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산업연구

  • 보고서
  • 학술지 산업연구
  • 산업연구

『산업연구』는 우리나라 산업정책의 합리적 방향 제시와 산업·무역·통상 관련 학계의 학술적 발전에 기여함을 목적으로 하는 학술지입니다.
연 2회 발간합니다. 많은 투고 바랍니다.

담당자 E-mail: journal@kiet.re.kr

The Impact of Leverage on the Investment of Korean Firms

저자 하종현 발행일 2019.06.28
원문 pdf 

This paper examines the impact of leverage on Korean firms’ investment behavior. In order to analyze the impact, it uses data from listed Korean companies in the manufacturing industry. Furthermore, this paper takes advantage of a dynamic panel threshold model to identify the threshold point of the factors that affect the firm's investment. This paper utilizes first-differenced GMM, allowing regressors and threshold variable to be endogenous. This leads to the empirical results in the divided regimes based on the thresholds. The empirical results show that firm leverage has a negative relation to investment. It implies that the high debt induces firms’ underinvestment.