Business group heterogeneity and firm outcomes: Evidence from Korean chaebols
Université de Fribourg
BP2-STS
English
This paper examines the impact of business group affiliation on the performance and corporate policies of Korean listed firms over the period 2007-2019. This study proposes a novel approach allowing the observation of heterogeneity in the affiliation effects. Overall, we conclude that business group characteristics are reflected in firm outcomes. We find that investors perceive group membership positively as they pay a premium to hold affiliated firms. The premium is related to profitability and size of business groups, consistent with resourcebased theories. The analysis also identifies significant group specific effects on firm policies. These findings suggest that several business groups follow group-level strategies and apply homogeneous financial and investment policies to all their affiliates.
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Faculty
- Faculté des sciences économiques et sociales et du management
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Language
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Classification
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Economics
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Series statement
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License
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License undefined
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Persistent URL
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https://sonar.ch/global/documents/324482
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