Does the Transformation to holding company systems in Korean Chaebol improve the valuation independence of affiliated firms’ cost of debt?

Autor:	Won Wook Choi, Ho Young Lee, Sang Ii Kim
Rok vydání:	2016
Předmět:	040101 forestry Finance 050208 finance business.industry Financial economics 05 social sciences Chaebol 04 agricultural and veterinary sciences General Business Management and Accounting Cost of capital 0502 economics and business 0401 agriculture forestry and fisheries business Valuation (finance)
Zdroj:	Corporate Ownership and Control. 13:447-457
ISSN:	1810-3057 1727-9232
DOI:	10.22495/cocv13i4c3p4
Popis:	Family-owned conglomerates are prevalent in most Asian countries, in which excessive control rights of their majority shareholders infringe independent managements of their affiliated firms. Less than 50% of Korean chaebol conglomerates have transformed to holding company systems to ensure independent management of affiliated firms. Empirical analyses discovered that the cost of debts in the companies which have been transformed to holding company restricting the complicated equity investment among the affiliated firms of chaebol are evaluated independently. Results imply that the negative effect from the propping of internal capital can be reduced through the fundamental change in the corporate governance.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::f46056fcca4cd23e9419af130ecf98f3 https://doi.org/10.22495/cocv13i4c3p4 Zobrazit plný text záznamu