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@article{ART001999988},
author={Sang_Nam Lee and SEO YOUNGMI and Jong Won Choi},
title={The Effect of SBC Policy Funding Program on the Beneficiary Firms’ Profitability},
journal={Journal of Regional Studies and Development},
issn={1738-3846},
year={2015},
volume={24},
number={1},
pages={183-214}

TY - JOUR
AU - Sang_Nam Lee
AU - SEO YOUNGMI
AU - Jong Won Choi
TI - The Effect of SBC Policy Funding Program on the Beneficiary Firms’ Profitability
JO - Journal of Regional Studies and Development
PY - 2015
VL - 24
IS - 1
PB - Institute for Poverty Alleviation and International Development: IPAID
SP - 183
EP - 214
SN - 1738-3846
AB - Using samples of firms which benefited from A Bank's SBC policy funding program from 2004 to 2009, this study examines whether managerial ownershipand family firm affect the improvement of profitability in terms of agency costs perspectives. Specifically, we investigate 229 firm-year to analyze the difference in improvement of profitability in three years. Results show that net managerial ownership is positively associated with the improvement of profitability, indicating that decrease in agency costs enhances the effect of SBC policy funding program. However, we find statistically insignificant results in the effect of family firms and managerial ownership with shares of family and large shareholders. This study makes several contributions. First, we focus on the beneficiary firms to examine the effect of managerial ownership and family firm on the improvement of profitability, while prior studies mostly compare the beneficiary firms with non-beneficiary firms. Second, we provide evidence that corporate governance and ownership may be important consideration judging loan. Third, we use net managerial ownership which exclude shares of family and large shareholders unlike prior studies.
KW - SBC Policy Funding Program;Agency costs;Profitability;Family firm;Managerial ownership
DO -
UR -
ER -

Sang_Nam Lee, SEO YOUNGMI and Jong Won Choi. (2015). The Effect of SBC Policy Funding Program on the Beneficiary Firms’ Profitability. Journal of Regional Studies and Development, 24(1), 183-214.

Sang_Nam Lee, SEO YOUNGMI and Jong Won Choi. 2015, "The Effect of SBC Policy Funding Program on the Beneficiary Firms’ Profitability", Journal of Regional Studies and Development, vol.24, no.1 pp.183-214.

Sang_Nam Lee, SEO YOUNGMI, Jong Won Choi "The Effect of SBC Policy Funding Program on the Beneficiary Firms’ Profitability" Journal of Regional Studies and Development 24.1 pp.183-214 (2015) : 183.

Sang_Nam Lee, SEO YOUNGMI, Jong Won Choi. The Effect of SBC Policy Funding Program on the Beneficiary Firms’ Profitability. 2015; 24(1), 183-214.

Sang_Nam Lee, SEO YOUNGMI and Jong Won Choi. "The Effect of SBC Policy Funding Program on the Beneficiary Firms’ Profitability" Journal of Regional Studies and Development 24, no.1 (2015) : 183-214.

Sang_Nam Lee; SEO YOUNGMI; Jong Won Choi. The Effect of SBC Policy Funding Program on the Beneficiary Firms’ Profitability. Journal of Regional Studies and Development, 24(1), 183-214.

Sang_Nam Lee; SEO YOUNGMI; Jong Won Choi. The Effect of SBC Policy Funding Program on the Beneficiary Firms’ Profitability. Journal of Regional Studies and Development. 2015; 24(1) 183-214.

Sang_Nam Lee, SEO YOUNGMI, Jong Won Choi. The Effect of SBC Policy Funding Program on the Beneficiary Firms’ Profitability. 2015; 24(1), 183-214.

Sang_Nam Lee, SEO YOUNGMI and Jong Won Choi. "The Effect of SBC Policy Funding Program on the Beneficiary Firms’ Profitability" Journal of Regional Studies and Development 24, no.1 (2015) : 183-214.