Kim, Yitae; Park, Kwangwoo; Ratti, Ronald; Shin, Hyun-Han - Center for Economic Institutions, Institute of Economic … - 2002
Using a unique data set on all industrial firms listed on Korea Stock Exchange and KOSDAQ stock market from 1991 to 2000, we find that cash ratios for chaebol firms are lower than for non-chaebol firms. Controlling for access to the bond market and financial services arms does not change this...