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
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Kang, Pyung K. | - |
dc.contributor.author | Kim, Yoo Chan | - |
dc.date.accessioned | 2021-06-22T20:03:20Z | - |
dc.date.available | 2021-06-22T20:03:20Z | - |
dc.date.created | 2021-01-21 | - |
dc.date.issued | 2015-05 | - |
dc.identifier.issn | 0926-2644 | - |
dc.identifier.uri | https://scholarworks.bwise.kr/erica/handle/2021.sw.erica/18366 | - |
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. | - |
dc.language | 영어 | - |
dc.language.iso | en | - |
dc.publisher | Kluwer Academic Publishers | - |
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 | - |
dc.type | Article | - |
dc.contributor.affiliatedAuthor | Kim, Yoo Chan | - |
dc.identifier.doi | 10.1007/s10726-014-9397-3 | - |
dc.identifier.scopusid | 2-s2.0-84939896159 | - |
dc.identifier.wosid | 000352856300004 | - |
dc.identifier.bibliographicCitation | Group Decision and Negotiation, v.24, no.3, pp.429 - 450 | - |
dc.relation.isPartOf | Group Decision and Negotiation | - |
dc.citation.title | Group Decision and Negotiation | - |
dc.citation.volume | 24 | - |
dc.citation.number | 3 | - |
dc.citation.startPage | 429 | - |
dc.citation.endPage | 450 | - |
dc.type.rims | ART | - |
dc.type.docType | Article | - |
dc.description.journalClass | 1 | - |
dc.description.isOpenAccess | N | - |
dc.description.journalRegisteredClass | ssci | - |
dc.description.journalRegisteredClass | scopus | - |
dc.relation.journalResearchArea | Business & Economics | - |
dc.relation.journalResearchArea | Social Sciences - Other Topics | - |
dc.relation.journalWebOfScienceCategory | Management | - |
dc.relation.journalWebOfScienceCategory | Social Sciences, Interdisciplinary | - |
dc.subject.keywordPlus | CORPORATE GOVERNANCE | - |
dc.subject.keywordPlus | AGENCY | - |
dc.subject.keywordAuthor | Corporate governance | - |
dc.subject.keywordAuthor | Ownership structure | - |
dc.subject.keywordAuthor | Shareholders rights | - |
dc.subject.keywordAuthor | Business group | - |
dc.identifier.url | https://www.scopus.com/record/display.uri?eid=2-s2.0-84939896159&origin=inward&txGid=8f4b559169c60a9243eaf911c916cbb0 | - |
Items in ScholarWorks are protected by copyright, with all rights reserved, unless otherwise indicated.
55 Hanyangdeahak-ro, Sangnok-gu, Ansan, Gyeonggi-do, 15588, Korea+82-31-400-4269 sweetbrain@hanyang.ac.kr
COPYRIGHT © 2021 HANYANG UNIVERSITY. ALL RIGHTS RESERVED.
Certain data included herein are derived from the © Web of Science of Clarivate Analytics. All rights reserved.
You may not copy or re-distribute this material in whole or in part without the prior written consent of Clarivate Analytics.