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Financial Constraints and Continental Business Groups: Evidence from German Konzerns
Schäfer, Dorothea; Gorodnichenko, Yuriy; Talavera, … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2006
sensitivity of investment to cash flow. The main finding is that the reduction in the sensitivity is small for small firms and …
Persistent link: https://www.econbiz.de/10005069012
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Do Internal Capital Markets in Business Groups Reduce Financial Constraints?
Kirch, Guilherme - 2016
We develop a simple model of investment in business groups subject to moral hazard. Our model suggests that …
Persistent link: https://www.econbiz.de/10012998381
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Business groups in emerging markets : financial control and sequential investment
Hainz, Christa - 2006
Business groups in emerging markets perform better than unaffiliated firms. One explanation is that business groups substitute some functions of missing institutions, for example, enforcing contracts. We investigate this by setting up a model where firms within the business group are connected...
Persistent link: https://www.econbiz.de/10010365879
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Internal Capital Markets in Business Groups : Evidence from the Asian Financial Crisis
Almeida, Heitor - 2015
Asian financial crisis, and the consequences of this capital reallocation for investment and performance of chaebol firms …-firm equity investments. This capital reallocation allowed chaebol firms with greater investment opportunities to invest … significantly more than control firms in the aftermath of the crisis. Chaebol firms with greater investment opportunities also …
Persistent link: https://www.econbiz.de/10013037648
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Misvaluation and financial constraints : method of payment and buyer identity in mergers & acquisitions
Berg, Aron - 2017
The paper studies how stock price misvaluation and financial frictions affect whether an acquisition occurs between or within industries and whether the acquirer pays in cash or stocks. I set up a model where stock market misvaluation correlates within industries and across industries and assume...
Persistent link: https://www.econbiz.de/10011621231
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The institutional determinants of private equity involvement in business groups : the case of Africa
Hearn, Bruce; Oxelheim, Lars; Randøy, Trond - 2015
This study examines the governance attributes of post-IPO (initial public offering) retained ownership of private equity in business group constituent firms in contrast to their unaffiliated counterparts, in 202 newly listed firms in 22 emerging African economies. We adopt an actor centred...
Persistent link: https://www.econbiz.de/10011343015
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Executive compensation in business groups: Evidence from China
Cai, Guilong; Zheng, Guojian - In: China Journal of Accounting Research 9 (2016) 1, pp. 25-39
This paper examines executive compensation in the subsidiaries of business groups in China. Analyzing a sample of China business groups (the so-called 'XiZu JiTuan' in Chinese) from 2003 to 2012, we find convincing evidence of the use of Relative Performance Evaluation (RPE) in the executive...
Persistent link: https://www.econbiz.de/10011937011
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The benefits and costs of group affiliation: Evidence from East Asia
Claessens, Stijn; Fan, Joseph P.H.; Lang, Larry H. P. - 2002
This paper investigates the benefits and associated agency costs of using internal capital markets through affiliating with groups using data of two thousand firms from nine East Asian economies between 1994-6. We find that mature and slow-growing firms with ownership structures more likely to...
Persistent link: https://www.econbiz.de/10010279193
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The institutional determinants of private equity involvement in business groups: The case of Africa
Hearn, Bruce; Oxelheim, Lars; Randøy, Trond - 2015
This study examines the governance attributes of post-IPO (initial public offering) retained ownership of private equity in business group constituent firms in contrast to their unaffiliated counterparts, in 202 newly listed firms in 22 emerging African economies. We adopt an actor centred...
Persistent link: https://www.econbiz.de/10011442471
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Coinsurance within Business Groups : Evidence from Related Party Transactions in an Emerging Market
Jia, Nan - 2013
Using novel transaction-level data on Chinese business groups, this study provides the first direct evidence of the coinsurance theory of business groups, by investigating when different types of internal resources are transferred within a business group. We find that in Chinese business groups,...
Persistent link: https://www.econbiz.de/10013091807