Ownership Structure Related Party Transactions And Firm Valuation

Author : Amrinder Khosa
Publisher : Cambridge University Press
ISBN 13 : 1108492193
Total Pages : 193 pages
Book Rating : 4.95/5 ( download)

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Download or read book Ownership Structure, Related Party Transactions, and Firm Valuation written by Amrinder Khosa and published by Cambridge University Press. This book was released on 2019-03-21 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the effect of ownership structure and the disclosure of related party transactions on the firm valuation of group-affiliated firms in India.

Author : Raymond M. K. Wong
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.18/5 ( download)

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Download or read book Are Related-Party Sales Value-Adding Or Value-Destroying? Evidence from China written by Raymond M. K. Wong and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior literature provides mixed and relatively little evidence on the economic consequences of related-party transactions. We examine a hitherto underexplored issue of whether transactions among firms within the same business group increase or reduce firm value. Using a large sample of Chinese listed firms, we find that related-party sales increase firm value. However, this value enhancement disappears for firms with (i) large percentage of parent directors, (ii) high government ownership, or (iii) tax avoidance incentives that often couple with management's rent extraction activities. Although we find that intragroup sales improve firm value in general, we also find that corporate insiders use intragroup sales to deprive value from minority shareholders. Overall, our findings highlight the interplay between ownership structure and tax avoidance incentives in determining the economic consequences of related-party transactions.

Author : Kose John
Publisher : Emerald Group Publishing
ISBN 13 : 1783501219
Total Pages : 250 pages
Book Rating : 4.12/5 ( download)

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Download or read book Advances in Financial Economics written by Kose John and published by Emerald Group Publishing. This book was released on 2013-12-18 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: Advances in Financial Economics Vol. 16 contains a set of empirical papers by a set of global scholars who examine corporate governance and market regulation from a variety of perspectives.

Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264168001
Total Pages : 122 pages
Book Rating : 4.08/5 ( download)

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Download or read book Related Party Transactions and Minority Shareholder Rights written by OECD and published by OECD Publishing. This book was released on 2012-03-29 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: The publication reviews provisions covering related party transactions and the protection of minority shareholder rights in 31 jurisdictions, both OECD and non-OECD. In addition, the regulatory and legal systems that have beeen developed in five jurisdictions are reviewed in detail.

Author : Luca Enriques
Publisher : Cambridge University Press
ISBN 13 : 9781108453738
Total Pages : 538 pages
Book Rating : 4.32/5 ( download)

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Download or read book The Law and Finance of Related Party Transactions written by Luca Enriques and published by Cambridge University Press. This book was released on 2022-06-09 with total page 538 pages. Available in PDF, EPUB and Kindle. Book excerpt: A globe-spanning group of leading law and finance scholars bring together cutting-edge research to comprehensively examine the challenges legislators face in regulating related party transactions in a socially beneficial way. Combining theoretical analysis of the foundations of efficient regulation with empirical and comparative studies, readers are invited to draw their own conclusions on which regulatory responses work best under differing circumstances. The careful selection of surveyed jurisdictions offers in-depth insight into a broad variety of regulatory strategies and their interdependence with socioeconomic and political conditions. This work should be read by scholars, policymakers, and graduate students interested in a critical, much-debated area of corporate governance.

Author : Kose John
Publisher : Emerald Group Publishing
ISBN 13 : 0857249169
Total Pages : 202 pages
Book Rating : 4.66/5 ( download)

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Download or read book International Corporate Governance written by Kose John and published by Emerald Group Publishing. This book was released on 2011-03-31 with total page 202 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents research on corporate governance from a number of countries across the world, including the United States, Spain, Malaysia, Israel and others. This title examines many important corporate governance mechanisms, such as board characteristics, ownership structure, legal protection of shareholders, and annual general meetings.

Author : Stijn Claessens
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.18/5 ( download)

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Download or read book The Benefits and Costs of Group Affiliation written by Stijn Claessens and published by . This book was released on 2002 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the benefits and associated agency costs of using internal capital markets through affiliating with groups using data of two thousand firms from nine East Asian economies between 1994-96. 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 more likely lose. Agency problems are important explanatory factors of firm value 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.

Author : Jerry Cao
Publisher :
ISBN 13 :
Total Pages : 47 pages
Book Rating : 4.17/5 ( download)

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Download or read book Disproportional Ownership Structure and IPO Long-Run Performance of Entrepreneurial Firm in China written by Jerry Cao and published by . This book was released on 2013 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the relationship between ownership structures and IPO long-run performance in China. Although entrepreneurial firms underperform the market in general after IPO but the poor performance is mainly caused by the IPOs with ownership control wedge. Entrepreneurial firms with one share one vote structure outperform those with ownership control wedge by 30% for 3 years post-IPO in either buy-and-hold or cumulative monthly returns. Entrepreneurial firms with excess ownership control wedge have higher frequency of undertaking value-destroying related party transactions. These findings suggest that entrepreneurial firms need to improve corporate governance such as disproportional ownership structure to better safeguard the interest of long-run shareholders.

Author : Daisuke Asaoka
Publisher : World Scientific
ISBN 13 : 9811254214
Total Pages : 224 pages
Book Rating : 4.15/5 ( download)

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Download or read book Financial Management And Corporate Governance written by Daisuke Asaoka and published by World Scientific. This book was released on 2022-06-16 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an integrative perspective on financial management and corporate governance deployed in management decisions. It analyzes wide-ranging issues such as valuation, capital investment, capital structure, mergers and acquisitions, shareholder and stakeholder value management, and corporate governance structure. Throughout the analyses, the book provides a coherent view of firms, laws and markets, and offers practical financial modeling techniques to assist in financial decisions.This book also incorporates the latest developments in practice, such as direct listings and SPACs in capital markets, contractual arrangements in mergers and acquisitions, setting of corporate purpose, protection of minority investors in related party transactions, balancing of shareholder and stakeholder value from an ESG perspective, and the growing influence of activist funds, index investors and proxy advisors. It looks at these complex issues in firm management through the dual lens of asymmetric information and conflicts of interest that managers deal with, and gives coherency and clarity to the understanding of these key issues in management.

Author : OECD
Publisher : OECD Publishing
ISBN 13 : 9264220658
Total Pages : 66 pages
Book Rating : 4.52/5 ( download)

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Download or read book Corporate Governance Improving Corporate Governance in India Related Party Transactions and Minority Shareholder Protection written by OECD and published by OECD Publishing. This book was released on 2014-08-11 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents the findings of an OECD policy dialogue with Indian stakeholders on policies to improve the monitoring and prevension of abusive related pParty transactions (RPTs) in India.