Publication in refereed journal
香港中文大学研究人员 ( 现职)
| 郎咸平教授 (金融学系) |
| 范博宏教授 (会计学院) |
全文
| 数位物件识别号 (DOI) http://dx.doi.org/10.1016/j.ememar.2005.08.001 |
引用次数
Scopushttp://aims.cuhk.edu.hk/converis/portal/Publication/73Scopus source URL
其它资讯
摘要This paper investigates the benefits and associated agency costs of using internal capital markets through affiliating with groups using data of 2000 firms from 9 East Asian economies. We find that mature and slow-growing firms with ownership structures more likely to create agency problems gain more from group affiliation, while young and high-growth firms lose more. Agency problems are important determinants of the distribution of internal markets value gains in economies outside Japan, but less so in Japan. Consistent with the literature, financially constrained firms benefit from group affiliation. Our results are robust to different time periods and estimation techniques. ? 2005 Elsevier B.V. All rights reserved.
着者Claessens S., Fan J.P.H., Lang L.H.P.
期刊名称EMERGING MARKETS REVIEW
出版年份2006
月份3
日期1
卷号7
期次1
出版社Elsevier BV
出版地Netherlands
页次1 - 26
国际标準期刊号1566-0141
语言英式英语
关键词Agency costs, Business groups, Emerging markets
