Business group-affiliated (chaebol) firms, on the average, performed worse than non-
chaebol firms
did in Korea. Chaebol firms performed worse in part due to inefficient resource
allocation from
strong firms to weak ones through equity investments, loan guarantees, and intra-
group trading. This
study examined whether an economy-wide shock (crisis) or corporate reform changed
these practices
(reflecting degree of chaebol structure). As chaebols with stronger structure tend
to share more
resources and risks, we measure the ties among subsidiaries through their degree of
risk sharing.
When the extent of group-specific risks and group-level resource sharing decreases
(weaker chaebol
structure), the performances of strong firms and of weak firms diverge. In
addition, the effects of
other subsidiary would decrease as well.
학회소식
공지사항
[2003년 제 2차] The Effects of the Economic Crisis and Corporate Re
작성자 : 관리자
조회수 : 962
게시일 :
2003-07-12