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Internal capital markets of Korean chaebols

In: Research Handbook on Alternative Finance

Author

Listed:
  • Jieun Im
  • Woojin Kim
  • Inmoo Lee

Abstract

This chapter reviews cases, anecdotal evidence and academic studies on internal capital markets of Korean chaebol firms. Chaebols are business groups that are typically controlled by founding families and are known to have active internal capital markets. While internal capital markets may relax financial constraints and allow firms to effectively finance investment opportunities, financial transactions among member firms may benefit controlling families at the expense of minority shareholders. We present evidence consistent with both bright and dark sides of internal capital markets of chaebols, and discuss some factors likely to affect the allocative efficiency of internal capital markets.

Suggested Citation

  • Jieun Im & Woojin Kim & Inmoo Lee, 2024. "Internal capital markets of Korean chaebols," Chapters, in: Franklin Allen & Meijun Qian (ed.), Research Handbook on Alternative Finance, chapter 5, pages 85-115, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:19941_5
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    File URL: https://www.elgaronline.com/doi/10.4337/9781800370494.00012
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