Working Paper
Executive Compensation: When a Firm is a Business Group Member
This paper examines how executive pay is set when a firm is a business group member. Using Korea as a laboratory setting, we find that member firm?s cash...
Read moreAre Investors Aware of Ownership Connections?
We examine the market reactions to earnings announcements within a parent-subsidiary ownership structure. We find that the parents’ investors...
Read moreFamily Business Groups and Organizational Structure: A Study of Bank Pyramidal Ownership in Thailand
This paper investigates how banks and finance companies operate in a family business group. Using uniquely detailed ownership data from Thailand, we...
Read moreWhy Do Family Business Groups Expand by Creating New Public Firms? The Role of Internal Capital Markets
We document a new channel through which a family business group's internal capital market supports its members. Using data from 44 countries, we provide...
Read moreBusiness Groups and Employment
Using a newly assembled 50 country firm-level database spanning 19 years, we document a “bright side” for employees of business group affiliated...
Read moreDo Business Groups Harm Capital Allocation Efficiency Outside the Business Group?
This study investigates whether business groups can harm the capital allocation efficiency of non-business group firms. From a sample of Korean firms...
Read moreRevisiting Executive Pay in Family-Controlled Firms: Family Premium in Large Business Groups
According to the prior literature, family executives of family-controlled firms receive lower compensation than non-family executives. One of the...
Read moreBusiness Groups in Canada: Their Rise and Fall, and Rise and Fall Again
Family-controlled pyramidal business groups were important in Canada early in the 20th century, amid rapid catch-up industrialization, but largely...
Read moreCommon Business Group Affiliation, Media Reporting, and Firm Real Effects
We examine whether common business group affiliation affects media reporting on firms and whether firms experience any real effects as a result. We find...
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