Arbeitspapier
The benefits and costs of group affiliation: Evidence from East Asia
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 1994-6. 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.
- Sprache
-
Englisch
- ISBN
-
9291902179
- Erschienen in
-
Series: WIDER Discussion Paper ; No. 2002/47
- Klassifikation
-
Wirtschaft
Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance
Firm Organization and Market Structure
- Thema
-
business group
group affiliation
East Asian corporations
Wertpapieremission
Eigentümerstruktur
Organschaft
Ostasien
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Claessens, Stijn
Fan, Joseph P.H.
Lang, Larry H. P.
- Ereignis
-
Veröffentlichung
- (wer)
-
The United Nations University World Institute for Development Economics Research (UNU-WIDER)
- (wo)
-
Helsinki
- (wann)
-
2002
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Claessens, Stijn
- Fan, Joseph P.H.
- Lang, Larry H. P.
- The United Nations University World Institute for Development Economics Research (UNU-WIDER)
Entstanden
- 2002
Ähnliche Objekte (12)
Determinants of in-group bias: group affiliation or guilt-aversion?
Affiliation.
Costs benefits of protection
Benefits & costs of Kyoto
Gender - from costs to benefits
Gender - from Costs to Benefits
Benefits and Costs of Transport
2. Affiliation.
Positioning by naming: Constructing group affiliation in a colonial setting
Positioning by naming: Constructing group affiliation in a colonial setting
Understanding inequality: social costs and benefits
Costs and benefits of EU enlargement
Determinants of in-group bias: group affiliation or guilt-aversion?
Affiliation.
Costs benefits of protection
Benefits & costs of Kyoto
Gender - from costs to benefits
Gender - from Costs to Benefits
Benefits and Costs of Transport
2. Affiliation.
Positioning by naming: Constructing group affiliation in a colonial setting
Positioning by naming: Constructing group affiliation in a colonial setting
Understanding inequality: social costs and benefits
Costs and benefits of EU enlargement
Determinants of in-group bias: group affiliation or guilt-aversion?
Affiliation.
Costs benefits of protection
Benefits & costs of Kyoto
Gender - from costs to benefits
Gender - from Costs to Benefits
Benefits and Costs of Transport
2. Affiliation.
Positioning by naming: Constructing group affiliation in a colonial setting
Positioning by naming: Constructing group affiliation in a colonial setting
Understanding inequality: social costs and benefits