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: | 1-四月-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 |
顯示於類別: | 期刊論文 |