...
  • 主题
高级搜索  >
历史搜索 清空历史
首页> 外文期刊>Review of quantitative finance and accounting >Does stable ownership create value? Evidence from the global financial crisis
【24h】

Does stable ownership create value? Evidence from the global financial crisis

机译：稳定的所有权是否创造价值？来自全球金融危机的证据

获取原文
           
页面导航
  • 摘要
  • 著录项
  • 相似文献
  • 相关主题

摘要

We investigate the value of stable ownership for a sample of European firms using the global financial crisis as an exogenous shock and pre-and post-crisis years as benchmark periods. Consistent with the argument that stable ownership allows managers to focus on the creation of long-term value, we find that stable ownership resulted in higher stock returns and a higher market-to-book ratio during the crisis. This positive effect of stable ownership was not reversed after the crisis. Stable institutional blockholdings were more valuable in countries with weaker investor protection. However, the positive effect does not apply to firms in which a family is the largest blockholder. Finally, we also find that ownership stability was associated with a higher level of investments, illustrating that stable ownership affects real corporate decisions.
机译：我们使用全球金融危机作为欧洲公司样本的稳定所有权的价值，作为外源休克和危机前期，作为基准期间。符合稳定所有权允许经理专注于创造长期价值的论点，我们发现稳定的所有权导致危机期间更高的股票回报和更高的市场对账面比率。在危机之后，稳定所有权的这种积极效果并未逆转。稳定的机构阻止在投资者保护较弱的国家更有价值。但是，积极效应不适用于家庭是最大的块持有人的公司。最后，我们发现所有权稳定与更高水平的投资相关联，说明稳定的所有权影响真正的企业决策。

著录项

相似文献

  • 外文文献
  • 中文文献
  • 专利
获取原文

客服邮箱：kefu@zhangqiaokeyan.com

京公网安备：11010802029741号 ICP备案号：京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有

  • 客服微信

  • 服务号