Infant firms in emerging market: An analysis of stand-alones vs. subsidiaries

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• 作者：Soo Jin Kim^a ; ^{sjkim525@gmail.com" class="auth_mail" title="E-mail the corresponding author} ; Woojin Kim^b ; ^{woojinkim@snu.ac.kr" class="auth_mail" title="E-mail the corresponding author} ; Dong Ryung Yang^b ; ^{dongryung.yang@gmail.com" class="auth_mail" title="E-mail the corresponding author}
• 关键词：Stand-alone ; Subsidiary ; Pyramid ; Business group ; Related party transaction ; Korea
• 刊名：Emerging Markets Review
• 出版年：2015
• 出版时间：December 2015
• 年：2015
• 卷：25
• 期：Complete
• 页码：30-52
• 全文大小：506 K

文摘

Newly established manufacturing firms in Korea without any corporate shareholder participation — stand-alones — exhibit significantly higher profitability and smaller asset size compared to those set up by corporate shareholders — subsidiaries. This pattern holds even for stand-alones and subsidiaries set up by the same controlling shareholder. Such differences in profitability do not seem to be driven by inherent differences in business risk nor reflected in post-establishment survival rates. Moreover, infant firms' overall profitability depends more on internal transactions with affiliated firms than external transactions.