재벌 실질소유지분의 결정 경로 분석: 직접소유지분과 계열사지분의 매개효과를 중심으로

초록

[Purpose] In this study, we examined how the chaebol’s cash－flow right is determined in terms of the chaebol’s ownership determination paths(direct ownership path and affiliate ownership path). Through this, we examined in more detail how chaebol determines their ownership structure for their pecuniary benefits, and tried to understand whether there are differences in the roles played by each paths that determines the chaebol’s cash－flow right. [Methodology] The mediating effect analysis was conducted using the korea chaebol’s imbalance panel data from 2010 to 2022. [Findings] As a result of the empirical analysis, it was found that there is a mediating effect, which means that the effect of the performance of affiliates on the chaebol’s cash－flow right is explained by the path through the direct ownership of the chaebol. On the other hand, there was no mediating effect in the channel through the chaebol’s affiliate ownership. [Implications] For accurately examining the determination of the chaebol’s ownership structure. It suggests that the path of determination of the chaebol’s cash－flow right should also be considered.

키워드