کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
959868 929379 2009 23 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Synchronicity and firm interlocks in an emerging market
کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
پیش نمایش صفحه اول مقاله
Synchronicity and firm interlocks in an emerging market
چکیده انگلیسی

Stock price synchronicity has been attributed to poor corporate governance and a lack of firm-level transparency. This paper investigates the association between different kinds of firm interlocks, control groups, and synchronicity in Chile. A unique data set containing equity cross-holdings, common individual owners, and director interlocks is used to map out firm ties and control groups. While there is a correlation between synchronicity and share ownership and equity ties, synchronicity is more strongly correlated with interlocking directorates. The presence of share directors is associated with either reduced firm-level transparency or increased correlation in firm fundamentals—due, for example, to joint resource allocation across the firms.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 92, Issue 2, May 2009, Pages 182–204
نویسندگان
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