Using profits to re-estimate efficiency of internal capital markets

被引：0

作者：

Basu, Debarati ^{[1
]}

Adhikari, Arnab ^{[2
]}

机构：

[1] Shiv Nadar Univ, Sch Management & Entrepreneurship, Gautam Buddha Nagar, Uttar Pradesh, India

[2] Indian Inst Management Ranchi, Audrey House Campus, Ranchi, Jharkhand, India

来源：

IIMB MANAGEMENT REVIEW | 2023年 / 35卷 / 03期

关键词：

Intra-group financing; Business groups; Insider ownership; Monitoring; Emerging markets; DEA; DATA ENVELOPMENT ANALYSIS; BUSINESS GROUPS; CORPORATE-GOVERNANCE; OWNERSHIP STRUCTURE; GROUP AFFILIATION; NEGATIVE DATA; DEA; PERFORMANCE; INVESTMENT; FIRMS;

D O I：

10.1016/j.iimb.2023.07.003

中图分类号：

C93 [管理学];

学科分类号：

12 ; 1201 ; 1202 ; 120202 ;

摘要：

Internal capital markets (ICM) are fundamental to conglomerates and business groups across developed and developing economies. ICM can be opportunistic or benevolent, but its efficiency assessment remains a pressing question. We focus on measuring the profit efficiency of giver firms using a novel methodology based on data envelopment analysis (DEA). We also explore heterogeneity across group firms based on ownership and governance. Overall, ICM investments are efficiency-reducing, more so for firms with higher outsider ownership. Monitoring reduces inefficiency. These findings have strong methodological, policy, and financing implications and call for caution from lenders and investors of diversely held group firms. (c) 2023 Published by Elsevier Ltd on behalf of Indian Institute of Management Bangalore. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/ by-nc-nd/4.0/)

引用

页码：215 / 228

页数：14