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dc.contributor.authorYeh, Yin-Huaen_US
dc.contributor.authorLin, James Juichiaen_US
dc.date.accessioned2020-05-05T00:02:17Z-
dc.date.available2020-05-05T00:02:17Z-
dc.date.issued1970-01-01en_US
dc.identifier.issn1309-4297en_US
dc.identifier.urihttp://dx.doi.org/10.1007/s40821-020-00157-7en_US
dc.identifier.urihttp://hdl.handle.net/11536/154093-
dc.description.abstractThis study examines to what extent investment-cash flow sensitivity in business groups' is affected by internal capital markets (characterized by related-party transactions) and shareholding structure. We approach the subject by exploring potential financing advantages as contrasted with the agency problem. Using a hand-collected data set to quantify related-party transactions and classify control-enhancing structures, we find that group-affiliated firms with a higher scale of related-party transactions have lower levels of investment-cash flow sensitivity. Further, our results show that related-party transactions are both associated with investment opportunity and the type of shareholding structure, which support both financing advantage and agency hypotheses. The evidence shows that business groups transfer intra-group capital from low-growth to high-growth member firms, but it also demonstrates that the outcomes of these transfers are affected by the type of control-enhancing structure. Additional analysis shows that the agency problem tends to dominate the financing advantage effect in cross-shareholding structures, which leads to overinvestment.en_US
dc.language.isoen_USen_US
dc.subjectInvestment-cash flow sensitivityen_US
dc.subjectInternal capital marketen_US
dc.subjectRelated-party transactionsen_US
dc.subjectBusiness groupsen_US
dc.subjectShareholding structureen_US
dc.titleInvestment-cash flow sensitivity to internal capital markets and shareholding structure: evidence from Taiwanese business groupsen_US
dc.typeArticleen_US
dc.identifier.doi10.1007/s40821-020-00157-7en_US
dc.identifier.journalEURASIAN BUSINESS REVIEWen_US
dc.citation.spage0en_US
dc.citation.epage0en_US
dc.contributor.department資訊管理與財務金融系 註:原資管所+財金所zh_TW
dc.contributor.departmentDepartment of Information Management and Financeen_US
dc.identifier.wosnumberWOS:000524620500001en_US
dc.citation.woscount0en_US
Appears in Collections:Articles