| 来源类型 | Working Paper
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| 规范类型 | 报告
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| DOI | 10.3386/w6955
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| 来源ID | Working Paper 6955
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| Emerging Market Business Groups, Foreign Investors, and Corporate Governance |
| Tarun Khanna; Krishna Palepu
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| 发表日期 | 1999-02-01
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| 出版年 | 1999
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| 语种 | 英语
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| 摘要 | We examine the interaction between three kinds of concentrated owners commonly found in an emerging market: family-run business groups, domestic financial institutions, and foreign financial institutions. Using data from India in the early 1990s, we find evidence that domestic international investors are poor monitors, and that foreign institutional investors are good monitors. Whereas affiliates of those groups that attract foreign institutional investment are no more difficult to monitor than are unaffiliated firms, we find that group affiliation reduces the likelihood of foreign institutional investment. More transparent groups (where greater transparency is proxied for by a lower incidence of intra-group financial transactions) are more likely to attract such investment. We conclude that groups are difficult to monitor, and that foreign institutional investors serve a valuable monitoring function as emerging markets integrate with the global economy. |
| URL | https://www.nber.org/papers/w6955
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| 来源智库 | National Bureau of Economic Research (United States)
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| 引用统计 |
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/564470
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推荐引用方式
GB/T 7714 |
Tarun Khanna,Krishna Palepu. Emerging Market Business Groups, Foreign Investors, and Corporate Governance. 1999.
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文件名：
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w6955.pdf
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格式：
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Adobe PDF
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