• 제목/요약/키워드: Policy Leverage

검색결과 117건 처리시간 0.029초

Household Debt and Consumer Spending in Korea: Evidence from Household Data

  • KIM, YOUNG IL;HWANG, MIN
    • KDI Journal of Economic Policy
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    • 제38권4호
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    • pp.23-44
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    • 2016
  • Household debt in Korea raises concerns about the resilience of the economy due to its size and quality. Against this backdrop, we investigate if household leverage matters for private consumption in adverse economic environments even without severe financial disruptions. We find that the balance sheet positions in terms of the leverage ratio may weaken consumption growth. We also find that the depressive effect of debt on consumption may differ across types of consumer spending and household characteristics. In particular, the effects of indebtedness have been much stronger in relation to durable goods expenditures than in other areas. In addition, debtors in high-income (wealth) groups have also shown downward adjustments in consumption even more so than low-income (wealth) groups. These findings imply that debtors' precautionary behavior may serve as an important channel from leverage to consumer spending.

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Effect of Liquidity, Profitability, Leverage, and Firm Size on Dividend Policy

  • PATTIRUHU, Jozef R.;PAAIS, Maartje
    • The Journal of Asian Finance, Economics and Business
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    • 제7권10호
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    • pp.35-42
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    • 2020
  • This study aims to investigate the relationship between the variables of Current Ratio (CR), Return-on-Equity (ROE), Return-on-Assets (ROA), Debt-to-Equity Ratio (DER), and Firm Size (FS) on Dividend Policy (DP) in real estate and property companies listed on the Indonesia Stock Exchange in the period 2016-2019, looking at nine real estate companies in Indonesia. The research methodology uses an explanatory analysis approach and linear regression. Based on the eligibility and homogeneity of the data, the number of sample companies selected was nine companies. The company's financial statement data derived from primary data obtained on the Indonesia Stock Exchange, such as current ratio (CR), return-on-equity (ROE), return-on-assets (ROA), debt-to-equity ratio (DER) and firm size and dividend policy variables. The data analysis procedure is first to transform financial data from the original ratio data into interval data and, then, transform it to ordinal data. Furthermore, the validity and reliability process are ignored because the data is primary. Finally, regression testing is part of the hypothesis testing stage. The results of this study showed that the CR, ROE, and firm size had no positive and significant effect on dividend policy. In contrast, DER and ROA have a positive and significant impact on dividend policy.

The Effects of Profitability and Solvability on Stock Prices: Empirical Evidence from Indonesia

  • SHOLICHAH, Fatmawati;ASFIAH, Nurul;AMBARWATI, Titiek;WIDAGDO, Bambang;ULFA, Mutia;JIHADI, M.
    • The Journal of Asian Finance, Economics and Business
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    • 제8권3호
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    • pp.885-894
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    • 2021
  • This study aims to analyze the effect of the ratio of profitability and solvability (leverage) on the variable stock price, which is mediated (intervening) by the variable dividend policy. Using the financial reports of manufacturing companies in the consumer goods sector, we take profitability data (ROA, ROE, GPM, and NPM), solvability data (DAR, LTDER, and DER), dividend policy (DPR), and stock price (closing price) from 24 companies, which were selected as samples, from 2011 to 2018. Data was analyzed using the Structural Equation Modeling (SEM) method. The results show that profitability, solvability, and dividend policy affect changes in stock prices, respectively. On the other hand, profitability and solvability do not affect dividend policy. The indirect relationship (intervening) is assessed using a single test, resulting in a dividend policy that can intervene in the relationship between profitability and stock prices but cannot mediate the relationship between solvability and stock prices. The implication of this research is to provide knowledge to investors about the importance of knowing the company's financial performance. Companies with good financial performance will easily develop because there are sufficient funds for company operations. By analyzing financial ratios, investors can get signals to decide whether to invest in the company they want.

Do Firm Characteristics Determine Capital Structure of Pakistan Listed Firms? A Quantile Regression Approach

  • KHAN, Karamat;QU, Jing;SHAH, Muhammad Haroon;BAH, Kebba;KHAN, Irfan Ullah
    • The Journal of Asian Finance, Economics and Business
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    • 제7권5호
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    • pp.61-72
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    • 2020
  • The purpose of this study is to investigate the determinants of the capital structure of firms operating in a developing economy, Pakistan. The quantile regression method is applied on a sample of 183 non-financial companies listed on the Pakistan Stock Exchange during the period of 2008-2017. Specifically, the empirical analysis focuses on changes in the coefficients of the determinants according to the leverage ratio quantiles of the examined listed firms. The findings show that the capital structure of Pakistan listed firms differs between firms in different quantiles of leverage. These differences are significant with the sign of explanatory variables changes with the level of leverage. The research result found tangibility, profitability and age to be positively related to leverage among listed firms in Pakistan. However, size, liquidity and non-debt tax shield (NDTS) are negatively related to leverage. A firm's growth and risk are found to be insignificant predictors of capital structure in Pakistan listed firms. Moreover, the study also found a significant impact of industry characteristic on leverage. The findings of this study indicate that an individual firm's finance policy needs to be responsive to the firm's characteristics and should match with the different borrowing requirements of listed firms.

KOSPI 200 파생상품시장의 거래대금 변동에 관한 연구 (A Study on a Decrease in Trading Values in KOSPI 200 Financial Derivatives Market)

  • 손경우;정지영
    • 아태비즈니스연구
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    • 제9권4호
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    • pp.85-97
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    • 2018
  • This paper investigates factors underlying a decrease in trading values in KOSPI 200 futures/options market on the basis of the current state of the markets. Among the factors that could affect trading values in KOSPI 200 derivatives market, we focus on the market activity of underlying assets as it has an impact on the trading of financial derivatives. Trading value and volatility are designated as market activity and the empirical results confirm that the market activity of the underlying assets is significant in explaining the decrease in trading values in KOSPI 200 futures/options market. To figure out fundamental reasons of the decrease in trading values in this market, we examine mitigation of home bias and decrease in leverage incentives as they are presumed to have influence on KOSPI 200 index market. As the global and local financial environment is time-varying, the degree of home bias and the leverage demand also changes. It implies that institutional change and/or policy effort to promote the trading of KOSPI 200 financial derivatives should be made taking into account the fact that considerable portion of the change in trading values in financial derivatives market depends on the state of the market.

시스템 사고를 이용한 주한미군 방위비 분담 정책 레버리지 전략 (A Leverage Strategy of the US-Korea Cost Sharing Program Based on Systems Thinking)

  • 이정환;조용건;문성암;서혁
    • 한국시스템다이내믹스연구
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    • 제11권3호
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    • pp.33-59
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    • 2010
  • South Korea has the defense burdensharing agreement with the United States in reference to the U.S. troops stationed in Korea since 1991, based on Special Measure Agreement(SMA). Due to the growth of Korea's economic power and the U.S. provision of the security environment on Korean penninsula, the U.S. government steadily demanded the rise of contributions to common defense from South Korea and South Korea accepted most of the U.S. requests without proper principles of negotiation concerning the cost sharing. This paper analyzes the systems of the Korea-U.S. cost sharing program through a systems thinking, that yields desirable results with a little effort. The three policy leverages are: 1) the development of negotiation principles; 2) the policy making closely linked with National Defense Reform Basic Plan; 3) the policy making with responsibility burdensharing than cost burdensharing. This paper findings will contribute to the developing the Korea-U.S. cost sharing program by providing policy-makers and policy-practitioners with systematic understanding and insight into the dynamics of the program. Also, this will enable the program to execute more effectively with a concrete formula.

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Dividend Policy and Companies' Financial Performance

  • KANAKRIYAH, Raed
    • The Journal of Asian Finance, Economics and Business
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    • 제7권10호
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    • pp.531-541
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    • 2020
  • This study aims to determine the nature of the association between dividend policy and a corporation's financial performance in emerging countries, as well as the main variables that may have an effect on financial performance. The study included 92 industrial and service sector companies listed on the Amman Stock Exchange (ASE) during the period from 2015 to 2019. The study used Panel Data Analysis and cross-sectional time-series data and simple and multiple linear regression models. A multiple regression model was also developed in order to test whether guess factors may have a possible impact on financial performance (such as Dividend Yield, Dividend Pay-out Ratio, Firm Size, Leverage Ratio, Current Ratio). The data was collected from the annual reports and information that was available on the ASE website covering the period from 2015 to 2019. The results detect a strong relation between DY, DPR, and FSIZE variables that explain firm performance. Also leverage ratio is negatively and significantly associated with ROA and AOE. Moreover, no relations were detected between current ratio and financial performance. The study's conclusion is that dividend policy explains a lot of a company's financial performance, meaning that the dividend policy has a statistically significant impact on company financial performance.

수도권과 비수도권의 지역균형발전 정책 레버리지 탐색 : 지역의 기능 집중·분산 구조를 중심으로 (Regional Balanced Development Policy Leverage in the Capital and Non-Capital Areas : Focusing on Local Function Concentration and Dispersion Structure)

  • 이진희;이만형
    • 한국산학기술학회논문지
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    • 제20권12호
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    • pp.502-512
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    • 2019
  • 지역균형발전 정책의 문제 구조를 살펴보고 수도권과 비수도권 간의 격차를 발생시키는 원인을 파악하기 위해 수도권과 비수도권의 기능 집중·분산 측면에서 인과구조를 살펴보고 정책 지렛대를 탐색해 보고자 한다. 연구의 방법으로는 시스템다이내믹스 기법을 활용하여 인과지도를 작성하고, 피드백구조 탐색을 통해 정책 지렛대를 도출하였다. 특히, 지역균형발전 정책이 가지고 있는 문제의 원인을 단선적 사고가 아닌 시스템사고로 정책에 접근하였고, 시스템사고를 기반으로 지역균형발전 정책을 구성하고 있는 변수들 간의 인과지도 분석을 수행하였다. 연구 결과 수도권 규제 및 완화 정책과 비수도권에 미치는 영향을 구성하고 있는 변수로 총 31개를 도출하였고, 이를 이용하여 시스템사고를 토대로 인과지도를 작성하여 13개의 피드백 루프와 '수도권 기능 이전, 지방 분권 정책, 비수도권 개발과 비수도권 투자'라는 정책지렛대를 확인하였다. 수도권 규제·완화 정책의 구조적인 문제를 시스템사고를 기반으로 분석하여 선순환 구조가 될 수 있는 전략지렛대를 도출하기 위한 시도로서 기존의 단선적인 사고를 통한 정책 개선 및 활성화 방안에서 차별화된 전략 도출 방법을 적용하였다는데 연구의 의의가 있다. 마지막으로 수도권 정책이 비수도권에 미치는 파급효과를 파악하기 위해 시스템의 구조를 모델화하여 컴퓨터 시뮬레이션의 후속 연구가 필요하다.

레버리지와 소득증가가 자산에 미치는 영향 (Effects on the asset of the increase in the leverage and income)

  • 이신남
    • 디지털융복합연구
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    • 제16권4호
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    • pp.79-85
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    • 2018
  • 본 연구의 목적은 우리나라 가계의 주택이나 기타자산 매입이 레버리지증가에 중요한 요인으로 작용하였을 것으로 보고 레버리지, 소득, 자산 증가의 관계를 분석하는 것이다. 또한 가구별 특성을 감안한 레버리지와 소득, 자산의 관계를 살펴보기 위해 가계금융복지 조사 복지 패널의 가구 데이터를 이용하여 회귀분석을 하였다. 분석결과는 첫째, 레버리지 결정요인은 주택과 기타 자산의 구입으로 나타났다. 레버리지 부담이 많은 가계일수록 매입하는 자산의 규모를 감소시킴으로써 디레버리지가 실현될 수 있을 것이다. 둘째, 레버리지와 자산증가율의 관계를 살펴보면 레버리지는 자산의 증가에 정(+)의 영향을 미치는 것으로 보이고 있다. 또한 소득의 증가도 자산의 증가로 연결되었으나 2016년에 비해서 2017년도에 증가율이 감소하였다. 레버리지를 증가시켜 자산을 증가시키는 비율이 소득을 증가시켜서 자산을 증가시키는 비율보다 높은 것으로 나타났다. 이런 결과는 우리나라에서 자산을 증가시키는 요인으로 레버리지를 활용하고 있음을 시사하고 있다.

Firm's Risk and Capital Structure: An Empirical Analysis of Seasonal and Non-Seasonal Businesses

  • TAHIR, Safdar Husain;MOAZZAM, Mirza Muhammad;SULTANA, Nayyer;AHMAD, Gulzar;SHABIR, Ghulam;NOSHEEN, Filza
    • The Journal of Asian Finance, Economics and Business
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    • 제7권12호
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    • pp.627-633
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    • 2020
  • The study attempts to analyze the impact of firm's risk on capital structure in the context of seasonal and non-seasonal businesses. We use two independent variables namely credit risk and systematic risk and one dependent variable to explore this connection. Sugar sector is taken as seasonal while the textile sector as non-seasonal businesses. The panel data of twenty-five firms from each sector are taken ranging for the period of 2012 to 2019 which has been retrieved from their annual reports for empirical analysis of the study. The results reveal the negative impact of credit risk on capital structure in both types of businesses. Increasing (decreasing) one point of credit risk causes a decrease (increase) leverage ratio by 0.27 points for seasonal while increasing (decreasing) one point of credit risk causes to decrease (increase) leverage by 0.15 points for non-seasonal businesses. Furthermore, the study shows positive impact of systematic risk on leverage ratio in non-seasonal business and no impact in seasonal business. Any increase (decrease) in the systematic risk causes an incline (decline) leverage ratio by 2.68 units for non-seasonal businesses. The study provides a guideline to managers for risk management in businesses. The research focusses on theoretical as well as managerial and policy implications on risk management in businesses.