The effect on value added and income to equity and labor providers of the introduction of Anglo-Saxon type business regulations: Case of corporations listed in Korean Stock Exchange
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We applied De Jong’s (1995) theory across time using the corporations listed in Korea Exchange. Since the Korean economy rapidly embraced the Anglo-Saxon type of business regulations after the foreign exchange crisis around 1997, it provides unique opportunity to test De Jong’s theory across time. The results generally confirm the crucial predictions of the theory that the Anglo-Saxon type of business regulations prompt managers to lower the level of value added, and that the income to labor providers decreases. When the time-varying external variables, such as globalization, dissemination of IT and business cycle in Korea, are controlled, however, we failed to verify the rise in income to equity providers.
Abstract
We applied De Jong’s (1995) theory across time using the corporations listed in Korea Exchange. Since the Korean economy rapidly embraced the Anglo-Saxon type of business regulations after the foreign exchange crisis around 1997, it provides unique opportunity to test De Jong’s theory across time. The results generally confirm the crucial predictions of the theory that the Anglo-Saxon type of business regulations prompt managers to lower the level of value added, and that the income to labor providers decreases. When the time-varying external variables, such as globalization, dissemination of IT and business cycle in Korea, are controlled, however, we failed to verify the rise in income to equity providers.
참고문헌 (16)
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