University of Illinois Urbana-Champaign

Essays in Banking and International Corporate Governance

Park, Kwangwoo

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Description

Title
Essays in Banking and International Corporate Governance
Author(s)
Park, Kwangwoo
Issue Date
2003
Doctoral Committee Chair(s)
George Pennacchi
Department of Study
Finance
Discipline
Finance
Degree Granting Institution
University of Illinois at Urbana-Champaign
Degree Name
Ph.D.
Degree Level
Dissertation
Keyword(s)
Economics, Finance
Language
eng
Abstract
In the third essay, we find that cash ratios for chaebol (business group) firms are lower than for non-chaebol firms for the 1991--2000 period. We do however find that there is a shift in the degree of bank power over the last decade. After the financial crisis in 1997, the interest differential charged to chaebol firms is significantly higher than the earlier period, suggesting extraction of rents against chaebol client firms by main banks. We also provide the dark side of internal capital markets as a competing explanation where independent firms with a more focused line of business are more responsive in investment to good investment opportunities, while this is not the case for diversified chaebol firms.
Graduation Semester
2003
Type of Resource
text
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