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Corporate Diversification, Relatedness, and Firm Val-ue: Evidence from Korean Firms
배성철,권택호,이장우 한국증권학회 2008 Asia-Pacific Journal of Financial Studies Vol.37 No.6
We examine the valuation effects of diversification activities for Korean firms by diversification type and the occasion of the Korean financial crisis. Employing a unique dataset of 2,894 firm-years for the entire manufacturing industries, we find that diversification by Korean firms on average decreases firm value but its effect varies by the type of diversification. While unrelated diversification erodes firm value, related diversification is associated with a non-negative effect on firm value. These valuation effects are more pronounced before the crisis than after the crisis. Our re-sults also show an important role of a firm’s affiliation to a large business group, known as chaebols, that related diversification by chaebol-affiliated firms comes with a significant value gain. We further find that the different valuation effects of unrelated and related diversification are closely related to a firm’s ownership concentration and financial leverage. Our results are robust to different samples and regression model specifications.
The Determinants of Foreign Currency Debt Financing: Borrower Incentives or Lender Incentives?
배성철,김현숙,권택호 한국증권학회 2017 Asia-Pacific Journal of Financial Studies Vol.46 No.6
We offer new evidence that firm-level determinants of foreign currency (FC) and local currency (LC) debt financing differ significantly. While LC debt financing is affected mainly by demand-side borrower incentives, such as operating profitability, financing deficit, and depreciation expenses that reflect borrowers’ capital needs, FC debt financing is affected mostly by supply-side lender incentives, such as tangible assets, firm size, asset growth, and R&D expenses, which FC debt lenders consider in assessing the potential value of collateral, in addition to the widely-reported export ratio. Our results remain robust in the presence of macro-level factors.