S-Space College of Business Administration/Business School (경영대학/대학원) Dept. of Business Administration (경영학과) Theses (Master's Degree_경영학과)
Corporate characteristics and cash policy: Stand-alone vs. corporate group firms
기업 특성과 현금보유정책에 대한 실증 연구: 독립 기업과 그룹사 소속기업의 비교를 중심으로
- 경영대학 경영학과
- Issue Date
- 서울대학교 대학원
- 학위논문 (석사)-- 서울대학교 대학원 : 경영학과, 2015. 2. 고봉찬.
- I first show that private (unlisted) stand-alone firms hold more cash reserves than private corporate group firms do. This result attributes to presence of internal capital market within corporate group firms. By combining evidence from across public and private firms as well as within public firms across different qualities of governance, I also show that stand-alone firms cash policy reflects much higher agency costs than group firms' in public (listed) firm samples. Specifically, agency problems not affect not only the target level of cash, but also how managers react to cash in excess of the target.