کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
960507 | 929481 | 2007 | 37 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Affiliated firms and financial support: Evidence from Indian business groups
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موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
حسابداری
پیش نمایش صفحه اول مقاله
چکیده انگلیسی
We investigate the functioning of internal capital markets in Indian Business Groups. We document that intragroup loans are an important means of transferring cash across group firms and are typically used to support financially weaker firms. Evidence suggests that an important reason for providing support may be to avoid default by a group firm and consequent negative spillovers to the rest of the group. Consistent with such spillovers, the first bankruptcy in a group is followed by significant drops in external financing, investments and profits of other firms in the group and an increase in their bankruptcy probability.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 86, Issue 3, December 2007, Pages 759–795
Journal: Journal of Financial Economics - Volume 86, Issue 3, December 2007, Pages 759–795
نویسندگان
Radhakrishnan Gopalan, Vikram Nanda, Amit Seru,