The Change in Corporate Transparency of Korean Firms After the Asian Financial Crisis: An Analysis Using Analysts' Forecast Data

24 Pages Posted: 13 Dec 2007

See all articles by Jinho Chang

Jinho Chang

affiliation not provided to SSRN

Young Jun Cho

affiliation not provided to SSRN

Hyun-Han Shin

Yonsei University

Abstract

Using analysts' forecast error and forecast dispersion of firms covered by the I/B/E/S database, this study examines the change in information asymmetry of Korean firms around the financial crisis of 1997. Results show that the information asymmetry of Korean firms is lower after the financial crisis than before, implying that corporate transparency did, in effect, improve with the change in business environment. In addition, this study finds that chaebol firms have higher information asymmetry than non-chaebol firm, and also that the corporate transparency improvement of chaebol firms is not higher than that of non-chaebol firms in the post-crisis period despite the reforms particularly targeted to chaebol firms after the financial crisis.

Suggested Citation

Chang, Jinho and Cho, Young Jun and Shin, Hyun-Han, The Change in Corporate Transparency of Korean Firms After the Asian Financial Crisis: An Analysis Using Analysts' Forecast Data. Corporate Governance: An International Review, Vol. 15, Issue 6, pp. 1144-1167, November 2007, Available at SSRN: https://ssrn.com/abstract=1072205 or http://dx.doi.org/10.1111/j.1467-8683.2007.00637.x

Jinho Chang (Contact Author)

affiliation not provided to SSRN

No Address Available

Young Jun Cho

affiliation not provided to SSRN ( email )

Hyun-Han Shin

Yonsei University ( email )

50 Yonsei Ro
Seodaemoon Gu
Seoul
Korea, Republic of (South Korea)
82-2-21235466 (Phone)

HOME PAGE: http://https://ysb.yonsei.ac.kr/faculty.asp?mid=n02&sOpt=&uid=32

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
24
Abstract Views
935
PlumX Metrics