WEKO3
アイテム
Controlling Shareholders and Corporate Value: Evidence from Thailand
http://hdl.handle.net/10086/13945
http://hdl.handle.net/10086/1394519288a8d-a711-4612-9684-448d679c2036
| 名前 / ファイル | ライセンス | アクション |
|---|---|---|
wp2001-4a.pdf (342964 bytes)
|
|
| アイテムタイプ | デフォルトアイテムタイプ（フル）その２(1) | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 公開日 | 2017-05-20 | |||||||||
| タイトル | ||||||||||
| タイトル | Controlling Shareholders and Corporate Value: Evidence from Thailand | |||||||||
| 言語 | en | |||||||||
| 作成者 |
ウィワッタナカンタン, ユパナ
× ウィワッタナカンタン, ユパナ
|
|||||||||
| 寄与者 | ||||||||||
| 寄与者タイプ | Editor | |||||||||
| 姓名 | Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University | |||||||||
| 言語 | en | |||||||||
| アクセス権 | ||||||||||
| アクセス権 | open access | |||||||||
| アクセス権URI | http://purl.org/coar/access_right/c_abf2 | |||||||||
| 主題 | ||||||||||
| 主題Scheme | Other | |||||||||
| 主題 | Ownership structure | |||||||||
| 主題 | ||||||||||
| 主題Scheme | Other | |||||||||
| 主題 | Corporate Control | |||||||||
| 主題 | ||||||||||
| 主題Scheme | Other | |||||||||
| 主題 | Agency costs | |||||||||
| 主題 | ||||||||||
| 主題Scheme | Other | |||||||||
| 主題 | Corporate Value | |||||||||
| 主題 | ||||||||||
| 主題Scheme | Other | |||||||||
| 主題 | Thailand | |||||||||
| 内容記述 | ||||||||||
| 内容記述タイプ | Abstract | |||||||||
| 内容記述 | This study investigates the effects of controlling shareholders on corporate performance. The empirical results, based on a unique database of Thai firms, do not support the hypothesis that controlling shareholders expropriate corporate assets. In fact, the presence of controlling shareholders is associated with higher performance, when measured by accounting measures such as the ROA and the sales-asset ratio. Since most of the firms do not implement control mechanisms to separate voting and cash flow rights, the controlling shareholders might be self-constrained not to extract private benefits. Otherwise, they would internalize higher costs of expropriation from holding high stakes. The controlling shareholders' involvement in the management, however, has a negative effect on the performance. The negative effect is more pronounced when the controlling shareholder-and-manager's ownership is at the 25-50 percent. The evidence also reveals that family controlled firms display significantly higher performance. Foreign controlled firms as well as firms with more than one controlling shareholder also have higher ROA, relative to firms with no controlling shareholder. | |||||||||
| 言語 | en | |||||||||
| 出版者 | ||||||||||
| 出版者 | Institute of Economic Research, Hitotsubashi University | |||||||||
| 日付 | ||||||||||
| 日付 | 2001-03 | |||||||||
| 日付タイプ | Issued | |||||||||
| 言語 | ||||||||||
| 言語 | eng | |||||||||
| 資源タイプ | ||||||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_18gh | |||||||||
| 資源タイプ | technical report | |||||||||
| 出版タイプ | ||||||||||
| 出版タイプ | VoR | |||||||||
| 出版タイプResource | http://purl.org/coar/version/c_970fb48d4fbd8a85 | |||||||||
| 関連情報 | ||||||||||
| 関連タイプ | isPartOf | |||||||||
| 関連名称 | CEI Working Paper Series ; No. 2001-4 | |||||||||
| 関連情報 | ||||||||||
| 識別子タイプ | URI | |||||||||
| 関連識別子 | http://cei.ier.hit-u.ac.jp/index.html | |||||||||
| 収録物識別子 | ||||||||||
| 収録物識別子タイプ | NCID | |||||||||
| 収録物識別子 | AA11590659 | |||||||||
| ページ数 | ||||||||||
| ページ数 | 41 | |||||||||
| JEL | ||||||||||
| 値 | G30 | |||||||||
| JEL | ||||||||||
| 値 | G32 | |||||||||
