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Determinants of Ownership Structure in Joint Ventures: A Study on Korean Multinational Firms
전봉걸 한국경제연구학회 2008 Korea and the World Economy Vol.9 No.2
This paper builds a theoretical model that shows that a joint venture is an important organizational form for a multinational firm (MNF), although the MNF cannot make ex ante complete contracts with an intermediate-input supplier. The paper shows that if the intermediate input of a supplier is important, then the MNF holds a smaller share of the supplier firm’s equity to give the supplier an incentive to produce more intermediate input. To test the predictions in the theory, the paper uses a data set of South Korean MNFs. The empirical evidence shows that if an affiliate has the higher ratio of intangible assets to sales, then the parent firm is inclined to hold a smaller equity share of the supplier’s firm.
전봉걸,이상욱 한국세무학회 2013 세무와 회계저널 Vol.14 No.4
In the case of Korea, the control‐ownership disparity is very high as large corporations appropriate the necessary funds from outside. This study has practically analyzed in various ways whether or not the control‐ownership disparity influences the transparency of financial reporting as well as book‐tax income differences by using the business‐unit data of Korea for the period of 2004~2007. The results have yielded a conflicting finding in terms of the status depending on whether or not the control‐ownership disparity exceeds 50%. In the group with more than 50% of control‐ownership disparity, we could see that the impact on the transparency of financial reporting due to the control‐ownership disparity seemed to vary with the listing status of the corporation.