DC Field | Value | Language |
---|---|---|
dc.contributor.author | Park, Jin Ho | ko |
dc.contributor.author | Park, Kwangwoo | ko |
dc.contributor.author | Ratti, Ronald Andrew | ko |
dc.date.accessioned | 2018-01-30T04:15:03Z | - |
dc.date.available | 2018-01-30T04:15:03Z | - |
dc.date.created | 2018-01-08 | - |
dc.date.created | 2018-01-08 | - |
dc.date.created | 2018-01-08 | - |
dc.date.issued | 2018-01 | - |
dc.identifier.citation | MANAGERIAL FINANCE, v.44, no.1, pp.92 - 108 | - |
dc.identifier.issn | 0307-4358 | - |
dc.identifier.uri | http://hdl.handle.net/10203/238746 | - |
dc.description.abstract | Purpose - The purpose of this paper is to examine the effect of controlling shareholders' ownership of firms on the firms' financial constraints in 22 economies for the 1982-2009 period. Design/methodology/approach - The authors employ a generalized method of moments-based instrumental variables estimator to estimate empirical models. Findings - It found that the overinvestment propensity of controlling shareholders becomes less severe with an increase in cash-flow rights. It further indicates that a higher deviation between the control rights and cash-flow rights of controlling shareholders lower their overinvestment propensity, thereby lowering the firm's financial constraints. Originality/value - The results suggest that a higher protective legal environment for minority shareholders blocks the entrenchment of controlling shareholders and thus benefitting the firm with slackened financing constraints in the given legal origin. | - |
dc.language | English | - |
dc.publisher | EMERALD GROUP PUBLISHING LTD | - |
dc.title | Controlling shareholders and financial constraints around the world | - |
dc.type | Article | - |
dc.identifier.scopusid | 2-s2.0-85038835201 | - |
dc.type.rims | ART | - |
dc.citation.volume | 44 | - |
dc.citation.issue | 1 | - |
dc.citation.beginningpage | 92 | - |
dc.citation.endingpage | 108 | - |
dc.citation.publicationname | MANAGERIAL FINANCE | - |
dc.identifier.doi | 10.1108/MF-08-2016-0228 | - |
dc.contributor.localauthor | Park, Kwangwoo | - |
dc.contributor.nonIdAuthor | Park, Jin Ho | - |
dc.contributor.nonIdAuthor | Ratti, Ronald Andrew | - |
dc.description.isOpenAccess | N | - |
dc.type.journalArticle | Article | - |
dc.subject.keywordAuthor | Investment | - |
dc.subject.keywordAuthor | Financial constraints | - |
dc.subject.keywordAuthor | Ownership structure | - |
dc.subject.keywordAuthor | Agency problem | - |
dc.subject.keywordAuthor | Legal origin | - |
dc.subject.keywordPlus | CORPORATE GOVERNANCE | - |
dc.subject.keywordPlus | INVESTOR PROTECTION | - |
dc.subject.keywordPlus | OWNERSHIP STRUCTURE | - |
dc.subject.keywordPlus | CAPITAL-MARKET | - |
dc.subject.keywordPlus | AGENCY COSTS | - |
dc.subject.keywordPlus | CASH FLOW | - |
dc.subject.keywordPlus | FIRM | - |
dc.subject.keywordPlus | LIBERALIZATION | - |
dc.subject.keywordPlus | GROWTH | - |
dc.subject.keywordPlus | LAW | - |
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