Earticle

초록

영어

Almeida et al. (2011) show how Korean chaebols are structured using the critical control threshold centrality. In this paper, we introduce the social network theory to operationalize centrality in the context of the organizational structure of a business group. Specifically, the degree centrality, the Katz centrality, and the Hub/Authority centrality are employed to explain how chaebols make corporate governance decisions—going public, staying private, and being divested—in terms of centrality. We find that firms with high centrality are more likely to go public while firms with low centrality are more likely to stay private or be divested. In addition, firms invested by other group firms tend to stay private and firms without substantial equity stake in other group firms tend to be divested. Firms directly owned by the controlling family are more likely to stay private and less likely to be divested. We calibrate centrality based on the social network theory and explore how Korean chaebol system evolves for survival and prosperity.

목차

ABSTRACT
1. Introduction
2. Centrality Metrics and Social Network Approach
2.1 Ownership Structure Measures of Business Groups
2.2 Centrality Measures Based on A Social Network Approach
2.3. Hypothesis Development: Decisions to Go Public, Stay Private, and Divest
3. Data, Methodologies, and Summary Statistics
3.1. Data
3.2 Variable Descriptions: Centrality Measures, Position, and Firm Characteristics
3.3. Summary Statistics
3.4. Research Design
4. Empirical Results
4.1. Centrality and Going Public Decisions
4.2. Centrality and Decisions on Divesture
4.3. Multinomial Logit Analysis: Stay Private, Go Public, or Be Divested
5. Summary and Conclusions
Appendix: Example of Social Network Metrics Construction
References

키워드

저자

• Jin Q Jeon [ Dongguk Business School Dongguk University ]
• Cheolwoo Lee [ College of Business Ferris State University ]
• Chan-Kyoo Park [ Dongguk Business School Dongguk University ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330