• The Korean Journal of Financial Management
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• v.17 no.1
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• pp.1-12
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• 2000

본 논문은 5대 재벌 계열사들을 대상으로 재벌의 상호지급보증이 재벌의 지배구조 및 자본구조와 어떤 관련이 있는가를 실증적으로 분석하였다. 지급보증을 분석하면 지배주주의 지분율이 작은 회사일수록 그리고 상장기업일수록 타계열사에 대한 지급보증이 커진다는 것이 확인되었다. 한편 피지급보증을 보면 지배주주 지분율이 별로 영향을 주지 않는 것으로 분석되었다. 이러한 결과는 지배주주와 소액주주사이의 대리인문제가 계열사로부터의 피지급보증보다는 주로 계열사에 대한 지급보증에서 나타나고 있는 것을 시사하고 있다. 부채의존도가 높은 기업일수록 계열사에 대한 지급보증이 크다는 분석결과는 우리나라 금융기관과 재벌사이의 부채의 대리인문제가 심각하다는 것을 시사하고 있다.

• The Korean Journal of Financial Management
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• v.16 no.1
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• pp.115-127
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• 1999

본 논문은 5대 재벌 계열사들의 투자행태를 분석하였다. 5대 재벌 계열사들을 상장기업과 비 상장기업으로 나누어 분석하면 비상장기업의 투자는 내부현금흐름에 영향을 받고 상장기업에 비해 계열사 현금흐름에 영향을 받는 정도가 큰 것으로 나타나고 있다. 5대 재벌 계열사들을 종속기업과 비종속기업으로 나누어 분석하면 종속회사의 투자가 비종속회사에 비해 계열회사 현금흐름에 영향을 받는 정도가 큰 것으로 나타나고 없다. 본 논문의 분석결과는 5대 재벌의 경우 비상장회사와 종속회사가 다른 계열사들로부터 자금지원을 받는 형태로 내부금융시장이 작동하고 있다는 것을 보여주고 있다.

• Journal of Digital Convergence
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• v.11 no.5
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• pp.95-104
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• 2013

The goal of this study is to confirm the extent of realization of economic democracy between the subsidiary ICT companies of conglomerates and the KOSDAQ listed ICT companies with focus on growth and profitability. As the results of analysis, the following were verified. First, there were differences in all aspects of the subsidiary ICT companies of conglomerates and the KOSDAQ listed small and medium ICT companies, including growth and profitability. Second, the pattern of economic democracy between two groups displayed relatively unrealized economic democracy structure. Third, It was found that KOSDAQ listed small and medium ICT companies were relatively much more difficult situations than the subsidiary ICT companies of conglomerates.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.20 no.4
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• pp.232-241
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• 2019

This study examines one of the conventional and controversial issues in modern finance. Specifically, this study identifies financial determinants of corporate R&D intensity for firms belonging to Korean Chaebols. Empirical estimation procedures are applied to derive more robust results of each hypothesis test. Static panel data, Tobit regression and stepwise regression models are employed to obtain significant financial factors of R&D expenditures, while logit, probit and complementary log-log regression models are used to detect financial differences between Chaebol firms and their counterparts not classified as Chaebols. Study results found the level of R&D intensity in the prior fiscal year, market-value based leverage ratio and firm size empirically showed their significance to account for corporate R&D intensity in the first hypothesis test, whereas the majority of explanatory variables had important power on a relative basis. Assuming that the current circumstances in the domestic capital market may necessitate gradual changes of Korean Chaebols in terms of their socio-economic function, the results of this study are expected to contribute to identifying financial antecedents that can be beneficial to attain optimal level of corporate R&D expenditures for Chaebol firms on a virtuous cycle.

• The Journal of the Korea Contents Association
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• v.15 no.10
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• pp.504-516
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• 2015

This study addresses one of the curent issues in modern finance, which investigates financial profile on the levels of the chaebol firms' cash hoardings in the domestic capital market. Iit may be imperative to search for robust and consistent financial determinants of cash holdings as well as identifying any changes or trend of the determinants affecting the corporate cash reserves in the post-era of the global financial turmoil, considering that interest parties at the government and corporate levels, still seem to have a controversy or debate on excess cash savings. Two hypotheses were postulated and empirically tested for the chaebol firms in the study, such as any transitional changes of the relevant factors on cash holdings and unique attributes of financial factors discriminating between the different type of domestic stock markets.

• The Journal of the Korea Contents Association
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• v.15 no.7
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• pp.436-448
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• 2015

This study examined one of the contemporary financial aspects, the level of corporate cash holdings for the firms belonging to the chaebols in the Korean capital markets. Being accompanied by various alternative econometric methodologies such as static and dynamic panel data model, stepwise OLS, and Fama-Macbeth modelm this research extended the preceding Kim's study (2015) in anticipation of validating the results to identify any financial factors which may significantly affect the chaebol firms' cash reserves. Several financial characteristics such as CASHFLOW, MVBV, REINVEST, and AGENCY, were found to be statistically significant factors on the level corporate liquidity, along with CCC as cash conversion cycle in the models. It may be plausible that any outcomes of this study may be applied to enhance the efficiency of financial strategies of the chaebol firms on cash holdings, thereby expediting the development of the domestic capital markets status quo toward the advanced one in the market classification.

• The Journal of the Korea Contents Association
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• v.16 no.2
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• pp.729-739
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• 2016

The primary objective of implementing the study was to further investigate any pronounced financial components affecting the level of cash retention for the Korean chaebol firms. The research was framed to test for two hypotheses on the cash savings with utilizing the chaebol firms during the post-era of the global financial turmoil (from 2009 to 2013). In the first hypothesis test, any significant explanatory variables relative to the cash holdings, were identified in each corresponding category of the conditional quantile regression (CQR) model, while multilogistic regression analysis was performed to discriminate relevant financial factors in each pair of classes consisting of the chaebol firms. Concerning the results, liquidity, agency costs, and cash conversion cycle were found to be statistically significant in the majority of classified categories in the former test and liquidy, firm size, and dividend yield, also showed discriminating powers in each pair of categorical for the firms in the latter test.

• The Journal of the Korea Contents Association
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• v.14 no.12
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• pp.973-988
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• 2014

This study investigated one of the contemporary issues in the Korean capital market and two hypotheses of concern were tested on the financial determinants of profitability for the firms belonging to the Korean chaebols during the era of the post-global financial turmoil. The first hypothesis applying conditional quantile regression (CQR) estimation provided the evidence that leverage ratio, fixed asset utilization, and foreign ownership among the nine quantitative explanatory variables, had overall statistical significance relative to the book-valued profitability measure, while additional variables such as a firm's size, fixed and a proxy for the type of exchange market showed their strong impacts on the market-valued profitability indicator. Concerning the formulated 'extended' DuPont system, only two components of EBITDAEBIT and EMULTIPLIER revealed their prominent influence on ROE (Return on Equity) over the two tested periods (the years 2008 and 2012).

• Journal of the Korea Academia-Industrial cooperation Society
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• v.20 no.6
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• pp.379-389
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• 2019

The study empirically investigates financial factors that may influence on corporate R&D intensity during the post-era of the global financial turmoil (from 2010 to 2015) to mitigate possible spillover effect associated with the crisis. Concerning the empirical research settings of the study, chaebol firms listed in the KOSPI stock market are used as sample data with adopting various econometric estimation methods to enhance validity of the results. In the first hypothesis test, it is found that there exist inter-industry financial differences in terms of the ratio of R&D expenditure across all the sample years, but the statistical differences may arise from only a few domestic industries beloning to the high-growth sector. Moreover, it is also interesting to identify that, for the high-tech sector, 3 explanatory variables such as R&D intensity in a prior year, firm size and change in cash holdings are proved to be financial factors to discriminate between chaebol firms and their counterparts of non-chaebol firms, whereas a proportion of tangible assets over total assets as well as the former two variables are shown to be significant factors on the R&D intensity for the low-tech sector.

• Journal of the Korea Academia-Industrial cooperation Society
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• v.12 no.5
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• pp.2108-2114
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• 2011

I examine propping within chaebolgroups, using changes of bond rating events made by corporate credit evaluation institutions. Much studies related to the internal capital market and tunneling have enhanced our understanding of the important function of chaebolgroups in emerging market, but relatively little is known about propping within affiliated firms. In a common sense, propping implies capital reallocation within affiliated firms to save a financially troubled affiliate. In event study on announcement the changes of corporate bond rating, I found most positive numbers in chaebolgroup's CAR. Particularly when lower change than higher change, decrease ratio of CAR is higher positively in chaebolgroups, which relatively shows that there is more propping effects in chaebolgroups than non-chaebolgroups. In multi-regression analysis, after strengthen restriction of internal mutual investment, propping effects are decreased positively in chaebolgroups than non-chaebolgroups when credit rating adjust lower, which implies there was more propping in chaebolgroups.