Revisiting the Bright and Dark Sides of Capital Flows in Business Groups
Prior studies report that the business group structure and the associated intra-group capital flows are prone to conflicts of interest between controlling shareholders and minority investors. Yet business group is a prevalent and stable structure around the globe, particularly where capital markets are underdeveloped. Using data from China, this paper empirically studies the trade-off between the negative and positive roles played by intra-group capital flows and tests the efficiency...[Show more]
|Collections||ANU Research Publications|
|Source:||Journal of Business Ethics|
|01_Fan_Revisiting_the_Bright_and_Dark_2014.pdf||279.54 kB||Adobe PDF||Request a copy|
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