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Business groups and internal capital markets

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dc.contributor.author Gönenç, Halit
dc.contributor.author Kan, Özgür B.
dc.contributor.author Karadağlı, Ece Ceylan
dc.date.accessioned 2016-04-07T07:52:56Z
dc.date.available 2016-04-07T07:52:56Z
dc.date.issued 2007-04
dc.identifier.citation Gönenç, H., Kan, Ö.B., Karadağlı, E.C. (2007). Business groups and internal capital markets. Emerging Markets Finance And Trade, 43(2), 63-81. http://dx.doi.org/10.2753/REE1540-496X430204 tr_TR
dc.identifier.issn 1540-496X
dc.identifier.uri http://hdl.handle.net/20.500.12416/861
dc.description.abstract We compare the performance of firms affiliated with diversified business groups with the performance of unaffiliated firms in Turkey, all emerging market. We address the question of whether group-affiliated firms create internal capital markets or control large cash flows. Our findings indicate that group affiliation improves a firm accounting performance, but not stock market performance. Deviation of cash-flow rights front voting rights has a negative but insignificant effect on accounting performance, but a significant effect on market performance. We also find that a firm's accounting, but not stock market, performance increases with the level of group diversification. Our results show that internal capital markets play an important role for the existence of business groups in all emerging market context tr_TR
dc.language.iso eng tr_TR
dc.publisher Taylor&Francis INC tr_TR
dc.relation.isversionof 10.2753/REE1540-496X430204 tr_TR
dc.rights info:eu-repo/semantics/closedAccess
dc.subject Business Groups tr_TR
dc.subject Emerging Market tr_TR
dc.subject Internal Capital Markets tr_TR
dc.title Business groups and internal capital markets tr_TR
dc.type article tr_TR
dc.relation.journal Emerging Markets Finance And Trade tr_TR
dc.identifier.volume 43 tr_TR
dc.identifier.issue 2 tr_TR
dc.identifier.startpage 63 tr_TR
dc.identifier.endpage 81 tr_TR
dc.contributor.department Çankaya Üniversitesi, İktisadi İdari Bilimler Fakültesi, Uluslararası Ticaret tr_TR


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