Earticle

초록

영어

This study investigates how the supply chain may affect inter-corporate ownership structure among member firms within the business group. Previous literature suggests that profitable firms are located at the top of the pyramidal structure directly owned by the controlling shareholders. However, profitability may be endogenously determined based on related party transactions. Specifically, suppliers within the business group may generate higher profits through exclusive sales contracts with member firms. Based on a sample of large business groups in Korea, I find that suppliers are more likely to be located in the upper part of the pyramid. This suggests that controlling shareholders’ incentive to expropriate corporate opportunity may be an important factor in structuring business groups.

목차

Abstract
1. Introduction
2. Hypothesis development and background
2.1. The formation of ownership structure in business group
2.2. Vertical integration and supply chain
2.3. Supply chain in finance
3. Data
3.1. Data Source and Sample Selection
3.2. Variable Construction
3.3. Descriptive summary
4. Empirical results
4.1 Univariate results
4.2 Baseline specification (OLS)
4.3. Endogeneity control
4.4. Additional Test: from an industrial point of view
5. Conclusion
Reference

키워드

저자

• Jieun Im [ Business School, Seoul National University ]
• Woojin Kim [ Business School, Seoul National University ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330