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Investment by Korean conglomerates before and after the crisis

Title
Investment by Korean conglomerates before and after the crisis
Authors
Hong K.Lee J.-W.Lee Y.S.
Ewha Authors
홍기석
SCOPUS Author ID
홍기석scopus
Issue Date
2007
Journal Title
Japan and the World Economy
ISSN
0922-1425JCR Link
Citation
vol. 19, no. 3, pp. 347 - 373
Indexed
SSCI; SCOPUS WOS scopus
Abstract
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. © 2006 Elsevier B.V. All rights reserved.
DOI
10.1016/j.japwor.2006.06.003
Appears in Collections:
사회과학대학 > 경제학전공 > Journal papers
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