摘要:We examine the e#ect of business group membership on firm value in each pre- and
postcrisis Korea. Consistent with prior studies, results show that group a$liated chaebol firms
su#er value discount relative to non-chaebol firms in the precrisis period. However, we also
find that chaebol firms experience an improvement in firm value relative to non-chaebol firms
after the financial crisis. These findings imply that the value discount of business groups
reported in prior studies is not an inevitable consequence of diversification, but can be
alleviated or overcome by structural reforms in business practices or economic conditions
关键词:Asian Financial Crisis, Business Group, Chaebol, Diversification, Firm Value