Earticle

초록

영어

This study investigates the impact of the supply chain on the inter-corporate ownership structure among member firms within business groups. Previous literature suggests that profitable firms directly owned by the controlling shareholders are at the top of the pyramidal structure. 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 result is more prominent in the relatively smaller groups (less than 10 trillion KRW in total assets), but it disappears in the top five business groups. This suggests that the incentive of controlling shareholders 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 The supply chain and ownership structure
4.3 The supply chain and ownership structure conditional on group size
4.4. Endogeneity control
4.5. The supply chain and profit
4.6. The supply chain and cost
4.7. Matched sample analysis
4.8 Regulation effect
5. Conclusion
Reference

키워드

저자

• Jieun Im [ Business School, Seoul National University ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330