AFFILIATION AND FIRM PERFORMANCE: EVIDENCE FROM INDIAN BUSINESS GROUPS

被引：8
|
作者：
Ghosh, Saibal [1 ]
机构：
[1] Reserve Bank India, Dept Econ Anal & Policy, Bombay, Maharashtra, India
来源：
MANCHESTER SCHOOL | 2010年 / 78卷 / 03期
关键词：
CORPORATE DIVERSIFICATION; INVESTMENT; DISCOUNT; COST;
D O I：
10.1111/j.1467-9957.2009.02142.x
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
Using data on a sample of Indian firms from 1996 to 2006, we examine the effect of group affiliation on firm performance. After controlling for the differences in firm size, growth opportunities and leverage, the findings indicate that group affiliation exerts a salutary impact on firm performance, measured in terms of adjusted Q or return on assets. Moreover, the evidence indicates that tunnelling is not an important factor driving the valuation and profitability effect of group affiliation.
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页码：183 / 200
页数：18
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