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Books > Business & Economics > Business & management > Ownership & organization of enterprises
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Ownership Structure, Related Party Transactions, and Firm Valuation - Evidence from Indian Business Groups (Hardcover)
Loot Price: R2,552
Discovery Miles 25 520
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Ownership Structure, Related Party Transactions, and Firm Valuation - Evidence from Indian Business Groups (Hardcover)
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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 market value of equity and valuation
effect of RP trading, asset transfer, investment and loan
transactions.
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