In the past decade, increasing economic integration with China has offered vast business opportunities to Korean firms. Given the changing industry map in East Asia, Korean firms have been seeking a new international division of labor with Chinese firms via foreign direct investment. During the...

Tobin's Q is the most common measurement of firm value and performance. However, estimating Tobin's Q accurately is not easy. Researchers have used book values of debts or assets rather than the market values. We estimate Tobin's Q for listed firms in Korea from 1980 to 2005 based on replacement...