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Determinants of corporate restructuring in Korea after the 1997 economic crisis

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  • Determinants of corporate restructuring in Korea after the 1997 economic crisis
  • Pattnaik, Chinmay
  • Journal of International Business and Economy


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Title Determinants of corporate restructuring in Korea after the 1997 economic crisis
Similar Titles
Material Type Articles
Author(English)

Pattnaik, Chinmay

Publisher

[Seoul]:Journal of International Business and Economy

Date 2005
Journal Title; Vol./Issue Journal of International Business and Economy:vol. 6(no. 1)
Pages 16
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Original Format pdf
Subject Economy < Financial Policy
Holding JIBE

Abstract

This study examines the impact of corporate governance and firm characteristics on corporate restructuring in Korea after the economic crisis. We specifically analyze factors that had a bearing on corporate restructuring following the sudden economic downturn. In particular, we examine the impact of firm characteristics such as leverage levels and prior performance, together with ownership structure like insider block-holding ownership, foreign investor ownership, and institutional investor ownership on the extent of asset sales. The empirical results show that firm characteristics such as high prior performance have a negative impact on asset sales while high leverage has a positive impact. In the ownership structure, insider block holding and foreign investor ownership have negative impacts on asset sales.