ScholarWorks@숙명여자대학교

초록

We examine whether the fund management behavior and its performance of the business group affiliated asset management company are different from those of the independent asset management company in Korea. Although in-house asset management company can enjoy the benevolent influence from synergy effect, economy of scale and scope, it may suffer from agency cost, conflict of interest and sub-optimal portfolio. We found that the difference in performance between group-affiliated and independent asset management company is not consistent and significant, which implies that the positive in-house effect is offset by the same amount of its negative effect. However we also found that the performance of the asset management company affiliated financial conglomerate is better than that of Chaebul-affiliated one. Further empirical evidences show that among companies affiliated with financial conglomerate, the asset management company in non-BHC did better than BHC-affiliated one. Our empirical results imply that the performance of the asset management company in Korea is affected by the in-house effect and the various characteristics of the affiliated group.

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