The Ownership of the Largest Family Blockholders and Korean Firm Risk

• 발행기관: 한국유통과학회
• 저자명: Hung Sik KIM Kyung-Shick CHO
• 간행물 정보: 『The Journal of Asian Finance, Economics and Business(JAFEB)』Vol. 8 No.3, 287~296쪽, 전체 10쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2021.03.30

영문 초록

This paper investigates the relationship between the ownership of the largest family blockholders and corporate risk. We also examine whether firms that belong to 30 main Chaebol groups lower corporate risk. We use panel analysis for companies listed on the Korea Exchange from 2005 to 2017. We use beta, volatility, and idiosyncratic risk as a proxy for corporate risk. We employ both the ownership of the largest family blockholders and firms that belong to 30 main Chaebol groups as a major independent variable. The results show that the ownership of the largest family blockholders is associated with low beta. In terms of the effects of the ownership of the largest family blockholders on beta, we find that a firm that belongs to the 30 main Chaebol group reinforces the lower beta. These results suggest that the ownership of the largest family blockholders and firms that belongs to 30 main Chaebol groups may be associated with low systematic risk in the Korean stock market. Our findings can provide meaningful information to investors and field officers who are interested in the relationship between firm risk and both the largest family blockholders’ ownership and firms that belong to 30 main Chaebol groups.

목차

1. Introduction

2. Literature Review and Hypotheses

3. Method

4. Results

6. Conclusions

References

키워드

amily Blockholder Ownership Beta Volatility Idiosyncratic Risk