Revisiting the Bright and Dark Sides of Capital Flows in Business Groups
Prior studies report that the business group structure and the associated intra-group capital flows are prone to conflicts of interest between controlling shareholders and minority investors. Yet business group is a prevalent and stable structure around the globe, particularly where capital markets...
| Autores principales: | ; ; |
|---|---|
| Tipo de documento: | Electrónico Artículo |
| Lenguaje: | Inglés |
| Verificar disponibilidad: | HBZ Gateway |
| Interlibrary Loan: | Interlibrary Loan for the Fachinformationsdienste (Specialized Information Services in Germany) |
| Publicado: |
2016
|
| En: |
Journal of business ethics
Año: 2016, Volumen: 134, Número: 4, Páginas: 509-528 |
| Otras palabras clave: | B
Expropriation
B G31 B Gobierno corporativo B G32 B Business group B G34 B G15 B Financial constraints B Emerging market |
| Acceso en línea: |
Volltext (JSTOR) Volltext (lizenzpflichtig) |
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| 520 | |a Prior studies report that the business group structure and the associated intra-group capital flows are prone to conflicts of interest between controlling shareholders and minority investors. Yet business group is a prevalent and stable structure around the globe, particularly where capital markets are underdeveloped. Using data from China, this paper empirically studies the trade-off between the negative and positive roles played by intra-group capital flows and tests the efficiency implications of such trade-off. We find that from the perspective of the whole group, intra-group capital flows are most efficient when the groups are least subject to conflicts of interest between controlling shareholders and minority shareholders and when they face strong external financing constraints. | ||
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