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Author: Saibal Ghosh
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Using data on a sample of Indian firms from 1996 to 2006, we examine the effect of group affiliation on firm performance. After controlling for the differences in firm size, growth opportunities and leverage, the findings indicate that group affiliation exerts a salutary impact on firm performance, measured in terms of adjusted Q or return on assets. Moreover, the evidence indicates that tunnelling is not an important factor driving the valuation and profitability effect of group affiliation.
Author: Saibal Ghosh
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Using data on a sample of Indian firms from 1996 to 2006, we examine the effect of group affiliation on firm performance. After controlling for the differences in firm size, growth opportunities and leverage, the findings indicate that group affiliation exerts a salutary impact on firm performance, measured in terms of adjusted Q or return on assets. Moreover, the evidence indicates that tunnelling is not an important factor driving the valuation and profitability effect of group affiliation.
Author: Raj Aggarwal
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
There is little consensus globally on the relationship between board diversity and firm performance. Using the resource dependence and agency views, this paper examines how business group affiliation influences the relationship between board diversity and firm performance as a contextual/confounding factor. Based on data for listed firms in India, we find that board demographic diversity is positively associated with the firm performance (Tobin's Q) of standalone firms, but this association is negative for group-affiliated firms. This negative effect of group affiliation is confirmed in a test based on a novel measure of firm performance using the stock market reaction to the announcement of mergers and acquisitions. For both measures of performance, we show that business group affiliation impairs the positive firm value effects of board demographic diversity. These findings imply that the relationship between board diversity and firm performance requires re-examination in the many countries where group affiliation is common. Our results also provide evidence of a new cost of group affiliation and show in a fresh context that cross-country studies should account for international variations in ownership and institutional structures.
Author: Rajagopal,
Publisher: IGI Global
ISBN: 1522548327
Category : Business & Economics
Languages : en
Pages : 341
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Book Description
In an ever-expanding economic world, the need for new businesses with the ability to create and evolve simultaneously is paramount to ensure success. Hybrid business models are essential to foster growth and promote prosperity. Start-Up Enterprises and Contemporary Innovation Strategies in the Global Marketplace is a critical scholarly resource that examines the relationship between worldwide industry and the need for up-to-date technologies and methods to support such an inclusive market. Featuring coverage on a diverse range of topics such as corporate social responsibility, collaborator empowerment, and start-up enterprise ecosystems, this book is geared toward managers, researchers, and students seeking current research on the interaction between modernization and the expansion of markets to accommodate worldwide industry.
Author: Huanjun Yu
Publisher:
ISBN:
Category :
Languages : en
Pages : 36
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Book Description
This paper examines, for a sample of 657 state-owned Chinese firms in 2005, whether group affiliation improves performance. By using a simple OLS regression, as well as propensity score matching, treatment effects and two-step instrumental variable methods, we find a robust positive effect of group affiliation, which suggests that state-owned firms in China may benefit from joining a business group.
Author: Anna Lamin
Publisher:
ISBN:
Category :
Languages : en
Pages : 400
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Author: Deeksha A. Singh
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Using an integration of agency theory with an institutional perspective, we investigate how business group affiliation, with-in firm governance and external governance environment affect firm performance in emerging economies. Using archival data on top 500 Indian and Chinese firms from multiple data sources for 2007, we found that group affiliated firms performed worse than unaffiliated firms, and the negative relationship was stronger in the case of Indian firms than Chinese firms. We also found that ownership concentration had a positive effect on firm performance, while board independence had a negative effect on firm performance. Further, we found that group affiliation - firm performance relationship in a given country context was moderated by ownership concentration.
Author: Sin Huei Ng
Publisher:
ISBN:
Category :
Languages : en
Pages : 1
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Book Description
This study attempts to show that firms affiliated to family-controlled business groups are associated with poorer performance compared to firms without such affiliation (independent firms) based on the ROA performance measure. Moreover, the empirical evidence suggests that heterogeneity in these business groups, namely group size and group structure, is important in explaining firm performance. Specifically, firms affiliated to large business groups or business groups with complicated ownership structures perform worse than their counterparts. Allocation of resources as measured by the scaled capital expenditure is also found to be inefficient in firms affiliated to business groups, whereas such inefficiency is not found among the independent firms. The inefficient allocation of resources may offer an explanation for the overall underperformance of the group-affiliated firms compared to the independent firms. The overall findings thus imply that the expanded control over a number of listed member firms made possible by business groups increases the chances of expropriation of firm's resources which may well explain the observed inefficient allocation of resources and reduced firm performance. This observation is more prevalent in large and complicated business groups.
Author: Linda Yueh
Publisher: Oxford University Press, USA
ISBN: 0199205833
Category : Business & Economics
Languages : en
Pages : 381
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Book Description
This book analyzes the transformation of business development and the 'marketization' of industry in China over the past thirty years within a complex framework of legal, political, and economic reform aims.
Author: Ajai Gaur
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
We investigate the impact of business group affiliation on the relationship between international diversification and firm performance for emerging economy firms. We develop the theoretical arguments based on an integration of the literature on international diversification with the institutional theory perspective. We argue for a U shaped relationship between international diversification and firm performance, and suggest that a firm's affiliation to a business group moderates the relationship between international diversification and firm performance. Based on a sample of Indian firms, we find that firm performance is positively related to the degree of internationalization, while business group affiliation reduces the positive effect of internationalization on firm performance.
Author: Romain Ducret
Publisher:
ISBN:
Category :
Languages : en
Pages : 146
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Book Description
