Does Shareholder Value Orientation or Financial Market Liberalization Slow Down Korean Real Investment?

Title
Does Shareholder Value Orientation or Financial Market Liberalization Slow Down Korean Real Investment?
Author
서환주
Keywords
shareholder value orientation; financial market liberalization; real investment; financialization; CAPITAL ACCUMULATION; ECONOMIC-GROWTH; UNCERTAINTY; USA
Issue Date
2016-12
Publisher
SAGE PUBLICATIONS INC
Citation
REVIEW OF RADICAL POLITICAL ECONOMICS, v. 48, No. 4, Page. 633-660
Abstract
This study empirically tests whether the growing importance of shareholder value orientation and financial market liberalization can explain the decline in Korean real investment since the Asian financial crisis. First, the results indicate no negative relationship between increased payments to financial markets and the slowdown in Korean real investment. Second, the estimation results do not support the assertion that financial investment earnings crowd out Korean real investment. Third, an increase in the level of uncertainty from financial market liberalization reduces real investment by Korean firms. These results suggest that financial market liberalization explains the slowdown in Korean firm real investment for the 1990-2010 period better than shareholder value orientation does.
URI
http://journals.sagepub.com/doi/abs/10.1177/0486613415603159http://repository.hanyang.ac.kr/handle/20.500.11754/71347
ISSN
0486-6134; 1552-8502
DOI
10.1177/0486613415603159
Appears in Collections:
COLLEGE OF BUSINESS AND ECONOMICS[E](경상대학) > BUSINESS ADMINISTRATION(경영학부) > Articles
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