Full metadata record
DC Field | Value | Language |
---|---|---|
dc.contributor.author | 김유찬 | - |
dc.date.accessioned | 2018-02-06T01:16:32Z | - |
dc.date.available | 2018-02-06T01:16:32Z | - |
dc.date.issued | 2015-05 | - |
dc.identifier.citation | GROUP DECISION AND NEGOTIATION, v. 24, No. 3, Page. 429-450 | en_US |
dc.identifier.issn | 0926-2644 | - |
dc.identifier.issn | 1572-9907 | - |
dc.identifier.uri | https://link.springer.com/article/10.1007/s10726-014-9397-3 | - |
dc.identifier.uri | http://hdl.handle.net/20.500.11754/35487 | - |
dc.description.abstract | This study investigates the impact of the ownership discrepancy between cash flow rights and voting rights on firms' soft asset investment decisions in large business groups in South Korea. We find a negative association between the ownership discrepancy and the level of investments in intangibles and human resources. Our finding implies that when controlling #or ultimate# shareholders have higher voting rights than their cash flow rights, they have more incentives to reduce firms' investments that are essential for business success in long-term strategic perspectives, exploiting minority shareholders' rights. In addition, we find that the negative association is more pronounced for firms with a higher level of free cash flows and that the negative association becomes less significant or insignificant in the period after the Internal Accounting Control System Legislation. | en_US |
dc.description.sponsorship | We are grateful to an anonymous reviewer and conference participants at the 13th Meeting on Group Decision and Negotiation in Stockholm, 2013 for their valuable comments and suggestions. This work was supported by the Sogang University Research Grant of 201410007.01. All errors are the authors' responsibility. | en_US |
dc.language.iso | en_US | en_US |
dc.publisher | SPRINGER | en_US |
dc.subject | Corporate governance | en_US |
dc.subject | Ownership structure | en_US |
dc.subject | Shareholders rights | en_US |
dc.subject | Business group | en_US |
dc.subject | ASIAN FINANCIAL CRISIS | en_US |
dc.subject | CORPORATE GOVERNANCE | en_US |
dc.subject | AGENCY | en_US |
dc.title | The Impact of the Ownership Discrepancy Between Cash-Flow Rights and Voting Rights on Firms' Soft Asset Investment Decisions: Evidence from Large Business Groups in South Korea | en_US |
dc.type | Article | en_US |
dc.relation.no | 3 | - |
dc.relation.volume | 24 | - |
dc.identifier.doi | 10.1007/s10726-014-9397-3 | - |
dc.relation.page | 429-450 | - |
dc.relation.journal | GROUP DECISION AND NEGOTIATION | - |
dc.contributor.googleauthor | Kang, PK | - |
dc.contributor.googleauthor | Kim, YC | - |
dc.relation.code | 2015016554 | - |
dc.sector.campus | E | - |
dc.sector.daehak | COLLEGE OF BUSINESS AND ECONOMICS[E] | - |
dc.sector.department | DIVISION OF BUSINESS ADMINISTRATION | - |
dc.identifier.pid | uchanacct | - |
Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.