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This document analyzes the costs and benefits associated with Korean chaebols, which are large, family-owned business conglomerates made up of diversified firms. The study finds that firms affiliated with chaebols are valued at a discount compared to non-affiliated firms, even after controlling for the relatedness of the diversification within the chaebol. This suggests chaebol membership reduces firm value. However, chaebol firms have greater debt capacity and lower tax burdens due to cross-subsidization o
- Author
- Joseph Jung
- Language
- EN