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Using actual equity transactions between member firms in Korean business groups, we examine the effect of firm characteristics on transaction magnitude and the stock market’s response to investment in the internal capital market (ICM). On the acquiring firm’s side, financial slack is positively associated but controlling shareholder ownership is negatively associated with transaction magnitude. Profitability (leverage) of the issuing firm is negatively (positively) associated with transaction magnitude. Growth of the firms involved in the transaction does not affect the transaction magnitude or the stock market’s response. The stock market responds negatively to diversification and large cash of the acquiring firm. Our findings suggest that idle cash of a firm with high ownership of minority shareholders is the source of funds in ICM, and such funds are directed to poorly performing affiliated firms, which are under the influence of the same controlling shareholder.

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기사명 저자명 페이지 원문 목차
Foreign ownership and information asymmetry Jongmoo Jay Choi, Kevin C.K. Lam, Heibatollah Sami, Haiyan Zhou pp.141-166

Directors are rewarded for past failure and future success Hsiu-I Ting pp.167-190

Ownership structure, intensive board monitoring, and firm value : evidence from Korea Hee Sub Byun, Ji Hye Lee, Kyung Suh Park pp.191-227

Corporate governance and analyst behavior : evidence from an emerging market Ji-Chai Lin, Vivian W. Tai pp.228-261

Analyst tipping on neglected firms : evidence from the Korean stock market Kyung Soon Kim, Yun Woo Park, Jin Woo Park pp.262-286

The drivers and the stock market assessment of internal capital market: evidence from business groups in Korea Sung Wook Joh, Meong Ae Kim pp.287-313

Asymmetric foreign exchange exposure, option trade, and foreign currency-denominated debt : evidence from Korea Sung C. Bae, Taek Ho Kwon pp.314-339

Fund size and performance in a market crowded with many small funds Juil Ban, Hyuk Choe pp.340-372

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