Financialization of South Korean non-financial firms: an empirical analysis of the impacts on firms' real and research and development investments
DC Field | Value | Language |
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dc.contributor.author | Yu, Yerin | - |
dc.contributor.author | Jo, Jung-In | - |
dc.date.accessioned | 2022-06-13T03:40:06Z | - |
dc.date.available | 2022-06-13T03:40:06Z | - |
dc.date.issued | 2022-04 | - |
dc.identifier.issn | 0160-3477 | - |
dc.identifier.issn | 1557-7821 | - |
dc.identifier.uri | https://scholarworks.sookmyung.ac.kr/handle/2020.sw.sookmyung/151379 | - |
dc.description.abstract | This study explores financialization's effects on corporate innovation using data on 711 firms taken from the KIS-Value database (1994-2019) and the generalized method of moments (GMM) model. Scholars warn that aiming solely to maximize shareholders' interests and short-term financial investments places non-financial firms' entrepreneurship at risk. Long-term R&D and real investments decline as a result, leading to stagnant growth. This study investigates whether empirical findings from the US and the UK, where financialization negatively affects corporations' real and R&D investments, apply to the South Korean market. We find that the financialization of South Korean non-financial firms has damaged both real and R&D investments. The first channel of financialization, increased financial investments, reduces real investments and R&D spending. Furthermore, the second channel of financialization, profit-sharing, reduces corporate innovation. The more that South Korean non-financial firms adhere to dividend payments and stock buybacks, the greater the negative impacts on real and R&D investments are. | - |
dc.format.extent | 26 | - |
dc.language | 영어 | - |
dc.language.iso | ENG | - |
dc.publisher | ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD | - |
dc.title | Financialization of South Korean non-financial firms: an empirical analysis of the impacts on firms' real and research and development investments | - |
dc.type | Article | - |
dc.publisher.location | 영국 | - |
dc.identifier.doi | 10.1080/01603477.2022.2027786 | - |
dc.identifier.scopusid | 2-s2.0-85123480199 | - |
dc.identifier.wosid | 000746426600001 | - |
dc.identifier.bibliographicCitation | JOURNAL OF POST KEYNESIAN ECONOMICS, v.45, no.2, pp 184 - 209 | - |
dc.citation.title | JOURNAL OF POST KEYNESIAN ECONOMICS | - |
dc.citation.volume | 45 | - |
dc.citation.number | 2 | - |
dc.citation.startPage | 184 | - |
dc.citation.endPage | 209 | - |
dc.type.docType | Article; Early Access | - |
dc.description.isOpenAccess | N | - |
dc.description.journalRegisteredClass | ssci | - |
dc.description.journalRegisteredClass | scopus | - |
dc.relation.journalResearchArea | Business & Economics | - |
dc.relation.journalWebOfScienceCategory | Economics | - |
dc.subject.keywordPlus | SHAREHOLDER VALUE ORIENTATION | - |
dc.subject.keywordPlus | ECONOMIC-GROWTH | - |
dc.subject.keywordPlus | STOCK MARKETS | - |
dc.subject.keywordPlus | PANEL-DATA | - |
dc.subject.keywordPlus | FOOD | - |
dc.subject.keywordPlus | LIBERALIZATION | - |
dc.subject.keywordPlus | CONSTRAINTS | - |
dc.subject.keywordPlus | SLOWDOWN | - |
dc.subject.keywordAuthor | Financialization | - |
dc.subject.keywordAuthor | generalized method of moments | - |
dc.subject.keywordAuthor | non-financial firms | - |
dc.subject.keywordAuthor | real investment | - |
dc.subject.keywordAuthor | research and development | - |
dc.identifier.url | https://www.tandfonline.com/doi/full/10.1080/01603477.2022.2027786 | - |
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