5대 재벌군의 투자행위와 유동성 -상장기업을 중심으로-

Big 5 Chaebol companies' Investment behavior and Liquidity -Focused on listed companies-

This study specifically examines the empirical relationship between investment behavior and liquidity of big 5 Chaebol's companies. Technically, we use the generalized least square method to explain the response variable, investment, by inducing the four explanatory variables such as cash flows, Tobin's q-ratio, sales, and ROE. Data were collected from the Korean manufacturing companies listed in the Korean Stock Exchange. The period extends from 1986 to 1995. To com-pare any change and difference, we classify the sample into two subsets, big 5 Chaebol's companies and non-Chaebol's companies. Based on the empirical results, we can not fully support the hypothesis. The test results hold during the bull market period as well as during the bear market period. The contribution of this paper is to test the liquidity constraints as stock market change. For the further study, we recommend to test the hypothesis by dividing the sample into big 5, big 10, and big 30 Chaebol's companies.