Contents
Corporate Governance and Innovation under Demand Uncertainty : A Panel Study of Korean Firms / Vladimir Hlasny ; Minsu Cho 1
ABSTRACT 1
I. MOTIVATION AND BACKGROUND 2
1. Economic and regulatory background 3
2. Regulatory reforms 4
II. LITERATURE REVIEW 7
III. MODEL AND EMPIRICAL METHODS 12
1. General model of firms' pursuit of innovation 13
2. Estimable model and alternative hypotheses 15
3. Empirical estimation of firms' pursuit of innovation 17
4. Data 18
IV. RESULTS 22
1. Results for the overall sample 23
2. Results for the subsample of 65 identified firms 24
3. Results of alternative model specifications and robustness tests 26
V. CONCLUSIONS 27
REFERENCES 33
Appendix: Additional Information and Results 37