一鸟在手胜过双鸟在林:调查商业集团财务松弛与盈利能力之间的关系

IF 3.8 4区 管理学 Q2 BUSINESS
Vivien Lefebvre
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引用次数: 3

摘要

本文利用企业行为理论、代理理论和内部资本市场文献的论点,研究了独立企业和企业集团附属企业的财务松弛与企业盈利能力之间的关系。利用法国私有企业的大样本,我们表明私有企业的财务松弛和盈利能力之间存在二次型、反u型关系。我们观察到,商业集团附属公司的关系比独立公司更陡峭,这与商业集团内的公司竞争商业集团资源的观点是一致的。此外,我们还探讨了企业集团特征和特定关联公司在企业集团组织中的地位和权重是否会影响财务松弛对盈利能力的影响。我们的研究结果表明,对于最接近业务集团的公司,以及在业务集团中拥有较高权重的公司,二次型,反u型关系更陡峭。这些发现表明,企业在商业集团中的议价能力在解释财务宽松与盈利能力之间的关系方面起着重要作用。JEL分类:G32、L22、L25。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
A bird in the hand is better than two in the bush: Investigating the relationship between financial slack and profitability in business groups
Using arguments from the behavioral theory of the firm, agency theory, and the literature on internal capital markets, this article investigates the relationship between financial slack and firms’ profitability in standalone versus business group–affiliated firms. Using a large sample of French privately held firms, we show that there is a quadratic, inverse U-shape relationship between financial slack and profitability for privately held firms. We observe that the relation is steeper for business group affiliated firms than for standalone firms, which is consistent with the idea that firms in business groups are in competition for the business groups resources. Moreover, we explore whether business groups characteristics and position and weight of a given affiliated firm in the business group organization influence the impact of financial slack on profitability. Our results show that for firms that are closest to the business group head firm and that have a higher weight in the business groups, the quadratic, inverse U-shaped relationship is steeper. These findings suggest that the bargaining power that firms have in business groups plays an important role in explaining the relation between financial slack and profitability. JEL CLASSIFICATION: G32, L22 and L25.
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来源期刊
CiteScore
7.50
自引率
6.90%
发文量
14
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