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Sources of Corporate Financing and Economic Crisis in Korea: A Micro-evidence

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  • Youngjae Lim

Abstract

Using the firm-level data set, the paper attempts to examine the dynamic patterns in the allocation of credit across firms in recent Korea. In particular, the paper examines the dynamic patterns in the allocation of credit across large and small firms before and after the crisis. The data suggest that large firms, to some extent, are leaving banks and going to the capital market for their financing after the crisis. The data also suggest that profitable small firms are gaining easier access to the credit from financial institutions after the crisis. Is this shift (in the allocation of bank credit from large firms to small firms) due to lenders' choice or due to borrowers' changed incentives? The paper suggests that the improved lending practices of banks, at least partially, contributed to this shift of bank credit from large firms to small firms.

Suggested Citation

  • Youngjae Lim, 2003. "Sources of Corporate Financing and Economic Crisis in Korea: A Micro-evidence," NBER Working Papers 9575, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:9575
    Note: CF IFM
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    Cited by:

    1. Abdullah Iqbal & Ortenca Kume, 2014. "Impact of Financial Crisis on Firms’ Capital Structure in UK, France, and Germany," Multinational Finance Journal, Multinational Finance Journal, vol. 18(3-4), pages 249-280, September.
    2. Mr. Rupert D Worrell, 2004. "Quantitative Assessment of the Financial Sector: An Integrated Approach," IMF Working Papers 2004/153, International Monetary Fund.
    3. Tae-Joon Kim & Jai-Won Ryou & Shinji Takagi, 2010. "Financial market reforms and corporate financing in Korea," Applied Financial Economics, Taylor & Francis Journals, vol. 20(21), pages 1659-1666.
    4. Akbar, Saeed & Rehman, Shafiq ur & Ormrod, Phillip, 2013. "The impact of recent financial shocks on the financing and investment policies of UK private firms," International Review of Financial Analysis, Elsevier, vol. 26(C), pages 59-70.

    More about this item

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • G2 - Financial Economics - - Financial Institutions and Services

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