標題: Internal capital markets, ownership structure, and investment efficiency: Evidence from Taiwanese business groups
作者: Lin, James Juichia
Yeh, Yin-Hua
資訊管理與財務金融系 註:原資管所+財金所
Department of Information Management and Finance
關鍵字: Internal capital market;Business groups;Cross shareholding;Pyramidal shareholding
公開日期: 1-Apr-2020
摘要: This study uses a unique data set to thoroughly investigate how the financing provided by a business groups' internal capital markets and control-enhancing ownership structure relate to investment efficiency. We find that group-affiliated firms that make more intensive use of related-party transactions that facilitate an internal capital market exhibit a reduced probability of under-investment. We also find that pyramidal (cross) ownership improves (weakens) investment efficiency suggesting different types of control-enhancing structure have strongly contrasting effects on investment efficiency. These findings reveal both the financing advantages and disadvantages of business groups.
URI: http://dx.doi.org/10.1016/j.pacfin.2020.101284
http://hdl.handle.net/11536/154414
ISSN: 0927-538X
DOI: 10.1016/j.pacfin.2020.101284
期刊: PACIFIC-BASIN FINANCE JOURNAL
Volume: 60
起始頁: 0
結束頁: 0
Appears in Collections:Articles