Related-Party-Transactions in the spanish stock market

被引：3

作者：

Elistratova, Marina ^{[1
]}

Bona Sanchez, Carolina ^{[1
]}

Perez Aleman, Jeronimo ^{[1
]}

机构：

[1] Univ Las Palmas Gran Canaria, Las Palmas Gran Canaria, Spain

来源：

UNIVERSIA BUSINESS REVIEW | 2016年 / 52期

关键词：

D O I：

10.3232/UBR.2016.V13.N4.02

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Despite the relevance of related-party transactions (RPTs) in the Spanish capital market, empirical evidence on RPTs is anecdotal. Thus, in the current work we provide evidence on the configuration of RPTs for Spanish listed firms along the period 2004-2014. Our results show a significant presence of RPTs, with more than half of listed Spanish firms committing to RPTs. Moreover, our results show that RPTs are greater in large-cap companies, in companies with higher ownership concentration, in family firms and in those companies where controlling owners' voting-cash flow wedge is higher.

引用

页码：76 / 93

页数：18

共 26 条

[1] Founding-family ownership and firm performance: Evidence from the S&P 500 [J].

Anderson, RC ;

Reeb, DM .

JOURNAL OF FINANCE, 2003, 58 (03) :1301-1328

[2]

Bebchuk L. A., 1999, 7023 WP NAT BUR EC R

[3]

Berle A.A., 1932, MODERN CORPORATION P, V21

[4]

Sanchez CB, 2013, REV ESP FINANC CONTA, V42, P371

[5] Politically Connected Firms and Earnings Informativeness in the Controlling versus Minority Shareholders Context: European Evidence [J].

Bona-Sanchez, Carolina ;

Perez-Aleman, Jeronimo ;

Javier Santana-Martin, Domingo .

CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW, 2014, 22 (04) :330-346

[6] Family firms [J].

Burkart, M ;

Panunzi, F ;

Shleifer, A .

JOURNAL OF FINANCE, 2003, 58 (05) :2167-2201

[7]

Chang SJ, 2000, ACAD MANAGE J, V43, P429, DOI 10.2307/1556403

[8] Tunneling, propping, and expropriation: evidence from connected party transactions in Hong Kong [J].

Cheung, Yan-Leung ;

Rau, P. Raghavendra ;

Stouraitis, Aris .

JOURNAL OF FINANCIAL ECONOMICS, 2006, 82 (02) :343-386

[9]

Coase R. H., 1937, NATURE FIRM

[10] How do entrenchment and expropriation phenomena affect control mechanisms? [J].

de Miguel, A ;

Pindado, J ;

de la Torre, C .

CORPORATE GOVERNANCE-AN INTERNATIONAL REVIEW, 2005, 13 (04) :505-516

← 1 2 3 →