Ownership structure, expropriation, and performance of group-affiliated companies in Korea

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In this study, a sample of group-affiliated public firms in Korea was used to examine simultaneous causality between ownership structure and performance. The results show that performance determines ownership structure but not vice versa and provide strong evidence that controlling shareholders use insider information to take direct and indirect equity stakes in profitable or promising firms and transfer profits to affiliates through intragroup trade. These findings highlight the importance of further studying the "agency problems" that controlling shareholders present for minority shareholders, especially in business groups.
Publisher
ACAD MANAGEMENT
Issue Date
2003-04
Language
English
Article Type
Article
Keywords

CORPORATE GOVERNANCE; BUSINESS GROUPS; ECONOMIC-PERFORMANCE; EMPIRICAL-ANALYSIS; FIRMS; MANAGEMENT; TRANSACTIONS; INVESTMENT; SEPARATION; STRATEGY

Citation

ACADEMY OF MANAGEMENT JOURNAL, v.46, no.2, pp.238 - 253

ISSN
0001-4273
URI
http://hdl.handle.net/10203/255915
Appears in Collection
MT-Journal Papers(저널논문)
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