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  • 标题:Value Discount of Business Groups Surrounding the Asia Financial Crisis: Evidence from Korean Chaebols
  • 本地全文:下载
  • 作者:Chang, James Jinho ; Cho, Young Jun ; Kang, Won
  • 期刊名称:Hitotsubashi Journal of Economics
  • 印刷版ISSN:0018-280X
  • 出版年度:2007
  • 卷号:48
  • 期号:2
  • 出版社:Maruzen Company Ltd
  • 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
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