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We examine the relationship between the amount of shares held by  Chaebol’s  other affiliated firms and affiliated firm's ownership-control disparity. To this end, the ownership-control disparity equations are estimated with the ownership-control disparity index and the voting right leverage index as dependent variables, using cross-sectional data on 78 affiliated firms in  Chaebols  in 2005. These  Chaebols  are controlled by the ceiling on the total amount of holding shares of other affiliated firms in  Chaebol . The estimation results with the ownership-control disparity index indicate that the increase in the amount of shares held by  Chaebol’s  other affiliated firms deepens the ownership-control disparity. And the amount of net assets and the amount of cash flow mitigate the ownership-control disparity. The estimation results of the voting right leverage index are almost the same as those of the ownership-control disparity index. We also find that the ownership-control disparity index is more elastic than the voting right leverage index with respect to the amount of shares held by  Chaebol’s  other affiliated firms. Overall, these empirical findings suggest that the ceiling on the total amount of holding shares of other affiliated firms in  Chaebol  can contribute to the desirable corporate governance.

The Amount of Shares Held by Chaebol’s Other Affiliated Firms and Affiliated Firm's OwnershipControl Disparity: A Cross-Sectional Analysis