000			01776 a2200181 4500
999			_c25278 _d25278
020			_a9781108492195
082			_a658.4 _bKHO-O
100			_aKhosa, Amrinder
100			_aAhmed, Kamran
100			_aHenry, Darren
245			_aOwnership structure, related-party transactions and firm valuation _b: evidence from Indian business groups
260			_bCambridge University Press _c2019 _aCambridge
300			_avii, 183p.
504			_aInclude Reference and Index
520			_aConcentrated ownership is considered to be the best protection for shareholders in economies where legal protection is relatively weak. This book investigates and concludes, for Indian business groups, that concentrated-inside ownership provides opportunities for the expropriation of minority shareholders. While more concentrated direct ownership of controlling families results in a higher market value of equity, indirect ownership obtained through cross-holding provides incentives to extract private benefits and results in value loss. This finding requires the prompt attention of regulatory bodies, outside investors and other interested parties. This book examines the effect of ownership structure and disclosure of related-party transactions on firm valuation of group-affiliated firms in India, by using a sample of 317 listed firms comprising 1350 firm-year observations from 2008 to 2017. Well-accepted value-relevance models are employed to examine the effect of ownership rights on the market value of equity and valuation effect of RP trading, asset transfer, investment and loan transactions
650			_vMinority stockholders _vBusiness enterprises _vIndustrial management _vinstitutional investments _vCorporate governance _vFamily-owned business _zIndia
942			_2ddc _cBK