earticle

영어

This study addresses one of the ongoing issues in contemporary finance, which investigates financial aspects on the levels of the chaebol firms' cash hoardings in the domestic capital market. To specify, it may be imperative to search for an optimal level of cash holdings for the domestic firms as well as identifying any changes or trend on the factors to determine the corporate cash reserves in the post-era of the global financial turmoil, taking into account the fact that interest parties at the government and corporate levels, still seem to have a controversy or debate on excess cash savings which may be fundamentally affected or theorized by the rationale of the 'precautionary' and 'transactional' motives. Three hypotheses were postulated and empirically tested for the chaebol firms in the study, such as any transitional changes of the relevant factors on cash holdings, unique attributes of financial factors discriminating between the different type of domestic bourses, and finally any existence of 'optimal' level of corporate cash hoardings, as discussed in sequence.