References
- Allen, F., Qian, Y., Tu, G. and Yu, F., Entrusted loans: A close look at China's shadow banking system. J. Financ. Econ., 2019, 133(1), 18–41. doi: https://doi.org/10.1016/j.jfineco.2019.01.006
- Almeida, H., Kim, C.-S. and Kim, H.B., Internal capital markets in business groups: Evidence from the Asian financial crisis. J. Finance., 2015, 70(6), 2539–2586. doi: https://doi.org/10.1111/jofi.12309
- Almeida, H., Park, S.Y., Subrahmanyam, M.G. and Wolfenzon, D., The structure and formation of business groups: Evidence from Korean chaebols. J. Financ. Econ., 2011, 99(2), 447–475. doi: https://doi.org/10.1016/j.jfineco.2010.08.017
- Almeida, H.V. and Wolfenzon, D., A theory of pyramidal ownership and family business groups. J. Finance., 2006, 61(6), 2637–2680. doi: https://doi.org/10.1111/j.1540-6261.2006.01001.x
- Boot, A.W.A., Greenbaum, S.I. and Thakor, A.V., Reputation and discretion in financial contracting. Am. Econ. Rev., 1993, 83(5), 1165–1183.
- Borensztein, E. and Lee, J.W., Financial crisis and credit crunch in Korea: evidence from firm-level data. J. Monet. Econ., 2002, 49(4), 853–875. doi: https://doi.org/10.1016/S0304-3932(02)00116-2
- Bramoullé, Y., Currarini, S., Jackson, M.O., Pin, P. and Rogers, B.W., Homophily and long-run integration in social networks. J. Econ. Theory., 2012, 147(5), 1754–1786. doi: https://doi.org/10.1016/j.jet.2012.05.007
- Buchuk, D., Larrain, B., Muñoz, F. and Urzúa, F., The internal capital markets of business groups: Evidence from intra-group loans. J. Financ. Econ., 2014, 112(2), 190–212. doi: https://doi.org/10.1016/j.jfineco.2014.01.003
- Cestone, G. and Fumagalli, C., The strategic impact of resource flexibility in business groups. RAND J. Econ., 2005, 36(1), 193–214.
- Eales, R. and Bosworth, E., Severity of loss in the event of default in small business and larger consumer loans. J. Lending Credit Risk Manage., 1998, 80, 58–65.
- Freimer, M. and Gordon, M.J., Why bankers ration credit. Q. J. Econ., 1965, 79(3), 397–416. doi: https://doi.org/10.2307/1882705
- Gertner, R.H., Scharfstein, D.S. and Stein, J.C., Internal versus external capital markets. Q. J. Econ., 1994, 109(4), 1211–1230. doi: https://doi.org/10.2307/2118361
- Gilchrist, S. and Zakrajšek, E., The importance of credit for macroeconomic activity: Identification through heterogeneity. In Market Behaviour and Macroeconomic Modelling, pp. 129–157, 1998 (Palgrave Macmillan: London).
- Gopalan, R., Nanda, V. and Seru, A., Affiliated firms and financial support: Evidence from Indian business groups. J. Financ. Econ., 2007, 86(3), 759–795. doi: https://doi.org/10.1016/j.jfineco.2006.09.008
- Grimmett, G. and Stirzaker, D., Probability and Random Processes, 2020 (Oxford University Press: Oxford, UK).
- Holod, D. and Peek, J., Capital constraints, asymmetric information, and internal capital markets in banking: New evidence. J. Money Credit Banking, 2010, 42(5), 879–906. doi: https://doi.org/10.1111/j.1538-4616.2010.00311.x
- Hoshi, T., Kashyap, A. and Scharfstein, D., Corporate structure, liquidity, and investment: Evidence from Japanese industrial groups. Q. J. Econ., 1991, 106(1), 33–60. doi: https://doi.org/10.2307/2937905
- Huang, C.C., Kira, D. and Vertinsky, I., Stochastic dominance rules for multi-attribute utility functions. Rev. Econ. Stud., 1978, 45(3), 611–615. doi: https://doi.org/10.2307/2297262
- Jackson, M.O. and Rogers, B.W., Meeting strangers and friends of friends: How random are social networks? Am. Econ. Rev., 2007, 97(3), 890–915. doi: https://doi.org/10.1257/aer.97.3.890
- Khanna, N. and Tice, S., The bright side of internal capital markets. J. Finance., 2001, 56(4), 1489–1528. doi: https://doi.org/10.1111/0022-1082.00377
- Khanna, T. and Palepu, K., Is group affiliation profitable in emerging markets? An analysis of diversified Indian business groups. J. Finance., 2000, 55(2), 867–891. doi: https://doi.org/10.1111/0022-1082.00229
- Khanna, T. and Yafeh, Y., Business groups in emerging markets: Paragons or parasites? J. Econ. Lit., 2007, 45(2), 331–372. doi: https://doi.org/10.1257/jel.45.2.331
- Lee, S., Park, K. and Shin, H.H., Disappearing internal capital markets: Evidence from diversified business groups in Korea. J. Bank. Financ., 2009, 33(2), 326–334. doi: https://doi.org/10.1016/j.jbankfin.2008.08.004
- Leland, H.E., Financial synergies and the optimal scope of the firm: Implications for mergers, spinoffs, and structured finance. J. Finance., 2007, 62(2), 765–807. doi: https://doi.org/10.1111/j.1540-6261.2007.01223.x
- Leuz, C. and Oberholzer-Gee, F., Political relationships, global financing, and corporate transparency: Evidence from Indonesia. J. Financ. Econ., 2006, 81(2), 411–439. doi: https://doi.org/10.1016/j.jfineco.2005.06.006
- Levy, H. and Paroush, J., Multi-period stochastic dominance. Manage. Sci., 1974, 21(4), 428–435. doi: https://doi.org/10.1287/mnsc.21.4.428
- Lim, K.M., Structural fundamentals of Korean corporations: This time was different. In Global Economic Crisis, 2012 (Edward Elgar Publishing: Cheltenham, UK).
- Luciano, E. and Nicodano, G., Guarantees, leverage, and taxes. Rev. Financ. Stud., 2014, 27(9), 2736–2772. doi: https://doi.org/10.1093/rfs/hhu010
- Nicodano, G. and Regis, L., A trade-off theory of ownership and capital structure. J. Financ. Econ., 2019, 131(3), 715–735. doi: https://doi.org/10.1016/j.jfineco.2018.09.001
- La Porta, R., Lopez de Silanes, F., Shleifer, A. and Vishny, R., Investor protection and corporate valuation. J. Finance., 2002, 57(3), 1147–1170. doi: https://doi.org/10.1111/1540-6261.00457
- Riley, J.G., Essential Microeconomics, 2012 (Cambridge University Press: Cambridge, UK).
- Samphantharak, K., Internal capital markets in business groups. Available at SSRN 975562, 2006.
- Shi, M.Y., Townsend, R.M. and Zhu, W., Internal Capital Markets in Business Groups and the Propagation of Credit Supply Shocks, 2019 (International Monetary Fund: Washington, DC).
- Shin, H.-H. and Park, Y.S., Financing constraints and internal capital markets: Evidence from Koreanchaebols'. J. Corporate Finance, 1999, 5(2), 169–191. doi: https://doi.org/10.1016/S0929-1199(99)00002-4
- Smith, J.K., Trade credit and informational asymmetry. J. Finance., 1987, 42(4), 863–872. doi: https://doi.org/10.1111/j.1540-6261.1987.tb03916.x
- Stiglitz, J.E. and Weiss, A., Credit rationing in markets with imperfect information. Am. Econ. Rev., 1981, 71(3), 393–410.
- Vega-Redondo, F., Complex Social Networks, No. 44, 2007 (Cambridge University Press: New York, NY).