The Impact of Pyramid Structure Towards Corporate Value Among Malaysian Firms

被引：0

作者：

Malan, Irfah Najihah Binti Basir ^{[1
]}

Salamudin, Norhana Binti ^{[1
]}

Ahmad, Noryati Binti ^{[1
]}

机构：

[1] Univ Teknol MARA, Fac Business Management, Arshad Ayub Grad Business Sch, Inst Business Excellence, Shah Alam 40450, Selangor, Malaysia

来源：

IEEE SYMPOSIUM ON BUSINESS, ENGINEERING AND INDUSTRIAL APPLICATIONS (ISBEIA 2012) | 2012年

关键词：

Pyramid structure; cash flow right; control right; corporate value; agency problem; Attig Model; GOVERNANCE; OWNERSHIP;

D O I：

暂无

中图分类号：

TM [电工技术]; TN [电子技术、通信技术];

学科分类号：

0808 ; 0809 ;

摘要：

The aim of this paper is to examine the impact of pyramid structure towards corporate value of Malaysian firms. Pyramid structure is a business entity whose ownership structure depicts a top-down chain of control. A direct consequence of this structure is a divergence of ultimate owners' actual ownership and control, particularly for firms located at the lower level of the structure. Previous research have documented that in many East Asian firms, the ultimate owners show a mismatch in cash flow rights and control rights which leads to severe expropriation of minority shareholders' interest. We adapt the model developed by Attig and the unit of study is pyramidal firms in Malaysia. Our finding shows that the mismatch of cash flow rights and control rights of pyramid structures leads to negative corporate value as well as dilution of minority interest.

引用

页码：68 / 73

页数：6

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