Earticle

초록

영어

Newly established manufacturing firms in Korea without any corporate shareholder participation – stand-alones - exhibit significantly higher profitability and smaller asset size compared to those set up by corporate shareholders – pyramidal subsidiaries. Pyramidal subsidiaries set up by large business groups or chaebols engage in more related party transactions generating more negative internal earnings relative to stand-alones. For pyramidal subsidiaries, revenues generated from affiliated firms are positively correlated with overall profitability, while expenses paid to affiliates are negatively correlated. Nevertheless, combined related party transactions adversely affect overall profitability of all infant firms, regardless of their initial ownership structure.

목차

Abstract
 1. Introduction
 2. Literature Review
 3. Data and Sample Construction
 4. Empirical Results
  4.1. Distribution of newly established firms: stand-alones vs. pyramidal subsidiaries
  4.2. Comparison of Firm Size
  4.3. Comparison of Profitability
  4.4. Related Party Transactions (RPTs) and Profitability
  4.5. Robustness Checks
 5. Conclusion
 References
 Table
 Figure

키워드

저자

• Soo Jin Kim [ Respectively, University of Virginia School of Law ]
• Woojin Kim [ Associate Professor of Finance, Seoul National University Business School ] Corresponding author

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330