Ownership structure, related-party transactions and firm valuation : evidence from Indian business groups
By: Khosa, Amrinder | Ahmed, Kamran | Henry, Darren.
Publisher: Cambridge Cambridge University Press 2019Description: vii, 183p.ISBN: 9781108492195.Subject(s): -- Minority stockholders -- Business enterprises -- Industrial management -- institutional investments -- Corporate governance -- Family-owned business -- IndiaDDC classification: 658.4 Summary: Concentrated ownership is considered to be the best protection for shareholders in economies where legal protection is relatively weak. This book investigates and concludes, for Indian business groups, that concentrated-inside ownership provides opportunities for the expropriation of minority shareholders. While more concentrated direct ownership of controlling families results in a higher market value of equity, indirect ownership obtained through cross-holding provides incentives to extract private benefits and results in value loss. This finding requires the prompt attention of regulatory bodies, outside investors and other interested parties. This book examines the effect of ownership structure and disclosure of related-party transactions on firm valuation of group-affiliated firms in India, by using a sample of 317 listed firms comprising 1350 firm-year observations from 2008 to 2017. Well-accepted value-relevance models are employed to examine the effect of ownership rights on the market value of equity and valuation effect of RP trading, asset transfer, investment and loan transactions| Item type | Current location | Call number | Status | Date due | Barcode |
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NASSDOC Library | 658.4 KHO-O (Browse shelf) | Available | 50501 |
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| 658.4 CON- Convergence and persistence in corporate governance | 658.4 COR- Corporate governance: millennium challenges | 658.4 GOV- Governance discourse: a reader | 658.4 KHO-O Ownership structure, related-party transactions and firm valuation | 658.4 LEA- Leaders talk leadership: top executives speak their minds | 658.4 MAL-; Dynamics of power in organizational effectiveness | 658.4 MIS-; Corporate governance: a global perspective |
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Concentrated ownership is considered to be the best protection for shareholders in economies where legal protection is relatively weak. This book investigates and concludes, for Indian business groups, that concentrated-inside ownership provides opportunities for the expropriation of minority shareholders. While more concentrated direct ownership of controlling families results in a higher market value of equity, indirect ownership obtained through cross-holding provides incentives to extract private benefits and results in value loss. This finding requires the prompt attention of regulatory bodies, outside investors and other interested parties. This book examines the effect of ownership structure and disclosure of related-party transactions on firm valuation of group-affiliated firms in India, by using a sample of 317 listed firms comprising 1350 firm-year observations from 2008 to 2017. Well-accepted value-relevance models are employed to examine the effect of ownership rights on the market value of equity and valuation effect of RP trading, asset transfer, investment and loan transactions
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