Are Related Party Sales Value Adding Or Value Destroying Evidence From China
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Are Related Party Sales Value Adding Or Value Destroying Evidence From China
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Author : Raymond M. K. Wong
language : en
Publisher:
Release Date : 2014
Are Related Party Sales Value Adding Or Value Destroying Evidence From China written by Raymond M. K. Wong and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
Prior literature provides mixed and relatively little evidence on the economic consequences of related-party transactions. We examine a hitherto underexplored issue of whether transactions among firms within the same business group increase or reduce firm value. Using a large sample of Chinese listed firms, we find that related-party sales increase firm value. However, this value enhancement disappears for firms with (i) large percentage of parent directors, (ii) high government ownership, or (iii) tax avoidance incentives that often couple with management's rent extraction activities. Although we find that intragroup sales improve firm value in general, we also find that corporate insiders use intragroup sales to deprive value from minority shareholders. Overall, our findings highlight the interplay between ownership structure and tax avoidance incentives in determining the economic consequences of related-party transactions.
Ownership Structure Related Party Transactions And Firm Valuation
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Author : Amrinder Khosa
language : en
Publisher: Cambridge University Press
Release Date : 2019-03-21
Ownership Structure Related Party Transactions And Firm Valuation written by Amrinder Khosa and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-03-21 with Business & Economics categories.
Examines the effect of ownership structure and the disclosure of related party transactions on the firm valuation of group-affiliated firms in India.
The Law And Finance Of Related Party Transactions
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Author : Luca Enriques
language : en
Publisher: Cambridge University Press
Release Date : 2019-06-27
The Law And Finance Of Related Party Transactions written by Luca Enriques and has been published by Cambridge University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-06-27 with Business & Economics categories.
This is a comprehensive look at the challenges legislators face in regulating related party transactions in a socially beneficial way.
Lepalisshe 2021
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Author : Joko Nurkamto
language : en
Publisher: European Alliance for Innovation
Release Date : 2022-01-04
Lepalisshe 2021 written by Joko Nurkamto and has been published by European Alliance for Innovation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-01-04 with Social Science categories.
This book contains the proceedings of the First Lekantara Annual Conference on Public Administration, Literature, Social Sciences, Humanities, and Education (LePALISSHE) was held by Lentera Akademika Nusantara (Lekantara), Indonesia, in collaboration with Universitas Trisakti, Indonesia, on August 3, 2021. The aim of the conference is to promote new insights and discussion about the current global perspectives, considering the differences in academic and subject fields’ approaches across time and countries, with its implications and to improve and share the scientific knowledge on public administration, literature, social sciences, humanities, and education. The theme of the conference is: “Responding to Current Changes and Future Prospects Post Covid19 Pandemic from Various Perspectives”. The Covid19 pandemic has brought social and economic disruption worldwide, but is also providing opportunities in terms of new paths, new perspectives, and new ways of seeing things while addressing the underlying challenges. The conference invites delegates across Indonesia, United Kingdom, Japan, Malaysia, Australia, Canada, USA and beyond, and is attended by more than 300 participants from scholars, academics, researchers, practitioners, students, and policymakers from national and international institutions to provide an opportunity for discussion and to enhance professional networking in various related to the theme of the conference.
Advances In Financial Economics
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Author : Kose John
language : en
Publisher: Emerald Group Publishing
Release Date : 2013-12-18
Advances In Financial Economics written by Kose John and has been published by Emerald Group Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-12-18 with Business & Economics categories.
Advances in Financial Economics Vol. 16 contains a set of empirical papers by a set of global scholars who examine corporate governance and market regulation from a variety of perspectives.
Related Party Transactions And Corporate Groups
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Author : Ivan Romashchenko
language : en
Publisher: Kluwer Law International B.V.
Release Date : 2020-03-06
Related Party Transactions And Corporate Groups written by Ivan Romashchenko and has been published by Kluwer Law International B.V. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-03-06 with Law categories.
In a market environment where economic actors conduct themselves as diligent and conscientious managers, the regulation of related party transactions (RPTs) would be largely irrelevant. Unfortunately, the corporate reality is far from an ideal world that is innocent of market abuse and corporate fraud. It remains necessary to protect minority shareholders from the wrongdoings of majority shareholders and to protect all shareholders from opportunistic managerial behaviour. This timely book – the first on the subject since implementation of the European Union’s (EU’s) revised Shareholders’ Rights Directive – provides in-depth analysis of how and to what extent RPTs are covered by existing legal requirements on capital protection and corporate group regulation, highlighting experiences and strategies adopted in Germany, Poland, and the Netherlands as examples for Eastern European countries and in particular Ukraine. Beyond his comparative analysis of the current status, the author offers recommendations for more effective handling of RPTs, investigating such aspects as the following: what constitutes a corporate group and how group issues are regulated in the various legal systems; what constitutes a conflict of interest originating in ownership and control and what types of such conflicts occur; whether RPTs within corporate groups should receive special treatment relative to transactions outside groups; combatting corporate raiding, most often carried out through illegal seizure of corporate assets; approval and disclosure requirements for RPTs; and how information about RPTs is disclosed publicly. Drawing on resources including legislation, case law, scholarship, and intensive discussions with practicing lawyers from several jurisdictions, the author underscores the imperative of establishing limitations and requirements that oblige a company’s officers, shareholders, and other potential related parties to follow certain rules whenever they wish to enter into an RPT. As a contribution to the debate about the convergence between EU corporate law and that of major eastern European states, the book has no peers. Practitioners in both East and West who advise on compliance with regulations for RPTs or represent stakeholders’ interests against abusive RPTs will ensure appropriate remedies and protection mechanisms for their clients.
Smart Intelligent Computing And Applications
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Author : Suresh Chandra Satapathy
language : en
Publisher: Springer Nature
Release Date : 2019-09-26
Smart Intelligent Computing And Applications written by Suresh Chandra Satapathy and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-09-26 with Technology & Engineering categories.
This book gathers high-quality papers presented at the Third International Conference on Smart Computing and Informatics (SCI 2018–19), which was organized by the School of Computer Engineering and School of Computer Application, Kalinga Institute of Industrial Technology, Bhubaneswar, India, on 21–22 December, 2018. It includes advanced and multi-disciplinary research on the design of smart computing and informatics. Thematically, the book broadly focuses on several innovation paradigms in system knowledge, intelligence and sustainability that can help to provide realistic solutions to various problems confronting society, the environment, and industry. The respective papers offer valuable insights into the how emerging computational and knowledge transfer approaches can be used to deliver optimal solutions in science, technology and healthcare.
Services In Global Value Chains Manufacturing Related Services
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Author : Patrick Low
language : en
Publisher: World Scientific
Release Date : 2016-06-21
Services In Global Value Chains Manufacturing Related Services written by Patrick Low and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-06-21 with Business & Economics categories.
This compilation of 22 firm-specific case studies is an important contribution to the discussion of 'servicification' trends in manufacturing. 'Services have increased in importance and value in many manufacturing value chains, making companies that produce physical products look more like service enterprises. What services do global value chains use in their operations, how important are they and how do economic policies shape firms' configurations, operations, and location of global value chains? This book addresses these questions and more.The interviewed firms, based in 12 APEC economies, come from different sectors ranging from multinational automotive, construction equipment, and electrical appliance manufacturers to small and medium manufacturers of watches or chemical for water treatment. The book analyses what specific services are important in different stages of the value chain, and whether they are typically provided in-house or outsourced.
Corporate Governance And Ethics
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Author : Zabihollah Rezaee
language : en
Publisher: John Wiley & Sons
Release Date : 2008-06-16
Corporate Governance And Ethics written by Zabihollah Rezaee and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-06-16 with Business & Economics categories.
This book is the first to present a comprehensive framework of the theory and practice of corporate governance and business ethics by focusing on the four cornerstones promoted by the AACSB. Readers will quickly gain an understanding of the main themes, perspectives, frameworks, concepts, and issues pertaining to corporate governance and business ethics from historical, global, institutional, commercial, best practices, and regulatory perspectives. Additionally, there is also complete coverage of all oversight functions of corporate governance.
Esg And Responsible Institutional Investing Around The World A Critical Review
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Author : Pedro Matos
language : en
Publisher: CFA Institute Research Foundation
Release Date : 2020-05-29
Esg And Responsible Institutional Investing Around The World A Critical Review written by Pedro Matos and has been published by CFA Institute Research Foundation this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-05-29 with Business & Economics categories.
This survey examines the vibrant academic literature on environmental, social, and governance (ESG) investing. While there is no consensus on the exact list of ESG issues, responsible investors increasingly assess stocks in their portfolios based on nonfinancial data on environmental impact (e.g., carbon emissions), social impact (e.g., employee satisfaction), and governance attributes (e.g., board structure). The objective is to reduce exposure to investments that pose greater ESG risks or to influence companies to become more sustainable. One active area of research at present involves assessing portfolio risk exposure to climate change. This literature review focuses on institutional investors, which have grown in importance such that they have now become the largest holders of shares in public companies globally. Historically, institutional investors tended to concentrate their ESG efforts mostly on corporate governance (the “G” in ESG). These efforts included seeking to eliminate provisions that restrict shareholder rights and enhance managerial power, such as staggered boards, supermajority rules, golden parachutes, and poison pills. Highlights from this section: · There is no consensus on the exact list of ESG issues and their materiality. · The ESG issue that gets the most attention from institutional investors is climate change, in particular their portfolio companies’ exposure to carbon risk and “stranded assets.” · Investors should be positioning themselves for increased regulation, with the regulatory agenda being more ambitious in the European Union than in the United States. Readers might come away from this survey skeptical about the potential for ESG investing to affect positive change. I prefer to characterize the current state of the literature as having a “healthy dose of skepticism,” with much more remaining to be explored. Here, I hope the reader comes away with a call to action. For the industry practitioner, I believe that the investment industry should strive to achieve positive societal goals. CFA Institute provides an exemplary case in its Future of Finance series (www.cfainstitute.org/research/future-finance). For the academic community, I suggest we ramp up research aimed at tackling some of the open questions around the pressing societal goals of ESG investing. I am optimistic that practitioners and academics will identify meaningful ways to better harness the power of global financial markets for addressing the pressing ESG issues facing our society.