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Corporate governance and firm profitability: evidence from Korea before the economic crisis

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Cited by:

  1. Dante Mendes Aldrighi & Alessandro Vinicius Marques de Oliveira, 2006. "Ownership And Control Structures And Performance Of Firms In Brazil," Anais do XXXIV Encontro Nacional de Economia [Proceedings of the 34th Brazilian Economics Meeting] 61, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
  2. Assaf Hamdani & Konstantin Kosenko & Yishay Yafeh, 2021. "Regulatory Measures to Dismantle Pyramidal Business Groups: Evidence from the United States, Japan, Korea, and Israel," Journal of Law, Finance, and Accounting, now publishers, vol. 6(2), pages 221-261, November.
  3. Bernard Yeung & Randall Morck & Daniel Wolfenzon, 2004. "Corporate Governance, Economic Entrenchment and Growth," Working Papers 04-21, New York University, Leonard N. Stern School of Business, Department of Economics.
  4. LI, Tao & SUN, Laixiang & ZOU, Liang, 2009. "State ownership and corporate performance: A quantile regression analysis of Chinese listed companies," China Economic Review, Elsevier, vol. 20(4), pages 703-716, December.
  5. Garner, Jacqueline L. & Kim, Won Yong, 2013. "Are foreign investors really beneficial? Evidence from South Korea," Pacific-Basin Finance Journal, Elsevier, vol. 25(C), pages 62-84.
  6. Nachane, D M & Ghosh, Saibal & Ray, Partha, 2005. "Bank nominee directors and corporate performance: micro evidence for India," MPRA Paper 2707, University Library of Munich, Germany.
  7. Chi, Wei & Wang, Yijiang, 2009. "Ownership, performance and executive turnover in China," Journal of Asian Economics, Elsevier, vol. 20(4), pages 465-478, September.
  8. Heechul Min & Wook Sohn, 2008. "Closing inefficient affiliates: evidence from Korean conglomerates," Applied Financial Economics, Taylor & Francis Journals, vol. 18(16), pages 1351-1361.
  9. Kato, Takao & Kim, Woochan & Lee, Ju Ho, 2007. "Executive compensation, firm performance, and Chaebols in Korea: Evidence from new panel data," Pacific-Basin Finance Journal, Elsevier, vol. 15(1), pages 36-55, January.
  10. Yasheng Huang & Li Jin & Yi Qian, 2010. "Does Ethnicity Pay," NBER Working Papers 16294, National Bureau of Economic Research, Inc.
  11. Hong, Kiseok & Lee, Jong-Wha & Lee, Young Soo, 2007. "Investment by Korean conglomerates before and after the crisis," Japan and the World Economy, Elsevier, vol. 19(3), pages 347-373, August.
  12. Randall Morck & Bernard Yeung, 2017. "East Asian Financial and Economic Development," Working Papers id:12112, eSocialSciences.
  13. Woochan Kim & Taeyoon Sung & Shang-Jin Wei, 2008. "How Does Corporate Governance Risk at Home Affect Investment Choices Abroad?," NBER Working Papers 13721, National Bureau of Economic Research, Inc.
  14. Cheung, Yan-Leung & Rau, P. Raghavendra & Stouraitis, Aris, 2006. "Tunneling, propping, and expropriation: evidence from connected party transactions in Hong Kong," Journal of Financial Economics, Elsevier, vol. 82(2), pages 343-386, November.
  15. Karen Watkins Fassler, 2013. "Efecto de la Ley corporativa y la concentración de la propiedad en el desempeño empresarial en Chile y México," Ensayos Revista de Economia, Universidad Autonoma de Nuevo Leon, Facultad de Economia, vol. 0(2), pages 1-22, November.
  16. Kim, Woochan & Sung, Taeyoon & Wei, Shang-Jin, 2011. "Does corporate governance risk at home affect investment choices abroad?," Journal of International Economics, Elsevier, vol. 85(1), pages 25-41, September.
  17. Randall Morck, 2009. "The Riddle of the Great Pyramids," NBER Working Papers 14858, National Bureau of Economic Research, Inc.
  18. Berkman, Henk & Cole, Rebel A. & Fu, Lawrence J., 2010. "Political Connections and Minority-Shareholder Protection: Evidence from Securities-Market Regulation in China," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 45(6), pages 1391-1417, December.
  19. González, Maximiliano & Guzmán, Alexander & Pombo, Carlos & Trujillo, María-Andrea, 2012. "Family firms and financial performance: The cost of growing," Emerging Markets Review, Elsevier, vol. 13(4), pages 626-649.
  20. Lim, Ungki & Kim, Chang-Soo, 2005. "Determinants of ownership structure: An empirical study of the Korean conglomerates," Pacific-Basin Finance Journal, Elsevier, vol. 13(1), pages 1-28, January.
  21. Lee, Keun & Kim, Ji Youn & Lee, Oonkyu, 2010. "Long-term evolution of the firm value and behavior of business groups: Korean chaebols between weak premium, strong discount, and strong premium," Journal of the Japanese and International Economies, Elsevier, vol. 24(3), pages 412-440, September.
  22. Aggarwal, Reena & Klapper, Leora & Wysocki, Peter D., 2005. "Portfolio preferences of foreign institutional investors," Journal of Banking & Finance, Elsevier, vol. 29(12), pages 2919-2946, December.
  23. Piruna Polsiri & Kingkarn Sookhanaphibarn, 2009. "Corporate Distress Prediction Models Using Governance and Financial Variables: Evidence from Thai Listed Firms during the East Asian Economic Crisis," Journal of Economics and Management, College of Business, Feng Chia University, Taiwan, vol. 5(2), pages 273-304, July.
  24. Polsiri, Piruna & Jiraporn, Pornsit, 2012. "Political connections, ownership structure, and financial institution failure," Journal of Multinational Financial Management, Elsevier, vol. 22(1), pages 39-53.
  25. Lee, Sangwon, 2022. "The value of official business group affiliation: Evidence from a change in Korean chaebol designation policy," Emerging Markets Review, Elsevier, vol. 52(C).
  26. Bae, Kee-Hong & Baek, Jae-Seung & Kang, Jun-Koo & Liu, Wei-Lin, 2012. "Do controlling shareholders' expropriation incentives imply a link between corporate governance and firm value? Theory and evidence," Journal of Financial Economics, Elsevier, vol. 105(2), pages 412-435.
  27. Abhiman Das & Saibal Ghosh, 2004. "Corporate Governance in Banking System: An Empirical Investigation," Industrial Organization 0411004, University Library of Munich, Germany.
  28. Cheung, Yan-Leung & Qi, Yuehua & Raghavendra Rau, P. & Stouraitis, Aris, 2009. "Buy high, sell low: How listed firms price asset transfers in related party transactions," Journal of Banking & Finance, Elsevier, vol. 33(5), pages 914-924, May.
  29. Heitor Almeida & Sang Yong Park & Marti Subrahmanyam & Daniel Wolfenzon, 2009. "The Structure and Formation of Business Groups: Evidence from Korean Chaebols," NBER Working Papers 14983, National Bureau of Economic Research, Inc.
  30. Alexeev, Michael & Kim, Sunghwan, 2008. "The Korean financial crisis and the soft budget constraint," Journal of Economic Behavior & Organization, Elsevier, vol. 68(1), pages 178-193, October.
  31. Feng-Li Lin, 2013. "Board Ownership and Firm Value in Taiwan - A Panel Smooth Transition Regression Model," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(4), pages 148-160, December.
  32. Evrensel, Ayse Y. & Kutan, Ali M., 2007. "IMF-related announcements and stock market returns: Evidence from financial and non-financial sectors in Indonesia, Korea, and Thailand," Pacific-Basin Finance Journal, Elsevier, vol. 15(1), pages 80-104, January.
  33. Brishti Guha, 2005. "Honesty and Intermediation : Corporate Cheating, Auditor Involvement and the Implications for Development," Microeconomics Working Papers 22426, East Asian Bureau of Economic Research.
  34. Paligorova, Teodora & Xu, Zhaoxia, 2012. "Complex ownership and capital structure," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 701-716.
  35. Baek, Jae-Seung & Kang, Jun-Koo & Suh Park, Kyung, 2004. "Corporate governance and firm value: evidence from the Korean financial crisis," Journal of Financial Economics, Elsevier, vol. 71(2), pages 265-313, February.
  36. Joon Tae Lee, 2004. "Structure de l’actionnariat familial et performance des grands groupes coréens," Revue Finance Contrôle Stratégie, revues.org, vol. 7(4), pages 143-166, December.
  37. Bena, Jan & Ortiz-Molina, Hernán, 2013. "Pyramidal ownership and the creation of new firms," Journal of Financial Economics, Elsevier, vol. 108(3), pages 798-821.
  38. Pilar Beneito & María E. Rochina-Barrachina & Amparo Sanchis, 2013. "Ownership and cyclicality of firms’ R&D investment," Working Papers 1306, Department of Applied Economics II, Universidad de Valencia.
  39. Jack Glen & Ajit Singh, 2005. "Corporate Governance, Competition, and Finance: Re-thinking Lessons from the Asian Crisis," Eastern Economic Journal, Eastern Economic Association, vol. 31(2), pages 219-243, Spring.
  40. Richard W. Carney & Travers Barclay Child, 2015. "Business Networks and Crisis Performance: Professional, Political, and Family Ties," Tinbergen Institute Discussion Papers 15-135/V, Tinbergen Institute, revised 20 Feb 2015.
  41. Taeyoung Yoo, 2017. "The performance dimension in symbolic management revisited: the functional role of traditional mechanisms in large Korean firms," Asia Pacific Business Review, Taylor & Francis Journals, vol. 23(1), pages 116-134, January.
  42. Jeon, Jin Q & Moffett, Clay M., 2010. "Herding by foreign investors and emerging market equity returns: Evidence from Korea," International Review of Economics & Finance, Elsevier, vol. 19(4), pages 698-710, October.
  43. Tarun Khanna & Yishay Yafeh, 2007. "Business Groups in Emerging Markets: Paragons or Parasites?," Journal of Economic Literature, American Economic Association, vol. 45(2), pages 331-372, June.
  44. Friedman, Eric & Johnson, Simon & Mitton, Todd, 2003. "Propping and tunneling," Journal of Comparative Economics, Elsevier, vol. 31(4), pages 732-750, December.
  45. Adrian C. H. Lei & Frank M. Song, 2012. "Board structure, corporate governance and firm value: evidence from Hong Kong," Applied Financial Economics, Taylor & Francis Journals, vol. 22(15), pages 1289-1303, August.
  46. Brishti Guha, 2005. "The Case of the Errant Executive : Management, Control and Firm Size in Corporate Cheating," Working Papers 16-2005, Singapore Management University, School of Economics.
  47. Yi Jiang & Mike Peng, 2011. "Are family ownership and control in large firms good, bad, or irrelevant?," Asia Pacific Journal of Management, Springer, vol. 28(1), pages 15-39, March.
  48. Hu, Henry T.C. & Black, Bernard, 2007. "Hedge funds, insiders, and the decoupling of economic and voting ownership: Empty voting and hidden (morphable) ownership," Journal of Corporate Finance, Elsevier, vol. 13(2-3), pages 343-367, June.
  49. Sanghoon Lee, 2008. "Ownership Structure and Financial Performance: Evidence from Panel Data of South Korea," Working Paper Series, Department of Economics, University of Utah 2008_17, University of Utah, Department of Economics.
  50. Bae, Kee-Hong & Bailey, Warren & Mao, Connie X., 2006. "Stock market liberalization and the information environment," Journal of International Money and Finance, Elsevier, vol. 25(3), pages 404-428, April.
  51. Black, Bernard S. & Kim, Woochan & Jang, Hasung & Park, Kyung-Suh, 2015. "How corporate governance affect firm value? Evidence on a self-dealing channel from a natural experiment in Korea," Journal of Banking & Finance, Elsevier, vol. 51(C), pages 131-150.
  52. Liu, Qigui & Tian, Gary, 2012. "Controlling shareholder, expropriations and firm's leverage decision: Evidence from Chinese Non-tradable share reform," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 782-803.
  53. Ajit Singh & Ann Zammit, 2006. "Corporate Governance, Crony Capitalism and Economic Crises: should the US business model replace the Asian way of “doing business”?," Corporate Governance: An International Review, Wiley Blackwell, vol. 14(4), pages 220-233, July.
  54. Glen, Jack & Singh, Ajit, 2004. "Comparing capital structures and rates of return in developed and emerging markets," Emerging Markets Review, Elsevier, vol. 5(2), pages 161-192, June.
  55. Hannah Jun, 2016. "Corporate governance and the institutionalization of socially responsible investing (SRI) in Korea," Asia Pacific Business Review, Taylor & Francis Journals, vol. 22(3), pages 487-501, July.
  56. Raja Kali & Jayati Sarkar, 2005. "Diversification, propping and monitoring: Business groups, firm performance and the Indian economic transition," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2005-006, Indira Gandhi Institute of Development Research, Mumbai, India.
  57. Mike Peng & Yi Jiang, 2006. "Family Ownership And Control In Large Firms: The Good, The Bad, The Irrelevant ??? And Why," William Davidson Institute Working Papers Series wp840, William Davidson Institute at the University of Michigan.
  58. Lee, Bong-Soo & Suh, Jungwon, 2005. "What drives volatile emerging stock market returns?," Pacific-Basin Finance Journal, Elsevier, vol. 13(4), pages 367-385, September.
  59. Ryu, Keunkwan & Yoo, Jihye, 2011. "Relationship between management ownership and firm value among the business group affiliated firms in Korea," Journal of Comparative Economics, Elsevier, vol. 39(4), pages 557-576.
  60. Lee, Eun Jung & Chae, Joon & Lee, Yu Kyung, 2018. "Family ownership and risk taking," Finance Research Letters, Elsevier, vol. 25(C), pages 69-75.
  61. Chi, Wei & Wang, Yijiang, 2007. "Ownership, Performance and Executive Turnover," MPRA Paper 3545, University Library of Munich, Germany.
  62. Bernard S. Black & Vikramaditya S. Khanna, 2007. "Can Corporate Governance Reforms Increase Firm Market Values? Event Study Evidence from India," Journal of Empirical Legal Studies, John Wiley & Sons, vol. 4(4), pages 749-796, December.
  63. Kali, Raja & Sarkar, Jayati, 2011. "Diversification and tunneling: Evidence from Indian business groups," Journal of Comparative Economics, Elsevier, vol. 39(3), pages 349-367, September.
  64. Henk, Berkman & Rebel, Cole & Fu, Lawrence, 2005. "Agency Conflicts, Expropriation and Firm Value: Evidence from Securities-Market Regulation in China," MPRA Paper 52619, University Library of Munich, Germany.
  65. Francis, Bill & Hasan, Iftekhar & Song, Liang & Waisman, Maya, 2013. "Corporate governance and investment-cash flow sensitivity: Evidence from emerging markets," Emerging Markets Review, Elsevier, vol. 15(C), pages 57-71.
  66. Raja Kali & Jayati Sarkar, 2005. "Diversification, Propping and Monitoring - Business Groups, Firm Performance and the Indian Economic Transition," Finance Working Papers 22357, East Asian Bureau of Economic Research.
  67. Carney, Richard W. & Child, Travers Barclay & Li, Xiang, 2020. "Board connections and crisis performance: Family, state, and political networks," Journal of Corporate Finance, Elsevier, vol. 64(C).
  68. Feng, Xunan & Johansson, Anders C. & Zhang, Tianyu, 2014. "Political participation and entrepreneurial initial public offerings in China," Journal of Comparative Economics, Elsevier, vol. 42(2), pages 269-285.
  69. Sung Wook Joh, 2004. "The Korean Economic Crisis and Corporate Governance System," NBER Chapters, in: Governance, Regulation, and Privatization in the Asia-Pacific Region, National Bureau of Economic Research, Inc.
  70. Kim, Woochan & Lim, Youngjae & Sung, Taeyoon, 2007. "Group control motive as a determinant of ownership structure in business conglomerates: Evidence from Korea's chaebols," Pacific-Basin Finance Journal, Elsevier, vol. 15(3), pages 213-252, June.
  71. Lee, Sangwon, 2022. "Internal capital markets, corporate investment, and the COVID-19 pandemic: Evidence from Korean business groups," International Review of Financial Analysis, Elsevier, vol. 80(C).
  72. Liu-Ching Tsai & Chaur-Shiuh Young & Hui-Wen Hsu, 2011. "Entrenched controlling shareholders and the performance consequences of corporate diversification in Taiwan," Review of Quantitative Finance and Accounting, Springer, vol. 37(1), pages 105-126, July.
  73. Laetitia Lepetit & Amine Tarazi & Nadia Zedek, 2012. "Ultimate Ownership Structure and Bank Regulatory Capital Adjustment: Evidence from European Commercial Banks," Working Papers hal-00918579, HAL.
  74. Bae, Sung C. & Kwon, Taek Ho & Lee, Jang W., 2011. "Does corporate diversification by business groups create value? Evidence from Korean chaebols," Pacific-Basin Finance Journal, Elsevier, vol. 19(5), pages 535-553, November.
  75. Bai, Chong-En & Liu, Qiao & Lu, Joe & Song, Frank M. & Zhang, Junxi, 2004. "Corporate governance and market valuation in China," Journal of Comparative Economics, Elsevier, vol. 32(4), pages 599-616, December.
  76. George, Rejie & Kabir, Rezaul, 2008. "Business groups and profit redistribution: A boon or bane for firms?," Journal of Business Research, Elsevier, vol. 61(9), pages 1004-1014, September.
  77. Michael Connolly, 2007. "Measuring the Effect of Corruption on Sovereign Bond Ratings," Journal of Economic Policy Reform, Taylor and Francis Journals, vol. 10(4), pages 309-323.
  78. Kineung Choo & Keun Lee & Keunkwan Ryu & Jungmo Yoon, 2009. "Changing Performance of Business Groups over Two Decades: Technological Capabilities and Investment Inefficiency in Korean Chaebols," Economic Development and Cultural Change, University of Chicago Press, vol. 57(2), pages 359-386, January.
  79. Luc Laeven & Ross Levine, 2008. "Complex Ownership Structures and Corporate Valuations," The Review of Financial Studies, Society for Financial Studies, vol. 21(2), pages 579-604, April.
  80. Miletic, Marko & Pavic Kramaric, Tomislava & Plazibat, Boze, 2019. "What Determines Financial Soundness Of Croatian Listed Firms?," UTMS Journal of Economics, University of Tourism and Management, Skopje, Macedonia, vol. 10(2), pages 189-200.
  81. Mr. Kenichi Ueda & Mr. Stijn Claessens, 2008. "Banks and Labor as Stakeholders: Impact on Economic Performance," IMF Working Papers 2008/229, International Monetary Fund.
  82. Todd A. Gormley & Simon Johnson & Changyong Rhee, 2011. "Ending "Too Big To Fail": Government Promises vs. Investor Perceptions," NBER Working Papers 17518, National Bureau of Economic Research, Inc.
  83. Cheong, Kwang Soo & Choo, Kineung & Lee, Keun, 2010. "Understanding the behavior of business groups: A dynamic model and empirical analysis," Journal of Economic Behavior & Organization, Elsevier, vol. 76(2), pages 141-152, November.
  84. Song, Kyojik “Roy” & Mantecon, Tomas & Altintig, Z. Ayca, 2012. "Chaebol-affiliated analysts: Conflicts of interest and market responses," Journal of Banking & Finance, Elsevier, vol. 36(2), pages 584-596.
  85. Dahya, Jay & Dimitrov, Orlin & McConnell, John J., 2008. "Dominant shareholders, corporate boards, and corporate value: A cross-country analysis," Journal of Financial Economics, Elsevier, vol. 87(1), pages 73-100, January.
  86. Anaïs Hamelin-Schertzer, 2010. "Is there tunneling in Small Business Groups? Evidence from French SMEs," Working Papers CEB 10-003.RS, ULB -- Universite Libre de Bruxelles.
  87. Kang, Jun-Koo & Lee, Inmoo & Na, Hyun Seung, 2010. "Economic shock, owner-manager incentives, and corporate restructuring: Evidence from the financial crisis in Korea," Journal of Corporate Finance, Elsevier, vol. 16(3), pages 333-351, June.
  88. Igor Filatotchev & Yung-Chih Lien & Jenifer Piesse, 2005. "Corporate Governance and Performance in Publicly Listed, Family-Controlled Firms: Evidence from Taiwan," Asia Pacific Journal of Management, Springer, vol. 22(3), pages 257-283, September.
  89. Byungmo Kim & Kooyul Jung & In Kim, 2005. "Internal Funds Allocation and the Ownership Structure: Evidence from Korean Business Groups," Review of Quantitative Finance and Accounting, Springer, vol. 25(1), pages 33-53, August.
  90. Jang, Hasung & Kang, Hyung-cheol & Park, Kyung Suh, 2005. "Determinants of Family Ownership: The Choice between Control and Performance," CEI Working Paper Series 2005-5, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
  91. Chiu, Ming Ming & Joh, Sung Wook, 2004. "Bank Loans to Distressed Firms: Cronyism, bank governance and economic crisis," CEI Working Paper Series 2004-2, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
  92. Cheung, Yan-Leung & Jing, Lihua & Lu, Tong & Rau, P. Raghavendra & Stouraitis, Aris, 2009. "Tunneling and propping up: An analysis of related party transactions by Chinese listed companies," Pacific-Basin Finance Journal, Elsevier, vol. 17(3), pages 372-393, June.
  93. Bunkanwanicha, Pramuan & Gupta, Jyoti & Rokhim, Rofikoh, 2008. "Debt and entrenchment: Evidence from Thailand and Indonesia," European Journal of Operational Research, Elsevier, vol. 185(3), pages 1578-1595, March.
  94. Michael Connolly, 2007. "Measuring the Effect of Corruption on Sovereign Bond Ratings," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 10(4), pages 309-323.
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