20 years from 2000 to 2019 and sample is composed of 701 firm-year observations. We employed the panel regression model, where the dependent variables are the debt ratios measured by total debt ratio (total debt to equity), current debt ratio (current debt to equity), and non-current debt ratio (non-current debt to equity). And independent variables of the model are firm characteristics variables such as firm size, asset intensity, growth, non-debt tax shield, liquidity, operating profit on total assets, stock return, risk, and firm age. We found that firm size, growth, asset intensity, liquidity, operating profit on total assets, and firm age had a significant impact on total debt ratio in the analysis for entire sample period. We also showed that firm size, asset intensity, operating profit on total assets, and firm age impacted on non-current debt ratio. In the analysis of the sub-periods before and after the financial crisis, we showed that the financial crisis affects the relationship between the firm characteristic variables and capital structure of out-food firms. The results of the study are expected to be useful information for managers and investors of the food service firms, and government officials in charge of policies for the industry in South Korea.