کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5093082 1478433 2017 14 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Controlling shareholders' value, long-run firm value and short-term performance
ترجمه فارسی عنوان
کنترل ارزش سهامداران، ارزش شرکت بلند مدت و عملکرد کوتاه مدت
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری کسب و کار و مدیریت بین المللی
چکیده انگلیسی
We propose a new determinant of firm value within a business group: controlling shareholders' value (CSV), the value of controlling shareholders' stake in an affiliate divided by their stake in all affiliates. We posit that controlling shareholders focus attention on the high-CSV affiliates. Using data on Korean family-controlled business groups, we find that CSV has greater explanatory power for firm performance than traditional cash flow rights (CFR). We also find that, among affiliates with non-family CEOs, higher CSV is associated with higher Tobin's Q and lower EBITDA, indicating that controlling shareholders and non-family CEO have successfully addressed their principal-agent problem.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Corporate Finance - Volume 43, April 2017, Pages 340-353
نویسندگان
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