haku: @freeterm Internal capital markets / yhteensä: 2
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| Tekijä: | Buysschaert, A. (et al.) |
| Otsikko: | Is group affiliation profitable in developed countries? Belgian evidence |
| Lehti: | Corporate governance
2008 : NOV, VOL. 16:6, p. 504-518 |
| Asiasana: | Belgium corporate governance profitability profit volatility company performance |
| Vapaa asiasana: | business groups internal capital markets |
| Kieli: | eng |
| Tiivistelmä: | It is pretty well proved that business group affiliation (henceforth as: g-afltn.) can compensate for relatively weak institutions in emerging markets, and in Japan. However, business groups are also common in the EU. This study explores how business g-afltn. influences firm performance in Belgium. It is found out that operating profitability of group companies (hereafter as: g-comps.) is notably lower than that of stand-alone (herein as: s-a.) companies, wheras g-comps. have more volatile profits than s-a. companies. Operating profitability of g-comps. does not depend on the extent of group diversification. Internal capital markets transfer funds from good performers to poorly performing g-comps. The impact of g-afltn. on profitability does not depend on group age or group ownership. |
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