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Advances in the corporate finance literature: a survey of recent studies on Korea

Hongbok Lee and Kwangwoo Park

Managerial Finance, 2018, vol. 44, issue 1, 5-25

Abstract: Purpose - The purpose of this paper is to provide a survey of recent studies on Korean firms’ financial policies and their interactions with financial markets, and suggest directions for future research. Design/methodology/approach - The authors review the finance research on Korean firms and markets, focusing on the articles published in the last 20 years. Findings - This survey of the recent Korean finance literature covers the research on the capital structure and the distinct financing behaviors of chaebol-affiliated firms and independent firms; the factors affecting the costs of capital and firms’ preferences for capital budgeting methods; raising capital through public and private equity issuance; corporate governance and the market for corporate control; payout policies; and bank-firm relationship. The authors suggest a number of future research directions that may lead to significant contributions to the literature. Originality/value - This paper provides the first comprehensive review of the post-crisis corporate finance literature in Korea.

Keywords: Survey; Capital Structure; Capital budgeting; Equity issuance; Corporate governance; Payout policies; G21; G31; G32; G34; G35 (search for similar items in EconPapers)
Date: 2018
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