Controlling shareholders' value, long-run firm value and short-term performance
We propose a new determinant of firm value within a business group: controlling shareholders' value (CSV), the value of controlling shareholders' stake in an affiliate divided by their stake in all affiliates. We posit that controlling shareholders focus attention on the high-CSV affiliate...
Ausführliche Beschreibung
Gespeichert in:
| Autor*in: |
Kang, Hyung Cheol [verfasserIn] |
|---|
| Format: |
E-Artikel |
|---|---|
| Sprache: |
Englisch |
| Erschienen: |
2017transfer abstract |
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| Umfang: |
14 |
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| Übergeordnetes Werk: |
Enthalten in: Cardiac Troponin by Point-of-Care Testing - Collinson, Paul ELSEVIER, 2020, [Amsterdam] |
|---|---|
| Übergeordnetes Werk: |
volume:43 ; year:2017 ; pages:340-353 ; extent:14 |
| Links: |
|---|
| DOI / URN: |
10.1016/j.jcorpfin.2017.01.013 |
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| 520 | |a We propose a new determinant of firm value within a business group: controlling shareholders' value (CSV), the value of controlling shareholders' stake in an affiliate divided by their stake in all affiliates. We posit that controlling shareholders focus attention on the high-CSV affiliates. Using data on Korean family-controlled business groups, we find that CSV has greater explanatory power for firm performance than traditional cash flow rights (CFR). We also find that, among affiliates with non-family CEOs, higher CSV is associated with higher Tobin's Q and lower EBITDA, indicating that controlling shareholders and non-family CEO have successfully addressed their principal-agent problem. | ||
| 520 | |a We propose a new determinant of firm value within a business group: controlling shareholders' value (CSV), the value of controlling shareholders' stake in an affiliate divided by their stake in all affiliates. We posit that controlling shareholders focus attention on the high-CSV affiliates. Using data on Korean family-controlled business groups, we find that CSV has greater explanatory power for firm performance than traditional cash flow rights (CFR). We also find that, among affiliates with non-family CEOs, higher CSV is associated with higher Tobin's Q and lower EBITDA, indicating that controlling shareholders and non-family CEO have successfully addressed their principal-agent problem. | ||
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| 700 | 1 | |a Eom, Kyong Shik |4 oth | |
| 700 | 1 | |a Kang, Sang Koo |4 oth | |
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10.1016/j.jcorpfin.2017.01.013 doi GBV00000000000082A.pica (DE-627)ELV030610591 (ELSEVIER)S0929-1199(17)30029-9 DE-627 ger DE-627 rakwb eng 330 650 330 DE-600 650 DE-600 610 VZ 44.85 bkl Kang, Hyung Cheol verfasserin aut Controlling shareholders' value, long-run firm value and short-term performance 2017transfer abstract 14 nicht spezifiziert zzz rdacontent nicht spezifiziert z rdamedia nicht spezifiziert zu rdacarrier We propose a new determinant of firm value within a business group: controlling shareholders' value (CSV), the value of controlling shareholders' stake in an affiliate divided by their stake in all affiliates. We posit that controlling shareholders focus attention on the high-CSV affiliates. Using data on Korean family-controlled business groups, we find that CSV has greater explanatory power for firm performance than traditional cash flow rights (CFR). We also find that, among affiliates with non-family CEOs, higher CSV is associated with higher Tobin's Q and lower EBITDA, indicating that controlling shareholders and non-family CEO have successfully addressed their principal-agent problem. We propose a new determinant of firm value within a business group: controlling shareholders' value (CSV), the value of controlling shareholders' stake in an affiliate divided by their stake in all affiliates. We posit that controlling shareholders focus attention on the high-CSV affiliates. Using data on Korean family-controlled business groups, we find that CSV has greater explanatory power for firm performance than traditional cash flow rights (CFR). We also find that, among affiliates with non-family CEOs, higher CSV is associated with higher Tobin's Q and lower EBITDA, indicating that controlling shareholders and non-family CEO have successfully addressed their principal-agent problem. Anderson, Robert M. oth Eom, Kyong Shik oth Kang, Sang Koo oth Enthalten in Elsevier Science Collinson, Paul ELSEVIER Cardiac Troponin by Point-of-Care Testing 2020 [Amsterdam] (DE-627)ELV003777138 volume:43 year:2017 pages:340-353 extent:14 https://doi.org/10.1016/j.jcorpfin.2017.01.013 Volltext GBV_USEFLAG_U GBV_ELV SYSFLAG_U 44.85 Kardiologie Angiologie VZ AR 43 2017 340-353 14 045F 330 |
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10.1016/j.jcorpfin.2017.01.013 doi GBV00000000000082A.pica (DE-627)ELV030610591 (ELSEVIER)S0929-1199(17)30029-9 DE-627 ger DE-627 rakwb eng 330 650 330 DE-600 650 DE-600 610 VZ 44.85 bkl Kang, Hyung Cheol verfasserin aut Controlling shareholders' value, long-run firm value and short-term performance 2017transfer abstract 14 nicht spezifiziert zzz rdacontent nicht spezifiziert z rdamedia nicht spezifiziert zu rdacarrier We propose a new determinant of firm value within a business group: controlling shareholders' value (CSV), the value of controlling shareholders' stake in an affiliate divided by their stake in all affiliates. We posit that controlling shareholders focus attention on the high-CSV affiliates. Using data on Korean family-controlled business groups, we find that CSV has greater explanatory power for firm performance than traditional cash flow rights (CFR). We also find that, among affiliates with non-family CEOs, higher CSV is associated with higher Tobin's Q and lower EBITDA, indicating that controlling shareholders and non-family CEO have successfully addressed their principal-agent problem. We propose a new determinant of firm value within a business group: controlling shareholders' value (CSV), the value of controlling shareholders' stake in an affiliate divided by their stake in all affiliates. We posit that controlling shareholders focus attention on the high-CSV affiliates. Using data on Korean family-controlled business groups, we find that CSV has greater explanatory power for firm performance than traditional cash flow rights (CFR). We also find that, among affiliates with non-family CEOs, higher CSV is associated with higher Tobin's Q and lower EBITDA, indicating that controlling shareholders and non-family CEO have successfully addressed their principal-agent problem. Anderson, Robert M. oth Eom, Kyong Shik oth Kang, Sang Koo oth Enthalten in Elsevier Science Collinson, Paul ELSEVIER Cardiac Troponin by Point-of-Care Testing 2020 [Amsterdam] (DE-627)ELV003777138 volume:43 year:2017 pages:340-353 extent:14 https://doi.org/10.1016/j.jcorpfin.2017.01.013 Volltext GBV_USEFLAG_U GBV_ELV SYSFLAG_U 44.85 Kardiologie Angiologie VZ AR 43 2017 340-353 14 045F 330 |
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10.1016/j.jcorpfin.2017.01.013 doi GBV00000000000082A.pica (DE-627)ELV030610591 (ELSEVIER)S0929-1199(17)30029-9 DE-627 ger DE-627 rakwb eng 330 650 330 DE-600 650 DE-600 610 VZ 44.85 bkl Kang, Hyung Cheol verfasserin aut Controlling shareholders' value, long-run firm value and short-term performance 2017transfer abstract 14 nicht spezifiziert zzz rdacontent nicht spezifiziert z rdamedia nicht spezifiziert zu rdacarrier We propose a new determinant of firm value within a business group: controlling shareholders' value (CSV), the value of controlling shareholders' stake in an affiliate divided by their stake in all affiliates. We posit that controlling shareholders focus attention on the high-CSV affiliates. Using data on Korean family-controlled business groups, we find that CSV has greater explanatory power for firm performance than traditional cash flow rights (CFR). We also find that, among affiliates with non-family CEOs, higher CSV is associated with higher Tobin's Q and lower EBITDA, indicating that controlling shareholders and non-family CEO have successfully addressed their principal-agent problem. We propose a new determinant of firm value within a business group: controlling shareholders' value (CSV), the value of controlling shareholders' stake in an affiliate divided by their stake in all affiliates. We posit that controlling shareholders focus attention on the high-CSV affiliates. Using data on Korean family-controlled business groups, we find that CSV has greater explanatory power for firm performance than traditional cash flow rights (CFR). We also find that, among affiliates with non-family CEOs, higher CSV is associated with higher Tobin's Q and lower EBITDA, indicating that controlling shareholders and non-family CEO have successfully addressed their principal-agent problem. Anderson, Robert M. oth Eom, Kyong Shik oth Kang, Sang Koo oth Enthalten in Elsevier Science Collinson, Paul ELSEVIER Cardiac Troponin by Point-of-Care Testing 2020 [Amsterdam] (DE-627)ELV003777138 volume:43 year:2017 pages:340-353 extent:14 https://doi.org/10.1016/j.jcorpfin.2017.01.013 Volltext GBV_USEFLAG_U GBV_ELV SYSFLAG_U 44.85 Kardiologie Angiologie VZ AR 43 2017 340-353 14 045F 330 |
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10.1016/j.jcorpfin.2017.01.013 doi GBV00000000000082A.pica (DE-627)ELV030610591 (ELSEVIER)S0929-1199(17)30029-9 DE-627 ger DE-627 rakwb eng 330 650 330 DE-600 650 DE-600 610 VZ 44.85 bkl Kang, Hyung Cheol verfasserin aut Controlling shareholders' value, long-run firm value and short-term performance 2017transfer abstract 14 nicht spezifiziert zzz rdacontent nicht spezifiziert z rdamedia nicht spezifiziert zu rdacarrier We propose a new determinant of firm value within a business group: controlling shareholders' value (CSV), the value of controlling shareholders' stake in an affiliate divided by their stake in all affiliates. We posit that controlling shareholders focus attention on the high-CSV affiliates. Using data on Korean family-controlled business groups, we find that CSV has greater explanatory power for firm performance than traditional cash flow rights (CFR). We also find that, among affiliates with non-family CEOs, higher CSV is associated with higher Tobin's Q and lower EBITDA, indicating that controlling shareholders and non-family CEO have successfully addressed their principal-agent problem. We propose a new determinant of firm value within a business group: controlling shareholders' value (CSV), the value of controlling shareholders' stake in an affiliate divided by their stake in all affiliates. We posit that controlling shareholders focus attention on the high-CSV affiliates. Using data on Korean family-controlled business groups, we find that CSV has greater explanatory power for firm performance than traditional cash flow rights (CFR). We also find that, among affiliates with non-family CEOs, higher CSV is associated with higher Tobin's Q and lower EBITDA, indicating that controlling shareholders and non-family CEO have successfully addressed their principal-agent problem. Anderson, Robert M. oth Eom, Kyong Shik oth Kang, Sang Koo oth Enthalten in Elsevier Science Collinson, Paul ELSEVIER Cardiac Troponin by Point-of-Care Testing 2020 [Amsterdam] (DE-627)ELV003777138 volume:43 year:2017 pages:340-353 extent:14 https://doi.org/10.1016/j.jcorpfin.2017.01.013 Volltext GBV_USEFLAG_U GBV_ELV SYSFLAG_U 44.85 Kardiologie Angiologie VZ AR 43 2017 340-353 14 045F 330 |
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We propose a new determinant of firm value within a business group: controlling shareholders' value (CSV), the value of controlling shareholders' stake in an affiliate divided by their stake in all affiliates. We posit that controlling shareholders focus attention on the high-CSV affiliates. Using data on Korean family-controlled business groups, we find that CSV has greater explanatory power for firm performance than traditional cash flow rights (CFR). We also find that, among affiliates with non-family CEOs, higher CSV is associated with higher Tobin's Q and lower EBITDA, indicating that controlling shareholders and non-family CEO have successfully addressed their principal-agent problem. |
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We propose a new determinant of firm value within a business group: controlling shareholders' value (CSV), the value of controlling shareholders' stake in an affiliate divided by their stake in all affiliates. We posit that controlling shareholders focus attention on the high-CSV affiliates. Using data on Korean family-controlled business groups, we find that CSV has greater explanatory power for firm performance than traditional cash flow rights (CFR). We also find that, among affiliates with non-family CEOs, higher CSV is associated with higher Tobin's Q and lower EBITDA, indicating that controlling shareholders and non-family CEO have successfully addressed their principal-agent problem. |
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We propose a new determinant of firm value within a business group: controlling shareholders' value (CSV), the value of controlling shareholders' stake in an affiliate divided by their stake in all affiliates. We posit that controlling shareholders focus attention on the high-CSV affiliates. Using data on Korean family-controlled business groups, we find that CSV has greater explanatory power for firm performance than traditional cash flow rights (CFR). We also find that, among affiliates with non-family CEOs, higher CSV is associated with higher Tobin's Q and lower EBITDA, indicating that controlling shareholders and non-family CEO have successfully addressed their principal-agent problem. |
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Anderson, Robert M. Eom, Kyong Shik Kang, Sang Koo |
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10.1016/j.jcorpfin.2017.01.013 |
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2024-07-06T18:01:14.997Z |
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