کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5086460 | 1375182 | 2007 | 27 صفحه PDF | دانلود رایگان |
![عکس صفحه اول مقاله: Investment by Korean conglomerates before and after the crisis Investment by Korean conglomerates before and after the crisis](/preview/png/5086460.png)
This paper analyzes the investment behavior of the Korean corporate sector before and after the 1997 financial crisis. Using firm-level data, we find that after controlling for investment profitability and cash flows, Korean conglomerates ('chaebol')-affiliated firms, particularly ones with low-managerial ownership, made significantly higher investments than non-chaebol firms before the crisis. In contrast, this difference in investment volume between chaebol and non-chaebol firms is no longer existent in the period following the crisis. We find the sharp reduction in investment by chaebols in the post-crisis period can be attributed mainly to the need to moderate their debt burden. It is not clear, however, whether these changes indicate an improvement in investment efficiency.
Journal: Japan and the World Economy - Volume 19, Issue 3, August 2007, Pages 347-373