紀要論文

途上国における企業資本構成の決定構造 : エージェンシーコスト・アプローチの金融危機以前タイへの適用

Capital Structure in Developing Economies : An Application of Agency Cost Approach to Pre-Crisis Thailand

jpn

00229741

https://doi.org/10.15002/00003151

法政大学経済学部学会

70

3

1

28

2002-12-05

Version of Record

This paper examines capital structure in Thailand during the precrisis period. By employing the econometric method, I have attempted to attain two goals: firstly testing the suitability of the agency cost approach for corporate finance in developing economies, and, secondly, identifying its characteristics in the specific case of Thailand. With consideration given to certain unique features of developing economies such as low degree of participation in the organized security market, and dependence on informal finance, quasi-self finance, I conducted an empirical analysis under a simply sketched model. The results of this empirical analysis clearly indicated three new facts, as follows; in the first place, the agency cost approach is plainly seen to be applicable even in the case of developing economies. In the second, a firm's participation in organized security market accommodates agency cost in bank borrowings as well as in security ransactions. Third, and unexpectedly, manufacturing firms affiliated to "Financial Conglomerate" in Thailand are clearly shown to be heavily dependent upon informal borrowings. These newly indicated findings provide us with a valuable step forward in the direction of aralys's on corporate finance structure in developing countries.

Article

AN00071028