完整後設資料紀錄
DC 欄位 | 值 | 語言 |
---|---|---|
dc.contributor.author | Lin, James Juichia | en_US |
dc.contributor.author | Yeh, Yin-Hua | en_US |
dc.date.accessioned | 2020-07-01T05:21:20Z | - |
dc.date.available | 2020-07-01T05:21:20Z | - |
dc.date.issued | 2020-04-01 | en_US |
dc.identifier.issn | 0927-538X | en_US |
dc.identifier.uri | http://dx.doi.org/10.1016/j.pacfin.2020.101284 | en_US |
dc.identifier.uri | http://hdl.handle.net/11536/154414 | - |
dc.description.abstract | 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. | en_US |
dc.language.iso | en_US | en_US |
dc.subject | Internal capital market | en_US |
dc.subject | Business groups | en_US |
dc.subject | Cross shareholding | en_US |
dc.subject | Pyramidal shareholding | en_US |
dc.title | Internal capital markets, ownership structure, and investment efficiency: Evidence from Taiwanese business groups | en_US |
dc.type | Article | en_US |
dc.identifier.doi | 10.1016/j.pacfin.2020.101284 | en_US |
dc.identifier.journal | PACIFIC-BASIN FINANCE JOURNAL | en_US |
dc.citation.volume | 60 | en_US |
dc.citation.spage | 0 | en_US |
dc.citation.epage | 0 | en_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.department | Department of Information Management and Finance | en_US |
dc.identifier.wosnumber | WOS:000527938000012 | en_US |
dc.citation.woscount | 0 | en_US |
顯示於類別: | 期刊論文 |