{"title":"股权集中度与关联交易的价值效应","authors":"Yaron Amzaleg, Ronen Barak","doi":"10.2139/ssrn.1959557","DOIUrl":null,"url":null,"abstract":"We investigate 218 Related Party Transactions (RPTs) in Israel, an economy characterized by a high percentage of closely held firms, and identify a non-linear inverted U connection between the value effect of RPT and the level of firm ownership concentration. This non-linear connection is similar to the worldwide documented quadratic (inverted U) relation between ownership concentration and a firm's Tobin's Q. The relation becomes even stronger statistically, when we measure ownership concentration using a strategic power approach, in an attempt to identify the source of this puzzling connection.","PeriodicalId":306816,"journal":{"name":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2011-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"14","resultStr":"{\"title\":\"Ownership Concentration and the Value Effect of Related Party Transactions\",\"authors\":\"Yaron Amzaleg, Ronen Barak\",\"doi\":\"10.2139/ssrn.1959557\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We investigate 218 Related Party Transactions (RPTs) in Israel, an economy characterized by a high percentage of closely held firms, and identify a non-linear inverted U connection between the value effect of RPT and the level of firm ownership concentration. This non-linear connection is similar to the worldwide documented quadratic (inverted U) relation between ownership concentration and a firm's Tobin's Q. The relation becomes even stronger statistically, when we measure ownership concentration using a strategic power approach, in an attempt to identify the source of this puzzling connection.\",\"PeriodicalId\":306816,\"journal\":{\"name\":\"Econometrics: Applied Econometric Modeling in Microeconomics eJournal\",\"volume\":\"1 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2011-11-14\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"14\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Econometrics: Applied Econometric Modeling in Microeconomics eJournal\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.1959557\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.1959557","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
Ownership Concentration and the Value Effect of Related Party Transactions
We investigate 218 Related Party Transactions (RPTs) in Israel, an economy characterized by a high percentage of closely held firms, and identify a non-linear inverted U connection between the value effect of RPT and the level of firm ownership concentration. This non-linear connection is similar to the worldwide documented quadratic (inverted U) relation between ownership concentration and a firm's Tobin's Q. The relation becomes even stronger statistically, when we measure ownership concentration using a strategic power approach, in an attempt to identify the source of this puzzling connection.
求助内容：
应助结果提醒方式：
京公网安备 11010802042870号
