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Working Paper No. 93. Dynamics of Capital Structure

PublicationWorking paper
Almas Heshmati, Dany Aoun, Företagandets villkor, Hyesung Kim, Kapitalstruktur, Panel data
Working Paper No. 93.
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Abstract

Firms is developed in this paper and results compared with the classical static model. This paper specifies and estimates the unobservable optimal capital structure using a wide range of observable determinants. Uunbalanced panel data of Korean listed firms for the period 1985 to 2002 is used in this study. In addition to identification and estimation of the effects of the determinants of capital structure and capital structure optimality, some Korea-specific features such as the structural break before and after the financial crisis, as well as affiliation to a chaebol business groups, are taken into account to verify whether the optimal capital structure was affected by the financial crisis or whether belonging to a chaebol has any effect, and if so, to what extent.

Kim, H., Heshmati, A. & Aoun, D. (2006). Dynamics of Capital Structure: The Case of Korean Listed Manufacturing Companies. Ratio Working Paper No. 93.

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Working Paper No. 93. Dynamics of Capital Structure
Working paperPublication
Kim, H., Heshmati A. & Aoun, D.
Publication year

2006

Published in

Ratio Working Paper

Abstract

Firms is developed in this paper and results compared with the classical static model. This paper specifies and estimates the unobservable optimal capital structure using a wide range of observable determinants. Uunbalanced panel data of Korean listed firms for the period 1985 to 2002 is used in this study. In addition to identification and estimation of the effects of the determinants of capital structure and capital structure optimality, some Korea-specific features such as the structural break before and after the financial crisis, as well as affiliation to a chaebol business groups, are taken into account to verify whether the optimal capital structure was affected by the financial crisis or whether belonging to a chaebol has any effect, and if so, to what extent.

Working Paper No. 93. Dynamics of Capital Structure
Working paperPublication
Kim, H., Heshmati A. & Aoun, D.
Publication year

2006

Published in

Ratio Working Paper

Abstract

Firms is developed in this paper and results compared with the classical static model. This paper specifies and estimates the unobservable optimal capital structure using a wide range of observable determinants. Uunbalanced panel data of Korean listed firms for the period 1985 to 2002 is used in this study. In addition to identification and estimation of the effects of the determinants of capital structure and capital structure optimality, some Korea-specific features such as the structural break before and after the financial crisis, as well as affiliation to a chaebol business groups, are taken into account to verify whether the optimal capital structure was affected by the financial crisis or whether belonging to a chaebol has any effect, and if so, to what extent.

Ratio Working Paper No. 349: Industrial conflict in essential services in a new era – Swedish rules in a comparative perspective
Working paperPublication
Karlson, N.
Publication year

2021

Published in

Ratio Working Paper

Abstract

This paper examines whether the Swedish regulatory system of dealing with industrial conflicts that affect essential services need an update or reform. Are the existing rules effective in a world where many essential services are upheld by many interdependent agents in complex systems where every single node becomes critical for the functioning of the system, and where the essential service activities could be either private or public? A comparative study is conducted with the corresponding regulatory systems of the United Kingdom, Germany, and Denmark.
The conclusion is that Sweden is a special case. The Swedish protection against and readiness in dealing with societally harmful industrial conflicts in essential services is weaker than in the countries of comparison. Just as in relation to other threats to essential services, it is not sustainable to claim that just because such a threat is not currently present, there would be no need for preparedness.
There are many alternative ways to handle this. Desirable methods should both prevent harmful conflicts from erupting and end conflicts that have grown harmful to society at a later stage. The labour market organisations should have a mutual interest in reforming the rules.

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