Publication Type
Journal Article
Publication Date
11-2007
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.
Keywords
Asian financial crisis, analyst forecast error, analyst forecast dispersion, chaebol, information asymmetry, corporate transparency
Discipline
Asian Studies | Finance and Financial Management | Portfolio and Security Analysis
Research Areas
Corporate Reporting and Disclosure
Publication
Corporate Governance: An International Review
Volume
15
Issue
6
First Page
1144
Last Page
1167
ISSN
1467- 8683
Identifier
10.1111/j.1467-8683.2007.00637.x
Publisher
Wiley
Citation
CHANG, Jinho; 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. (2007). Corporate Governance: An International Review. 15, (6), 1144-1167.
Available at: https://ink.library.smu.edu.sg/soa_research/1572
Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial-No Derivative Works 4.0 International License.
Additional URL
http://doi.org./10.1111/j.1467-8683.2007.00637.x
Included in
Asian Studies Commons, Finance and Financial Management Commons, Portfolio and Security Analysis Commons