the benefits and costs of group affiliation

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1、EmergingMarketsReview7(2006)1–26www.elsevier.com/locate/emrThebenefitsandcostsofgroupaffiliation:EvidencefromEastAsiaStijnClaessensa,*,JosephP.H.Fanb,LarryH.P.LangbaWorldBank,UnitedStatesbTheChineseUniversityofHongKongReceived11July2005;receivedinrevisedform1August2005;accepted25A

2、ugust2005Availableonline10January2006AbstractThispaperinvestigatesthebenefitsandassociatedagencycostsofusinginternalcapitalmarketsthroughaffiliatingwithgroupsusingdataof2000firmsfrom9EastAsianeconomies.Wefindthatmatureandslow-growingfirmswithownershipstructuresmorelikelytocreateag

3、encyproblemsgainmorefromgroupaffiliation,whileyoungandhigh-growthfirmslosemore.AgencyproblemsareimportantdeterminantsofthedistributionofinternalmarketsvaluegainsineconomiesoutsideJapan,butlesssoinJapan.Consistentwiththeliterature,financiallyconstrainedfirmsbenefitfromgroupaffiliat

4、ion.Ourresultsarerobusttodifferenttimeperiodsandestimationtechniques.D2005ElsevierB.V.Allrightsreserved.JELclassification:G31;G32;K10;O34;O4Keywords:Businessgroups;Agencycosts;Emergingmarkets1.IntroductionInthispaper,weempiricallyexaminethebenefitandcostsofgroupaffiliationforalarg

5、esampleofEastAsiancorporations.Agroupcanbedescribedasacorporateorganizationwhereanumberoffirmsarelinkedthroughstock-pyramidsandcross-ownership.Relativetoindependentfirms,groupstructuresareassociatedwithgreateruseofinternalfactormarkets,includingfinancialmarkets.Throughtheirinterna

6、lfinancialmarkets,groupsmayallocatecapitalamongfirmswithinthegroup,whichcanleadtoeconomicbenefitsespeciallywhen*Correspondingauthor.Tel.:+12024733484;fax:+12025222031.E-mailaddress:sclaessens@worldbank.org(S.Claessens).1566-0141/$-seefrontmatterD2005ElsevierB.V.Allrightsreserved.d

7、oi:10.1016/j.ememar.2005.08.0012S.Claessensetal./EmergingMarketsReview7(2006)1–26externalfinancingisscarceanduncertain,suchasforyoungandfast-growingfirmsorforfirmswhichfacetemporaryfinancialdistress.Thesebenefitsofinternalmarketsmayinturnbereflectedinhigherfirmvaluationandbetterfi

8、rmperformance.Typicallyinagroup,a