Private Benefits of Control: An International Comparison
نویسندگان
چکیده
منابع مشابه
Private Benefits of Control: An International Comparison
We construct a measure of the private benefits of control in 39 countries based on 393 control transactions between 1990 and 2000. We find that the value of control ranges between –4% and +65%, with an average of 14 percent. As predicted by theory, in countries where private benefits of control are larger capital markets are less developed, ownership is more concentrated, and privatizations are...
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چکیده ندارد.
Private Benefits of Control, Capital Structure and Company Growth
This paper studies the influence of the private benefits of control on the capital structure and the growth of private companies. It is argued that companies in which existing owners would lose more control if they expanded, issue less new equity, use more debt and grow more slowly. The dataset covers 6834 private UK companies with limited liability for up to 5 years. Loss of control is measure...
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ژورنال
عنوان ژورنال: The Journal of Finance
سال: 2004
ISSN: 0022-1082
DOI: 10.1111/j.1540-6261.2004.00642.x