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Revisiting the Bright and Dark Sides of Capital Flows in Business Groups

Fan, Joseph; Jin, Li; Zheng, G.


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]

CollectionsANU Research Publications
Date published: 2014
Type: Journal article
Source: Journal of Business Ethics
DOI: 10.1007/s10551-014-2382-6


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