Financial Weakness and Product Market Performance: Internal Capital Market Evidence
利用韩国企业集团在亚洲金融危机后的数据，研究发现集团财务杠杆会导致附属公司在产品市场中失去市场份额，尤其当附属公司自身财务脆弱或所在行业增长较快时。
Abstract Using a data set of Korean business groups in the period 1999–2006, just after the Asian Financial Crisis, this study shows how business groups’ financial leverage can lead group-affiliated firms to lose market share to industry rivals. This analysis reveals that the negative effect of group leverage is greater when an affiliated firm is financially weak. Additionally, high group leverage is more detrimental to firms operating in fast-growing industries, discouraging affiliated firms from investing while encouraging their rivals. The results suggest that groups’ financial positions encompass a substantial strategic dimension of group-affiliated firms.