1. we analysis model (5) which investigates whether a firm's new investment decision is affected by chaebol membership or not;Unlike our Table 2 and Kim(???, 2010) and Kim,2014
2. Shin and Park(1999), using data from 1994 and 1995, find a positive association between them, but only non-chaebol firms are significant. Although Columns (1) to (3) show a significant relationship between CASH and INV, Columns (5) and (6), using the T-test, shows that there is no difference between chaebol and non-chaebol firms, 9) This is cheap because the internal capital market has lower asymmetric information costs compared with borrowing cash from external capital markets;);From Columns (1) to (4), we can observe a negative association between CASH and INV from both chaebol and non-chaebol firms, which is inconsistent with Shin and Park,1999