The Segmentation Hypothesis of International Capital Markets : in the Regional Stock Markets Setting

류성희,이상권 한국재무관리학회 1998 財務管理硏究 Vol.15 No.2

Do Korean Firms have Changed their Financing Patterns and Capital Structures after the Asian Financial Crisis?

류성희,임석필 한국경영교육학회 2013 경영교육연구 Vol.28 No.3

We investigate Korean firms’ financing patterns, including debt and equity issuances and capital structure adjustment speed between 1989 and 2008. We test the most adequate capital structure theory that explains firms' actual debt ratio changing patterns for Korean firms. According to the trade-off theory, firms need to change their capital structures to maximize their values by achieving their optimal capital structures. In the pecking order theory, firms issue debt first when they need external funds. Our results show that firms have changed(or adjusted) their capital structures over a twenty year span, and they mainly use equity issuance. These results deny the pecking order theory, but support the trade-off theory. Our results, a negative association between stock return(SR) and debt ratios, indicate that high (or overvalued) stock price reduces debt ratio by either issuing overvalued stocks or increasing the magnitude of total asset. We use Frank and Goyal’s(2003) method and a dynamic partial adjustment process to test whether firms use debts for their financial needs and change their capital structures in order to close their optimal capital structures, respectively. Furthermore, we use a two-step System GMM estimator to improve the reliability of our estimated results for capital structure adjustment speeds as we use a panel data set that likely has an endogeneity problem. We also use both book and market based debt ratios as there is no clear criteria of right debt ratio for a capital structure study.

[특별 초청작] 악마는 꿈꾸지 않는다

류성희 나비클럽 2021 계간 미스터리 Vol.- No.70

서울시 주요 고속화도로와 주변 주거지역의 NOx 농도 분포

류성희,이광재,우성호,김경환,김종범,이승복,배귀남 한국대기환경학회 2014 한국대기환경학회 학술대회논문집 Vol.2014 No.10

빅데이터 시대의 데이터에 대한 몰이해

류성희 대한산업공학회 2020 ie 매거진 Vol.27 No.1

The Critical Appraisal of Existing Comparison Methods: Bringing the Connected Histories into Chinese Stagnation Studies

류성희 서울대학교 사회발전연구소 2019 Journal of Asian Sociology Vol.48 No.2

This paper introduces the incorporating comparison method into Chinese stagnation studies. Comparative historical scholars of Chinese stagnation have faced methodological culs de sac because the unconditional acceptance of the comparison method has led to the tendency to overlook connected history between West and China in Chinese stagnation. The article is divided into two sections. First, by problematizing the comparison method, this article attempts to debunk long-held problems hitherto neglected in Chinese stagnation studies. I introduce three types of comparison methods that have been widely used in Chinese stagnation studies and then disclose the common drawback of the comparisonoriented approach. Second, as an alternative, I provide the incorporating comparison method to deal with the globalized connected histories in Chinese stagnation. This approach keeps the strong points of comparison methods by transforming the problems with them into advantages.

Debt policies for Korean SMEs after the US financial crisis in 2007

류성희,임석필 한국경영교육학회 2018 한국경영교육학회 학술발표대회논문집 Vol.2018 No.11

We study the small and medium sized enterprises’(hereinafter, SMEs) financial policy in Korea. We focus on which capital structure theory SMEs mainly follow between the pecking order and the tradeoff theories. SMEs’ have different financial policy compared with big ones, as SMEs have different characteristics. Using the methods of Berger and Udell(2002), Sogorb-Mira(2005) and Shyam-Sunder and Myers(1999), we test the pecking order and tradeoff theories; we find that financial deficits(FD) have a negative association with total debt and short-term debt changes(△TD, △SD) but a positive association with long-term debt change(△LD). Thus, with having these mixed results, we cannot fully support the pecking order theory. In addition, we do not find the evidence that firms adjust their capital structures, for all △TD, △SD and △LD when using the coefficients of three different types of leverage deficits(DFT). However, using dynamic model, we fine the evidence of that SMEs ajust their debt level toward targets. Having these two contradictable results, we cannot affirmingly approve the tradeoff theory either. However, as mentioned before, our data show that firms continuously reduce their debt levels, during our sample period; this is strong evidence of approval of tradeoff theory. In addition, our study likewise shows that Korean SMEs use more SD than LD. As firms hold SD and LD with different reasons, this higher SD level is important to remember to interpret regression results, specially during our sample period in which SMEs try to recover from the financial crisis caused by U.S housing bubble.

Corporate Governance Structure and Debt Levels: Using Korean Firms

류성희 대한경영학회 2015 大韓經營學會誌 Vol.28 No.11

Since Asian Financial Crisis in 1997, the idea of corporate governance structure has been an important matter in Korea. Having a good governance structure can reduce agency costs and increase firm value. In this paper, we investigate the influence of corporate governance structure on firms’ debt ratios, using three different governance proxies, the portion of stocks held by the largest shareholders and their family members (PLS), the portion of an outside director over total board member (POD), and the portions of stocks held by foreigner (PFO). This paper includes capital structure adjustment behaviours as well as the relationship between debt level and governance structure, in line with three different governance structure proxies. In addition, as there is a high probability of existing endogeneity problem in our residual as using panel data, we avoid to use an OLS estimator but use estimators that require instrument variables. We find that PLS and POD do not show a clear association with debt levels, and many of the coefficients of them are not statistically significant. However, PFO shows a clear negative association with debt levels over estimators. We also find that high levels of governance proxies cause firms to adjust their debt levels faster: That is to say that, when the largest shareholders, independent directors or foreign investors have enough power to influence a firms’ debt level decision procedure, they do use this power. Particularly, we also find that high level of PLS has the strongest effect upon firms’ debt level shifts. With this result, we suggest the importance of strong managerial-ownership. Therefore, our results suggest that PFO has the clearest negative relationship with debt levels: and high level of PLS has the strongest impact on firms’ debt level adjustment decisions. Above all, our results suggest that although PLS and POD do not show us a clear association with debt levels, they all have influence on firms’ debt level decision policies in some way. Last, but not least, we likewise find that there are stronger relationships between debt level and controlled variables than the relationship between debt level and corporate governance proxies, across our models. This implies that although corporate governance is important and takes some roles when firms decide their debt levels, it is less important compared with firms’ other capital structure determinants.

Sorry, But G. Arrighi Is Not Almighty: Why Did He Fail to Explain China’s Process of Incorporation into the Capitalist World-Economy?

류성희 서울대학교 사회발전연구소 2020 Journal of Asian Sociology Vol.49 No.2

As contemporary China’s notable economic growth became one of the most popular research themes in the field of social science, China’s long-term historical path prior to the twentieth century continued to stimulate the curiosity of world-systems researchers. Among world-systems researchers, G. Arrighi is the most interested in China’s long-term and unique economic development. By providing us with theoretical conceptions of ‘industrious revolution,’ ‘trade network of East Asian region,’ and ‘business network of the overseas Chinese,’ he has tried to reveal the origins and dynamics of Chinese mode of production and link the glorious past of China (pre-nineteenth century China) and present glory of China (post-late twentieth century). Despite the original contributions to shedding a new light on the historical capitalism of China, Arrighi’s theory was still in a quandary. First, Arrighi fails to present detailed explanations of how China was incorporated into the capitalist world-economy since at least the nineteenth century, how the unique Chinese economic system (non-capitalist system) had been mixed with the European worldeconomy (capitalist system). Second, while equating Chinese economic cycle and the economic cycle of East Asian region and focusing on common grounds among East Asian countries, Arrighi could not explain of how each of East Asian countries have different politico-economic path during and after its own incorporation process. Last, he did not present compelling reasons of why the 500-years East Asian network is exceptional as compared to previously flourishing East Asian trade network. To make a good use of Arrighi’s intellectual legacy, I argue that it is the time to turn our attention to China’s incorporation process.

骨ㆍ關節結核 94例에 對한 임상적 觀察

柳聖熙 대한외과학회 1963 Annals of Surgical Treatment and Research(ASRT) Vol.5 No.10