Corporate Governance and Investment in East Asian Firms : Empirical Analysis of Family-Controlled Firms
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概要
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In this paper, we analyze in quantitative terms the influence of family control on the patternof corporate investment, using firm-level data from Indonesia, Korea, Malaysia, thePhilippines, and Thailand to regress the investment function and focusing on the familyownership structure that characterizes East Asian corporate governance. Our results presentevidence that family-controlled firms, the majority of the firms in our data set, face moresevere internal financing constraints than non-family-controlled firms. Our findings suggestthat the mechanism in East Asian countries, which is commonly assumed to permit smoothreallocation of money among investment projects through the internal capital markets offamily-controlled group firms, does not work well, and that, coupled with the difficulty ofobtaining financing from external capital markets, it may lead to strict internal financingconstraints on investment.
- Elsevier Science B.V.の論文
- 2007-02-00
Elsevier Science B.V. | 論文
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