کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
973017 1479852 2016 17 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Financial constraints and negative spillovers in business groups: Evidence from Korea
ترجمه فارسی عنوان
محدودیت های مالی و سرریز منفی در گروه تجاری: شواهدی از کره
کلمات کلیدی
گروه تجاری؛ سرریز منفی؛ ساختار مالکیت
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
چکیده انگلیسی


• We examine the negative spillover in the business group.
• We find that the firms' financial constraints negatively affect other affiliates.
• We show that governance and credit structure affect the negative spillover.
• Overall, group structure is a key factor in understanding negative spillovers.

We examine the negative spillover from one group-affiliated firm to other group-affiliated firms in the same business group, using credit rating downgrade announcement data in Korea. We hypothesize that the existence of controlling shareholders and internal capital markets is a major cause of the negative spillover. We find that the financial constraints of a group-affiliated firm negatively affect the value of other group affiliates. Furthermore, we show that both the parent–subsidiary relationship and the credit rating difference between a downgrade firm and its group-affiliated firms affect the extent of negative spillover. In addition, our robustness test results support the argument that the internal capital market within a business group is a key factor in understanding negative spillovers.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Pacific-Basin Finance Journal - Volume 39, September 2016, Pages 84–100
نویسندگان
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