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Examines the effect of ownership structure and the disclosure of related party transactions on the firm valuation of group-affiliated firms in India.
List of contents
List of tables; 1. Introduction; 2. The evolution of business groups, institutional framework in India and related party transactions; 3. Theory and literature review; 4. Hypotheses development; 5. Research methods; 6. Descriptive statistics; 7. Empirical results; 8. Additional tests; 9. Implications of the study and conclusion; Appendix 1. List of sample firms; Appendix 2. List of business groups; References; Index.
About the author
Amrinder Khosa is Lecturer at the Business School, Monash University, Victoria. His research interests are accounting education, corporate governance in group-affiliated firms and related-party transactions.Kamran Ahmed is Professor of Accounting at the Business School at La Trobe, Victoria. His research interests are corporate disclosure, corporate accounting policy choice, earnings management, international accounting harmonization, accounting and reporting practices in South Asia, and microfinance reporting.Darren Henry is Associate Professor of Finance at the Business School at La Trobe University, Victoria, and Head of the Department of Economics and Finance. His research interests include all aspects of mergers and acquisitions, corporate governance and wider ownership and control issues, corporate restructuring and cross-listing activities, and empirical corporate finance issues such as capital structure decision-making, dividend policy and capital raising activities.
Summary
Concentrated ownership is considered to be the best protection for shareholders in economies where legal protection is relatively weak. This book investigates and concludes, for Indian business groups, that concentrated-inside ownership provides opportunities for expropriation of minority shareholders.
