دانلود مقاله ISI انگلیسی شماره 80247
ترجمه فارسی عنوان مقاله

ساختار مالکیت و واگذاری تصمیم گیری: شواهدی از شرکت های استرالیا

عنوان انگلیسی
Ownership structure and divestiture decisions: Evidence from Australian firms
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
80247 2013 12 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : International Review of Financial Analysis, Volume 30, December 2013, Pages 170–181

ترجمه کلمات کلیدی
تحریم ها؛ تجدید ساختار؛ مالکیت؛ منافع شخصی
کلمات کلیدی انگلیسی
Divestitures; Restructuring; Propensity score matching; Ownership; Private benefitsG31; G32; G34
پیش نمایش مقاله
پیش نمایش مقاله  ساختار مالکیت و واگذاری تصمیم گیری: شواهدی از شرکت های استرالیا

چکیده انگلیسی

Divestitures create shareholder value by helping firms to optimize their portfolio of assets. However, firms may forego value enhancing divestitures because of agency problems. More specifically, large controlling shareholders may prefer to retain the assets in order to extract private benefits of control at the expense of minority shareholders. In this paper, we explore the role that other blockholders play in constraining the largest shareholder's influence. The results indicate that divestiture activity decreases with the ownership of the largest shareholder. The presence of another significant blockholder appears to curb this negative bias towards divestitures. Our findings provide an economic rationale for the higher performance of firms characterized by more balanced ownership structures. Involvement of family owners also appears to provide similar benefits.