Tunneling : related party transactions of ASEAN listed firms
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Using 800 firm-year observations from five ASEAN countries 2006 – 2009 this thesis derives important insights on related party transactions to tunnel firm value from minority shareholders. Multiple regression results do not support the negative association between regulatory and competitive business environments with the extent of tunneling. There is strong evidence of a positive association between family ownership and a negative linkage between firms’ foreign ownership and tunneling. Regulators need to evolve more effective governance mechanisms.
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Guo, Fei (2008)Concentrated corporate ownership prevails in most countries, so the relationship between controlling shareholders and minority shareholders is an important principle-agent problem. Tunnelling, the transfer of assets and ...
Liu, Q.; Luo, Tianpei; Tian, G. (2015)This study examines the effect of family control on the cash holding policy in China. We find that family firms with excess control rights tend to have high cash holdings that are tunneled rather than being invested or ...
Cheng, R.; Chen, Wensu ; Hao, H.; Li, J. (2022)Safety of tunnel structures subjected to accidental or hostile explosions inside road and utility tunnels has attracted increasing attentions. It is essential to understand the dynamic behaviours of main and secondary ...