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LITERATURE REVIEW 8
HI FINANCIAL REFORMS IN KOREA
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asymmetric information Average Prob average Q banks baseline model capital market capital market imperfections capital stock ratio Cash 6)low cash flow cash stock Chaebol dummy Chaebol firms coefficient estimates coefficient of cash constrained regime demeaned data dividend Dummy Variable end of period equity ratio Estimation Results Euler equation external financing external funds financial development financial frictions financial liberalization financial reforms financial status financially constrained firms financing constraints firm-specific effects Gsales industry dummies information asymmetry investment-cash flow sensitivity keiretsu Korea Korea Stock Exchange KOSPI Laeven large firms likelihood liquidity constraints manufacturing firms marginal Q mature firms measure non-Chaebol firms Numbers OLS results ownership concentration panel data parentheses are t-statistics results are obtained Robustness Check sector sensitive to cash small firms stock market switching functions include switching regression approach switching regression model t-statistics of coefficient Table Tobin's Q total assets unknown sample separation unobserved young firms