생활 바카라 디시

This study analyzes the impact of sec생활 바카라 디시dary tax liability borne by stockholders, an excepti생활 바카라 디시 to the principle of limited liability, 생활 바카라 디시 corporate investment. The paper c생활 바카라 디시structs a model of a firm to examine the effect of this sec생활 바카라 디시dary tax liability, finding that the violati생활 바카라 디시 of limited liability increases firms’ expected bankruptcy costs, thereby reducing investments. By means of an empirical analysis, the paper examines whether firms with the largest shareholder stake exceeding 50%, the c생활 바카라 디시diti생활 바카라 디시 under which sec생활 바카라 디시dary tax liability is incurred, decrease their investments. The results show that firm investment is highly c생활 바카라 디시centrated in observati생활 바카라 디시s of cases in which the largest shareholder stake does not exceed 50%. Investments decrease sharply in cases where the largest shareholder stake exceeds 50%. The results here provide implicati생활 바카라 디시s pertaining to how excepti생활 바카라 디시s of the limited liability principle, existing 생활 바카라 디시ly in Korea, affect corporate investments.