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The Impact of Foreign Liabilities on Small Firms : Firm-Level Evidence from the Korean Crisis

Author: Yun Jung Kim; Linda Tesar; Jing Zhang
Publisher: Cambridge, Mass. National Bureau of Economic Research 2012.
Series: Working paper series (National Bureau of Economic Research), no. w17756.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Using Korean firm-level data on publicly-listed and privately-held firms together with firm exit data, we find strong evidence of the balance-sheet effect for small firms at both the intensive and extensive margins. During the crisis, small firms with more short-term foreign debt are more likely to go bankrupt, and experience larger sales declines conditional on survival. The extensive margin accounts for a large  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Yun Jung Kim; Linda Tesar; Jing Zhang
OCLC Number: 1027280908
Notes: January 2012.
Description: 1 online resource.
Details: Mode of access: World Wide Web.
Series Title: Working paper series (National Bureau of Economic Research), no. w17756.
Responsibility: Yun Jung Kim, Linda Tesar, Jing Zhang.

Abstract:

Using Korean firm-level data on publicly-listed and privately-held firms together with firm exit data, we find strong evidence of the balance-sheet effect for small firms at both the intensive and extensive margins. During the crisis, small firms with more short-term foreign debt are more likely to go bankrupt, and experience larger sales declines conditional on survival. The extensive margin accounts for a large fraction of small firms' adjustment during the crisis. Consistent with many studies in the literature, large firms with larger exposure to foreign debt paradoxically have better performance during the crisis at both the intensive and extensive margin.

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