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Emerging market business groups, foreign investors, and corporate governance

Author: Tarun Khanna; Krishna G Palepu; National Bureau of Economic Research.
Publisher: Cambridge, MA : National Bureau of Economic Research, ©1999.
Series: Working paper series (National Bureau of Economic Research), working paper no. 6955.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Abstract: We examine the interaction between three kinds of concentrated owners commonly found in an emerging market: family-run business groups, domestic financial institutions, and foreign financial institutions. Using data from India in the early 1990s, we find evidence that domestic international investors are poor monitors, and that foreign institutional investors are good monitors. Whereas affiliates of those  Read more...
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Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Tarun Khanna; Krishna G Palepu; National Bureau of Economic Research.
OCLC Number: 70121670
Notes: "February 1999."
Description: 1 online resource (33 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 6955.
Responsibility: Tarun Khanna, Krishna Palepu.

Abstract:

Abstract: We examine the interaction between three kinds of concentrated owners commonly found in an emerging market: family-run business groups, domestic financial institutions, and foreign financial institutions. Using data from India in the early 1990s, we find evidence that domestic international investors are poor monitors, and that foreign institutional investors are good monitors. Whereas affiliates of those groups that attract foreign institutional investment are no more difficult to monitor than are unaffiliated firms, we find that group affiliation reduces the likelihood of foreign institutional investment. More transparent groups (where greater transparency is proxied for by a lower incidence of intra-group financial transactions) are more likely to attract such investment. We conclude that groups are difficult to monitor, and that foreign institutional investors serve a valuable monitoring function as emerging markets integrate with the global economy.

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