공공재 기업의 지배구조와 자본구조 = The Corporate Governance and Capital Structure of The Public Utilities

다국어 초록 (Multilingual Abstract)

We show how capital structure is influenced by the strength of corporate governance. In particular, we try to find out corporate governance of regulated firms affect capital structure with pooled OLS, random estimation, and fix effect estimation. Our empirical evidences show an inverse relation between leverage and corporate governance, suggesting the firms adopt higher debt ratios where corporate governance is more restricted. This is consistent with agency theory, which predicts the leverage helps alleviate agency problems. This negative relation is found in regulated firms. We contend that this is because regulation already helps alleviate agency conflicts and, hence, mitigates the role of leverage in controlling agency costs.

참고문헌 (Reference)

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