دانلود مقاله ISI انگلیسی شماره 80269
ترجمه فارسی عنوان مقاله

انگیزه کنترل گروه به عنوان تعیین کننده ساختار مالکیت در شرکت های کسب و کار: شواهدی از چائبول کره

عنوان انگلیسی
Group control motive as a determinant of ownership structure in business conglomerates ☆: Evidence from Korea’s chaebols
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
80269 2007 40 صفحه PDF
منبع

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

Journal : Pacific-Basin Finance Journal, Volume 15, Issue 3, June 2007, Pages 213–252

ترجمه کلمات کلیدی
ساختار مالکیت؛ کنگلومرا کسب و کار؛ چائبول؛ گروه شاهد انگیزه
کلمات کلیدی انگلیسی
G32; G34Ownership structure; Business conglomerate; Chaebol; Group control motive
پیش نمایش مقاله
پیش نمایش مقاله  انگیزه کنترل گروه به عنوان تعیین کننده ساختار مالکیت در شرکت های کسب و کار: شواهدی از چائبول کره

چکیده انگلیسی

In this paper, we attempt to make two major contributions to the literature that studies the ownership structure of business conglomerates. First, we introduce the concept of group control motive and empirically show that this motive greatly shapes the controlling-minority ownership structure. Using a two stage least squares (2SLS) framework, we show that controlling families hold greater direct shareholdings in firms that have greater contribution to group control, and alternatively show that firms in which the controlling families hold greater direct shareholdings are made to have greater contribution to group control. Second, we find that the level of disparity between voting and cash flow rights is significantly higher than the levels previously reported in the literature on Korean firms when we include non-public firms and adopt a control concept that is more flexible and closer to reality.