Financial factors and corporate investment: an empirical analysis of Korean manufacturing firms
This book is concerned with investigating the impact of financial factors on corporate investment in Korea, principally using firm-level company accounts data. The main focus is on whether the investment spending of certain types of Korean manufacturing firms is more affected by financial constraints than that of others. Particular attention is paid throughout to structural characteristics of the Korean financial system and industrial structure in the period examined.
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The structure of investment finance in Korea
List of tables and figures
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accelerator model adjustment costs affected by financial analysis asymmetric information Bank of Korea bond financing calculate cash flow term Chaebol groups Chapter coefficient column company accounts data constraints on investment corporate sector Daewoo data set debt Devereux and Schiantarelli dividend econometric effects equity and bonds error correction model Euler equation model financial constraints financial system financial variables financing patterns flow of funds funds data GMM estimator group firms group-affiliated firms Groups estimator hierarchy of finance instrument set internal finance investment finance investment models joint test Keiretsu Korean corporate Korean manufacturing firms lagged dependent variable large firms loans trade credit long-term loans Modigliani-Miller theorem non-group firms observations old firms p-value panel data parameter perpetual inventory Q model regressor returns to scale Sargan serial correlation share of finance significant smaller firms sources of finance stock market sub-periods sub-samples Table tangible fixed assets total sample Wald test whole sample