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This study examined a long-standing issue with its perverse results in the Korean capital markets,such as any variant financial profiles over time, affecting capital structure for the firms belonging to thechaebols. It may be of interest to identify these components from the perspectives of international investors anddomestic policy makers to implement their contingent strategies on the target leverage, since the U.S. financialturmoils in the late 2000s. Regarding the evidence from the three hypothesis tests on the firms in the chaebols,this research found that the control variabels measuring profitability, business risk, and non-debt tax shields,showed their statistically significant relationships with the different types of a debt ratio. While FCFF(free cashflow to the firm) showed its significant influence to discriminate between the firms in the chaebols and theircounterparts, not belonging to the chaebols, BDRELY as the ratio of liabilities to total assets, comprising theenhanced 'Dupont' system, only showed its statistically significant effect on leverage in the context of theparametric and nonparametric tests. In line with the results obtained from the present research, one may expectthat a firm in the Korean chaebol, may control or restructure its present level of capital structure to revert toits target optimal capital structure towards maximizing the shareholders' wealth.

A Review on the Contemporary Changes of Capital Structures for the Firms belonging to the Korean Chaebols