Earticle

초록

영어

This paper empirically shows that stock returns of firms in business groups are significantly lower than nonbusiness group firms when the product market competition increases. Using the U.S.-Korea Free Trade Agreements as an exogenous shock, we examine the effect of the changes in product market competition on the stock returns of business groups. Difference-in-difference-in-differences estimations support the casual impact of product market competition on stock returns of business groups. Overall, the results support the creative selfdestruction theory for stock returns. Moreover, we suggest evidence that large business groups, such as chaebol may can reduce the external risk through the internal capital market.

목차

Abstract
 I. Introduction
 II. Theoretical background
  A. Product market competition and stock returns
  B. Business groups and stock returns
 III. Research Designs
  A. Difference-in-differences-in differences
  B. How to adjust tariff change with U.S.-Korea Free trade agreement
  C. Summary statistics
 IV. Empirical results
  A. Main results
  B. Creative self-destruction theory for stock returns and chaebol in Korea
  C. Robustness check
 V. Conclusion
 Reference
 Appendix

키워드

저자

• Doowon Ryu [ 류두원 | Korea University Business School, Seongbuk-gu, Seoul, Republic of Korea ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330