Topic
Corporate group
About: Corporate group is a research topic. Over the lifetime, 1747 publications have been published within this topic receiving 46868 citations.
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01 Jan 2002
TL;DR: In this article, the authors present the Company Law Review, Contemporary Company Issues, Corporate Governance and Accountability, Corporate Security and Insolvency, and Financial Services and Markets.
Abstract: Part 1: The Company Law Review Part 2: Contemporary Company Issues Part 3: Corporate Governance and Accountability Part 4: Corporate Security and Insolvency Part 5: Financial Services and Markets.
9 citations
TL;DR: In this paper, when a member firm forms strategic alliances with partners outside of a business group, how does the alliance influence other members in the business group? Moreover, which types of member firms are more affected than others?
Abstract: Purpose – The purpose of this paper is to better understand the influence of business group membership by exploring how actions by a member firm influence other firms in the business group. Specifically, the authors ask two questions in this study: when a member firm forms strategic alliances with partners outside of the business group, how does the alliance influence other members in the business group? Moreover, which types of member firms are more affected than others? Design/methodology/approach – The authors employ standard event-study methodology to examine the stock price responses for the focal and member firms on the announcement of an alliance. Moreover, the authors employ the cross-sectional regression analyses to test hypotheses concerning the impact of alliance, group, and firm characteristics on the cumulative abnormal returns of non-announcing members. All regressions are estimated using ordinary least squares. Findings – The results show that, on average, alliance-announcing member firms e...
9 citations
TL;DR: In this article, the authors tried to understand how the difference of governance logic between shareholders and managers affects innovation interaction strategy of enterprises, and they took all eligible listed companies (from 2007 to 2016) in China's stock market as samples.
Abstract: Under the dynamic competition situation, the innovation competition interaction between enterprises will take the form of mutual responding, while the formulation and implementation of responsive innovation strategy will be influenced by both shareholders and managers in the principal–agent relationship. In our research, we try to understand how the difference of governance logic between shareholders and managers affects innovation interaction strategy of enterprises. In order to achieve this research goal, this study takes all eligible listed companies (from 2007 to 2016) in China’s stock market as samples. The results show that the parent company shareholding has a negative impact on the subsidiary responsive innovation, while companies whose managers hold more shares select the relatively positive strategy responsive innovation. Moreover, the degree of separation between ownership and control rights and the external institutional environment can moderate the above relationship. Relevant conclusions can provide some reference value for the formulation of responsive innovation decision of listed companies and provide new insights for the design of parent–subsidiary corporate governance structure and the design of managerial equity incentive mechanism in the context of corporate group governance.
9 citations
TL;DR: In this paper, the authors examined the relationship between CSM and dividend policy based on the agency and signaling theory and found that firms with excellent CSM activities have higher dividend levels than those that do not.
Abstract: This study empirically examines the relationship between corporate sustainable management (CSM) and dividend policy. Among the various motivations related to dividends, this study examines the relationship between CSM and dividend policy based on the agency and signaling theory. After examining the relationship between CSM and dividend policy, we investigate whether belonging to a large business group (chaebol group) has a significant effect on the relationship between CSM and dividend policy. The analysis period is from 2011 to 2018, and the ESG ratings of the Korea Corporate Governance Service are used as proxies for CSM. The empirical results show that CSM and dividends have a significant relationship in the positive direction. This means that firms with excellent CSM activities have higher dividend levels than those that do not. Furthermore, the association between CSM and dividends is more negative for firms belonging to a chaebol group. This indicates that the positive relationship between CSM and dividends in a firm that belongs to a chaebol group is weakened. This means that the relationship between CSM and dividends in the group belonging to the chaebol group is weakened. It belongs to the group of conglomerates, meaning that the relationship between the amount of dividends and CSM weakened. Our study focuses on CSM as a determinant of dividends, and examines the effects of belonging to a chaebol group in the relationship between CSM and dividends. Given that resolving the interest incompatibility between investors and managers is the focus of corporate governance, dividend policies can be used as a method for resolving the interest incompatibility between investors and managers.
9 citations
TL;DR: In this paper, the impact of factors related to ownership, management and organizational culture on the performance of business groups created by Spanish and Moroccan companies was analyzed through a survey conducted in 2013, showing that performance, measured by profitability, is enhanced when there is a higher proportion of ownership by the Spanish family business, when a larger number of Moroccan managers, when the management approach is results-oriented and when decision taking is centralised.
9 citations