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Ferreting out Tunneling: An Application to Indian Business Groups
Open accessAbstract
Owners of business groups are often accused of expropriating minority shareholders by tunneling resources from firms where they have low cash flow rights to firms where they have high cash flow rights. In this paper we propose a general methodology to measure the extent of tunneling activities. The methodology rests on isolating and then testing the distinctive implications of the tunneling hypothesis for the propagation of earnings shocks across firms within a group. When we apply our methodology to data on Indian business groups, we find a significant amount of tunneling, much of it occurring via nonoperating components of profit.
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Cites
The separation of ownership and control in East Asian Corporations
Claessens, S., Djankov, S., & Lang, L. H. P. (2000) · Journal of Financial Economics · doi:10.1016/s0304-405x(00)00067-2 · Cited by 5,754
Investor protection and equity markets
Shleifer, A., & Wolfenzon, D. (2002) · Journal of Financial Economics · doi:10.1016/s0304-405x(02)00149-6 · Cited by 1,077
Cited by
Strategy Research in Emerging Economies: Challenging the Conventional Wisdom*
Wright, M., Filatotchev, I., Hoskisson, R. E., & Peng, M. W. (2005) · Journal of Management Studies · doi:10.1111/j.1467-6486.2005.00487.x · Cited by 1,843
Dominant shareholders, corporate boards, and corporate value: A cross-country analysis
Dahya, J., Dimitrov, O., & McConnell, J. J. (2008) · Journal of Financial Economics · doi:10.1016/j.jfineco.2006.10.005 · Cited by 659
OWNERSHIP STRUCTURE, EXPROPRIATION, AND PERFORMANCE OF GROUP-AFFILIATED COMPANIES IN KOREA.
Chang, S. J. (2003) · Academy of Management Journal · doi:10.2307/30040617 · Cited by 550
Masulis, R. W., Pham, P. K., & Zein, J. (2011) · Review of Financial Studies · doi:10.1093/rfs/hhr052 · Cited by 523
MANCHIRAJU, H., & RAJGOPAL, S. (2017) · Journal of Accounting Research · doi:10.1111/1475-679x.12174 · Cited by 440
Metadata
- Authors
- Bertrand, M., Mehta, P., & Mullainathan, S.
- Venue
- The Quarterly Journal of Economics
- Publisher
- Oxford University Press (OUP)
- Published
- 2002-02-01
- Volume
- 117
- Issue
- 1
- Pages
- 121-148
- ISSN
- 0033-5533 (ISSN-L)
- 1531-4650
- OpenAlex
- W2115927074
- Cited by
- 1,674
- References
- 2
- FWCI
- 135.61
- Type
- journal article
- Language
- en
- Open access
- green
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- Bertrand, M., Mehta, P., & Mullainathan, S. (2002). Ferreting out Tunneling: An Application to Indian Business Groups. The Quarterly Journal of Economics. https://doi.org/10.1162/003355302753399463
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
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