| 来源类型 | FEEM working papers "Note di lavoro" series |
| 规范类型 | 论文 |
| Pyramidal Groups and External Finance: An Empirical Investigation | |
| Magda Bianco; Paola Casavola; Annalisa Ferrando | |
| 发表日期 | 1997 |
| 出处 | Economy and Society |
| 出版年 | 1997 |
| 语种 | 英语 |
| 摘要 | In Italy an extremely large number of companies is organized as a pyramidal group. As compared to other control structures, pyramidal groups might offer minority shareholders less protection and hence discourage them from holding shares. We evaluate empirically the impact of some variables that proxy the degree of shareholder protection on non controlling equity finance and, in particular, the effect of the degree of group vertical integration. Ceteris paribus, vertical integration is associated with lower participation of outside minority shareholders. The paper argues that this finding is due to greater opportunities for the controlling shareholder to transfer resources across the subsidiaries, which reduces the incentives for potential outside equity finance. |
| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/pyramidal-groups-and-external-finance-an-empirical-investigation/ |
| 来源智库 | Fondazione Eni Enrico Mattei (Italy) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/116260 |
| 推荐引用方式 GB/T 7714 | Magda Bianco,Paola Casavola,Annalisa Ferrando. Pyramidal Groups and External Finance: An Empirical Investigation. 1997. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| NDL1997-061.pdf（95KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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