2016_What Determinants Affect the Capital Structure of Consumer Co-operatives? The Case of iCOOP KOREA

제목

What Determinants Affect the Capital Structure of Consumer Co-operatives? The Case of iCOOP KOREA


저자

서진선 ( Jinseon Seo ), 최우석 ( Woosuk Choi )


학술지명

Annals of Public and Cooperative Economics


권호사항

Vol.87 No.1 [2016]


발행처

CIRIEC International


초록(Abstract)

The capital structure of co-operatives can differ from that of IOB (Investor-Owned Businesses) since the two organizations differ in their aims, governance structures and decision-making principles. This paper examines whether the determinants verified in IOB affect the leverage ratio of consumer co-operatives. Consumer co-operatives in South Korea have been rapidly growing during the last decade. There are two leading theories in finance that explain capital structure: the trade-off and pecking order theories. Focusing on consumer co-operatives in South Korea, the paper aims to analyze empirically what determinants have effect on the capital structure of consumer co-operatives and which of the two theories is more plausible. This study reveals that profitability and firm size have a significantly negative effect on leverage while tangibility and growth have a significantly positive effect on it. In conclusion, it seems that neither of the theories above perfectly accounts for the capital structure of consumer co-operatives because of the differences in governance characteristics between consumer co-operatives and IOB as well as in the costs of bankruptcy, agency, informational asymmetry and securities issuance.


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2013_소비자생활협동조합의 자본구조 결정요인에 관한 연구

제목
소비자생활협동조합의 자본구조 결정요인에 관한 연구 (The Determinants of Capital Structure in Consumer Co-operatives)

 

 

저자
서진선 ( Jin Seon Seo ) ,최우석 ( Woo Suk Choi ) ,박상선 ( Sang Sun Park )

 

 

학술지명
한국협동조합연구

 

 

발행처
한국협동조합학회

 

 

초록
Consumer co-operatives in Korea have been rapidly growing and concerns about financing policy are increasing. This paper aims to identify the determinants affecting the capital structure of consumer co-operatives in Korea. There are two leading theories in finance that explain the capital structure, i.e., “trade-off theory” and “pecking order theory”. Though many empirical researches have investigated what are determinants of capital structure, listed corporations were the main target of interest. Using pooled panel regressions, we examine what determinants affect leverage ratio for the sample of iCOOP Korea, the largest consumer co-operative. The research findings indicate that profitability and firm size of o-operatives have significant negative (-) effect on leverage ratio, while the fixed asset ratio and asset growth have significant positive (+) relation with the ratio. In conclusion, determinants of capital structure in consumer co-operatives as MOB(Member-Owned Business) are different from those in IOB(Investor-Owned Business).

 


주제어
소비자협동조합, 자본구조, 재무정책, 아이쿱

 

 

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