【作者单位】a Business School, Beijing Normal University, Beijing, China b Guanghua School of Management, Peking University, Beijing, China
【年份】2015
【卷号】Vol.51Suppl 1
【页码】S174-S195
【ISSN】1540-496X
【关键词】cash holdings economic consequences efficiency loss insider ownership internal capital market
【摘要】 Using a large sample of listed Chinese companies, we investigate how the equity ownership of business group insiders affects subsidiary cash holdings. We find that ownership by the largest shareholders and senior managers in the listed parent firm is...
