Categorical Financial Analyses on the Level of Corporate Cash Reserves for the Korean Chaebol Firms in the Post-Era of the Global Financial Crisis

국제금융위기 이후 한국 재벌기업들의 현금유보 수준에 대한 계층별 재무적 특성요인 분석

  • 김한준 (호서대학교 사회과학대학 경영학부)
  • Received : 2015.08.10
  • Accepted : 2015.09.16
  • Published : 2016.02.28


The primary objective of implementing the study was to further investigate any pronounced financial components affecting the level of cash retention for the Korean chaebol firms. The research was framed to test for two hypotheses on the cash savings with utilizing the chaebol firms during the post-era of the global financial turmoil (from 2009 to 2013). In the first hypothesis test, any significant explanatory variables relative to the cash holdings, were identified in each corresponding category of the conditional quantile regression (CQR) model, while multilogistic regression analysis was performed to discriminate relevant financial factors in each pair of classes consisting of the chaebol firms. Concerning the results, liquidity, agency costs, and cash conversion cycle were found to be statistically significant in the majority of classified categories in the former test and liquidy, firm size, and dividend yield, also showed discriminating powers in each pair of categorical for the firms in the latter test.


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