원문정보
초록
영어
Extending DGHH (2017), we investigate the determinant of risky financial asset holdings of Korean industrial firms. We specifically focus on the difference on the determinants of risky financial assets for Chaebol vs. stand-alone firms, and find that Chaebol firms tend to increase more in risky financial assets as their financial assets grow than stand-alone firms. The standalone firms with low operating performance, low sales growth, high leverage, and short-term debt redemption pressure invest more in risky financial assets to make up for their worse operating performance, while the risky financial assets of Chaebol firms are not related to their operating performance or financial distress. These results are not fully explained by the precautionary motive of cash holdings.
목차
I. Introduction
II. Related Literature
III. Data and Asset Classification
A. Data and Sample
B. Asset classification and measure
IV. Empirical Findings
A. How important is the risky financial asset in corporate assets?
B. What are the determinants of the financial asset portfolio?
C. How does group affiliation impact on the financial risk taking?
D. Why business difficulties affect corporate financial risk taking?
V. Robustness and Extensions
VI. Conclusion
Figures and Tables