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The Difference Between Measuring Internal Funds Allocations in Groups and in Diversified Firms

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Author Info

  • Marc Jegers

    ()
    (Micro-dconomics of the Profit and Non-Profit Sectors, Vrije Universiteit Brussel, Pleinlaan 2, B-1050 Brussel, Belgium)

  • Kooyul Jung

    (Graduate School of Finance, Korea Advanced Institute of Science and Technology, Korea)

  • Byungmo Kim

    (School of Business and Economics, Dankook University, Korea)

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    Abstract

    Dependent variables used by Kim, Jung and Kim (2005) to assess the effect of the ownership structure of Korean chaebols on internal funds allocations are a priori misspecified in the context of their research, as they were designed to be applied when studying diversified firms and not groups consisting of legally independent entities. The conditions under which this misspecification has no effect on their conclusions are discussed. Re-analyzing their data with a more appropriate internal funds allocation variable leaves their conclusion on the presence of tunnelling effects intact, though it paints a partly different picture of internal allocations as such.

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    Bibliographic Info

    Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal Review of Pacific Basin Financial Markets and Policies.

    Volume (Year): 10 (2007)
    Issue (Month): 03 ()
    Pages: 341-347

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    Handle: RePEc:wsi:rpbfmp:v:10:y:2007:i:03:p:341-347

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    Related research

    Keywords: Internal capital markets; groups; funds transfers;

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