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The Dark Side of Internal Capital Allocation : The Case of Korean Chaebols
Dong Gull Lee,Keonbeom Lee 서울대학교 경제연구소 2002 Seoul journal of economics Vol.15 No.2
In this paper, we first briefly survey the theories of internal capital markets and then provide an empirical analysis of the efficiency of internal capital allocations among the chaebols in Korea. Our analysis of equity investment flow among the subsidiaries of the top 30 chaebols from 1997 to 2001 suggests that the chaebols' inter-affiliate equity investment during this period cannot be justified by sound economic rationale, and reveals the dark side of internal capital allocation. Furthermore, we find that a strong positive relationship does not exist between equity investment and real investment. In conclusion, the internal capital allocations among the chaebols have continued to be inefficient and therefore, the argument to loosen restrictions on inter-affiliate equity investments to increase real investment cannot be justified.
Do Larger Brokerage Firms Enjoy Larger Economies of Scale and Scope?
Dong Gull Lee,Jabonn Kim,Hyoung goo Kang 서울대학교 경제연구소 2014 Seoul journal of economics Vol.27 No.4
This study examined whether firm size determines the economies of scale and scope of securities firms. Results showed that the firms broadly achieved economies of scale and substantially benefitted from the economies of scope in the Korean brokerage sector. In particular, greater economies of scale were present in large firms. Overall, a great possibility and necessity of industrial restructuring through M&A among brokerage firms exist in the Korean brokerage sector.