کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
10480649 | 932907 | 2005 | 28 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Determinants of ownership structure: An empirical study of the Korean conglomerates
دانلود مقاله + سفارش ترجمه
دانلود مقاله ISI انگلیسی
رایگان برای ایرانیان
کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
چکیده انگلیسی
This study characterizes the ownership structure of multifirm conglomerates in terms of two dimensions; the degree of direct ownership and the amount of family stake. The determinants of the two dimensions are investigated simultaneously using the seemingly unrelated regression model. The results show that the conglomerates with a higher leverage and the bigger proportion of nonmanufacturing businesses tend to have a direct ownership. On the other hand, the conglomerates with a bigger size and a larger proportion of nonvoting shares tend to have a pyramidal ownership. As for the family stake, conglomerates with focused business lines tend to have a larger family stake. However, conglomerates that use more nonvoting shares and have more listed firms tend to have a lower family stake. The empirical results can be interpreted as a rational response of the market participants to the business environment that looks like 'financing without governance.'
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Pacific-Basin Finance Journal - Volume 13, Issue 1, January 2005, Pages 1-28
Journal: Pacific-Basin Finance Journal - Volume 13, Issue 1, January 2005, Pages 1-28
نویسندگان
Ungki Lim, Chang-Soo Kim,