Earticle

초록

영어

We examine the spillover effects that occur within Korean business groups (i.e., chaebols) by focusing on the market reactions of event firms to announcements of credit rating changes. We find that there are positive spillovers (caused by positive market reactions) and negative spillovers (caused by negative market reactions) that are driven by the market reactions of event firms. Our analyses indicate that negative spillovers are more dominant than positive spillovers. Moreover, a spillover that is driven by a leading firm within a business group has stronger effects on other firms in the group than a spillover that is driven by a non-leading firm. This suggests that the market evaluation of a business group is conducted more on the basis of a leading firm than a non-leading firm within a group. Finally, we show that the spillover effects that are analyzed in our study are more noticeable when the business relationship between an event firm and other affiliated firms is closer. (JEL G14, G24)

목차

Abstract
 1. Introduction
 2. Related Literature and Hypothesis Development
  2.1 Korean Business Groups: Chaebols
  2.2 Korea’s Credit Rating Reforms and Chaebols
  2.3 Spillover Effects
 3. Data and Empirical Methods
  3.1 Data
  3.2 Methodology
 4. Empirical Results
  4.1 Spillover Effects within Business Groups
  4.2 Negative Spillovers vs. Positive Spillovers
  4.3 Leading Firms vs. Non-Leading Firms
  4.4 Spillover Effects and Business Relationships within Business Groups
 5. Concluding Remarks
 References

키워드

저자

• Denis Yongmin Joe [ Ph.D. Student, KAIST College of Business, Korea Advanced Institute of Science and Technology ]
• Frederick Dongchuhl Oh [ Assistant Professor, KAIST College of Business, Korea Advanced Institute of Science and Technology ] Corresponding author

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330