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Ownership structure and firm value : Evidence from Korea(post-crisis analysis)

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Frame of Image e and their enforcement are important factors in financial
Ownership Structure and Firm Value : Evidence from Korea(Post-crisis analysis)
market development, firm value, and investor protection. Lemon and Lins(2002) argue that firm ownership structure plays a key role in explaining the incentives of insiders to expropriate outside investors especially during the downturn of economy. Bertrand et al.(2002) also provide evidence that the owners who control corporate assets can expropriate minority investors by diverting resources. Mitton(2002) shows that firm-specific measures of corporate governance for example, higher disclosure quality, greater degree of transparency, and sound ownership structure, influence firm value significantly during the crisis period. Moreover, Claessens at al.(2002) show a link between corporate governance and firm valuation. In their paper, they argue that higher ownership concentration of the controlling shareholder affects market value of firm positively, but higher divergence between cash flow rights and voting rights lowers market valuation. LLSV(2002) shows a positive relation between firm’ Tobin’ Q and the degree of shareholder protection. s s Cho(1998) shows the channel among investment, corporate value, and ownership structure under the possibility of endogeneity among those variables. Unlike previous cross-country studies, Joh(2002) focuses on only
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KIET Industrial Economic Review
Korean companies before the financial crisis and shows that


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Title Ownership structure and firm value
Similar Titles
Sub Title

Evidence from Korea(post-crisis analysis)

Material Type Reports
Author(English)

Kim, Soodong

Publisher

[Seoul]:Korea Institute for Industrial Economics & Trade

Date 2009
Journal Title; Vol./Issue KIET Industrial Economic Review:vol. 13(no. 3)
Pages 15
Subject Country South Korea(Asia and Pacific)
Language English
File Type Documents
Original Format pdf
Subject Industry and Technology < Entrepreneurship
Holding KIET; KDI School

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