<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0185-1667</journal-id>
<journal-title><![CDATA[Investigación económica]]></journal-title>
<abbrev-journal-title><![CDATA[Inv. Econ]]></abbrev-journal-title>
<issn>0185-1667</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Economía]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0185-16672015000400155</article-id>
<article-id pub-id-type="doi">10.1016/j.inveco.2015.11.005</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[The capital structure adjustment through debt financing based on various macroeconomic conditions in Korean market]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Kim]]></surname>
<given-names><![CDATA[Hyun Jung]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Sohn]]></surname>
<given-names><![CDATA[Pando]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Seo]]></surname>
<given-names><![CDATA[Ji-Yong]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Dong-A University Graduate School of Business Administration ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Republic of Korea</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Dong-A University International Arbitration Department ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Republic of Korea</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Sangmyung University Department of Business Administration ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Republic of Korea</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2015</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2015</year>
</pub-date>
<volume>74</volume>
<numero>294</numero>
<fpage>155</fpage>
<lpage>172</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672015000400155&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672015000400155&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672015000400155&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[We investigate the relationship between the capital structure and the economic conditions in Korean market. To find the adjustment behavior on capital structure depending on macroeconomic conditions, we use dynamic partial adjustment model to estimate adjustment speeds toward targets. As the data analyzed in the study, we use non-financial firms listed in the Korean stock exchange. Through the empirical test, we find evidence that is consistent with Hackbarth, Miao and Morellec (2006) and Cook and Tang (2010)'s arguments that firms tend to adjust faster their leverage toward target level in economic expansion. Thus, our findings support to the pecking order and market timing theories in terms of corporate finance theories on capital structure. In addition, our test results are re-confirmed with robust consistency even though we include year dummy variable in the empirical test model for controlling global financial crisis in contrast with Kim (2013).]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[En este trabajo investigamos la relación entre la estructura de capital y las condiciones económicas en el mercado coreano. Para conocer el comportamiento de ajuste de la estructura de capital respecto a las condiciones macroeconómicas, utilizamos un modelo de ajuste parcial dinámico que estima las velocidades de ajuste hacia los objetivos. Los datos analizados en el estudio corresponden a las empresas no financieras que cotizan en la bolsa de valores de Corea. Empíricamente encontramos evidencia que es consistente con los argumentos de Hackbarth, Miao y Morellec (2006) y Cook y Tang (2010), respecto a que las empresas tienden a ajustar más rápidamente su apalancamiento respecto al nivel objetivo durante la expansión económica. Por lo tanto, nuestros resultados apoyan las teorías de pecking order y de market timing en términos de las teorías de finanzas corporativas relativas a la estructura de capital. Además, los resultados de nuestras pruebas son consistentemente robustos a pesar de que incluimos en nuestro modelo una variable ficticia ligada al tiempo como mecanismo de control de la crisis financiera global, en contraste con Kim (2013).]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[adjustment behavior]]></kwd>
<kwd lng="en"><![CDATA[macroeconomic conditions]]></kwd>
<kwd lng="en"><![CDATA[dynamic partial adjustment model]]></kwd>
<kwd lng="en"><![CDATA[pecking order and market timing theories.]]></kwd>
<kwd lng="es"><![CDATA[comportamiento de ajuste]]></kwd>
<kwd lng="es"><![CDATA[condiciones macroeconómicas]]></kwd>
<kwd lng="es"><![CDATA[modelo dinámico de ajuste parcial]]></kwd>
<kwd lng="es"><![CDATA[teorías de pecking order y de market timing.]]></kwd>
</kwd-group>
</article-meta>
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