Ownership structure, corporate governance and firm value: Korean evidence

被引:0
|
作者
Yu, BJ [1 ]
机构
[1] Univ Ulsan, Coll Business Adm, Ulsan 680749, South Korea
关键词
ownership structure; corporate governance; firm value and simultaneous equations;
D O I
暂无
中图分类号
T [工业技术];
学科分类号
08 ;
摘要
This paper examines explanations for the relation between ownership structure and firm value in Korean firms by considering the possible endogeneity of ownership structure using OLS equation and simultaneous equation regressions. The empirical results show that ownership structure affects firm value and firm value, in turn, affects ownership structure. In particular, we rind that the higher the ownership by member firms in the same business group is, the higher the firm value is. The evidence implies that vertical transaction between member firms through equity holding facilitates information flows, reduces transaction cost and then increases firm value. However, it appears that individual insider ownership is not statistically significant in explaining the relation with firm value.
引用
收藏
页码:195 / 197
页数:3
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