DC Field | Value | Language |
---|---|---|
dc.contributor.author | Kwon, Yonghyun | ko |
dc.contributor.author | Han, Seung Hun | ko |
dc.contributor.author | Lee, Bong-Soo | ko |
dc.date.accessioned | 2016-11-09T08:26:36Z | - |
dc.date.available | 2016-11-09T08:26:36Z | - |
dc.date.created | 2016-10-31 | - |
dc.date.created | 2016-10-31 | - |
dc.date.issued | 2016-09 | - |
dc.identifier.citation | PACIFIC-BASIN FINANCE JOURNAL, v.39, pp.84 - 100 | - |
dc.identifier.issn | 0927-538X | - |
dc.identifier.uri | http://hdl.handle.net/10203/213999 | - |
dc.description.abstract | We examine the negative spillover from one group-affiliated firm to other group -affiliated firms in the same business group, using credit raring downgrade announcement data in Korea. We hypothesize that the existence of controlling shareholders and internal capital markets is a major cause of the negative spillover. We find that the financial constraints of a group affiliated firm negatively affect the value of other group affiliates. Furthermore, we show that both the parent-subsidiary relationship and the credit rating difference between a downgrade firm and its group -affiliated firms affect the extent of negative spillover. In addition, our robustness test results support the argument that the internal capital market within a business group is a key factor in understanding negative spillovers. (C) 2016 Elsevier B.V. All rights reserved | - |
dc.language | English | - |
dc.publisher | ELSEVIER SCIENCE BV | - |
dc.subject | FOUNDING-FAMILY OWNERSHIP | - |
dc.subject | FIRM VALUE | - |
dc.subject | CORPORATE GOVERNANCE | - |
dc.subject | RATING CHANGES | - |
dc.subject | STOCK-PRICES | - |
dc.subject | PERFORMANCE | - |
dc.subject | CRISIS | - |
dc.subject | BOARD | - |
dc.subject | BOND | - |
dc.subject | ANNOUNCEMENTS | - |
dc.title | Financial constraints and negative spillovers in business groups: Evidence from Korea | - |
dc.type | Article | - |
dc.identifier.wosid | 000384781700007 | - |
dc.identifier.scopusid | 2-s2.0-84973862337 | - |
dc.type.rims | ART | - |
dc.citation.volume | 39 | - |
dc.citation.beginningpage | 84 | - |
dc.citation.endingpage | 100 | - |
dc.citation.publicationname | PACIFIC-BASIN FINANCE JOURNAL | - |
dc.identifier.doi | 10.1016/j.pacfin.2016.05.003 | - |
dc.contributor.localauthor | Han, Seung Hun | - |
dc.contributor.nonIdAuthor | Lee, Bong-Soo | - |
dc.type.journalArticle | Article | - |
dc.subject.keywordAuthor | Business group | - |
dc.subject.keywordAuthor | Negative spillover | - |
dc.subject.keywordAuthor | Ownership structure | - |
dc.subject.keywordPlus | FOUNDING-FAMILY OWNERSHIP | - |
dc.subject.keywordPlus | FIRM VALUE | - |
dc.subject.keywordPlus | CORPORATE GOVERNANCE | - |
dc.subject.keywordPlus | RATING CHANGES | - |
dc.subject.keywordPlus | STOCK-PRICES | - |
dc.subject.keywordPlus | PERFORMANCE | - |
dc.subject.keywordPlus | CRISIS | - |
dc.subject.keywordPlus | BOARD | - |
dc.subject.keywordPlus | BOND | - |
dc.subject.keywordPlus | ANNOUNCEMENTS | - |
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