Does Concentrated Founder Ownership Affect Related Party Transactions? Evidence from an Emerging Economy

被引：12

作者：

Bansal, Shashank ^{[1
]}

Thenmozhi, M. ^{[1
]}

机构：

[1] Indian Inst Technol Madras, Dept Management Studies, Chennai 600036, Tamil Nadu, India

来源：

RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE | 2020年 / 53卷

关键词：

Related party transactions; Founder ownership; Corporate governance; Firm value; Emerging economy; CORPORATE GOVERNANCE; LARGE SHAREHOLDERS; AGENCY COSTS; FIRM VALUE; PERFORMANCE; EXPROPRIATION; MARKETS; DEBT;

D O I：

10.1016/j.ribaf.2020.101206

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study examines the impact of concentrated founder ownership on related party transactions (RPTs) for Indian firms. We find that concentrated founder ownership is positively related to RPTs and is more likely to encourage RPTs that are beneficial for the minority shareholders. We also observe that RPTs are associated with higher firm value. This relationship is more pronounced for business group firms and firms with more highly concentrated founder ownership. We show that the reputation incentive plays a very important role in founders' decisions, and they use RPTs as an efficient transaction mechanism.

引用

页数：15

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