부산대학교 도서관

This study investigates the impact of limitations on cross-shareholding policies on corporate performance and behavior using financial statement data from companies disclosed in the Data Analysis, Retrieval and Transfer System (DART) between 2001 and 2020. The study employs the Difference-in-Differences method to estimate the effects of policy changes and further analyze heterogeneous effects based on company revenue. The results reveal that when firms are designated in the cross-shareholding restriction group, there is a significant decrease in both Net Profit and Revenue, which recovers over a three-year period. However, there is no significant impact on employment. Additionally, employing the Chi-squared test for Benford analysis, anomalies in corporate financial behavior are detected prior to one year before the group designation. These findings underscore the substantial and lasting effects of enhanced transparency resulting from cross-shareholding restrictions on corporate financial metrics and behavior.