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Coinsurance Within Business Groups: Evidence from Related Party Transactions in an Emerging Market
Abstract
Using novel transaction-level data on Chinese business groups, this study provides the first direct evidence of the coinsurance theory of business groups by investigating when different types of internal resources are transferred within a business group. We find that in Chinese business groups, a credit crunch experienced by the controlling shareholding firm (the “controller”) of a publicly listed firm increases the loan-based related party transactions (RPTs) including loan guarantees and intercorporate loans provided by the listed firm to the controller. In turn, when the listed firm's performance dips, the controller and its son firms provide more support to the listed firm in the form of non-loan-based RPTs. These findings directly show the dynamic interactions of members within business groups. This paper was accepted by Bruno Cassiman, business strategy.
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How Much Should We Trust Differences-in-Differences Estimates?
Bertrand, M., Duflo, E., & Mullainathan, S. (2004) · The Quarterly Journal of Economics · doi:10.1162/003355304772839588 · Cited by 10,641
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
Managerial control of voting rights
Stulz, R. (1988) · Journal of Financial Economics · doi:10.1016/0304-405x(88)90039-6 · Cited by 2,429
Institutions, ownership, and finance: the determinants of profit reinvestment among Chinese firms
CULL, R., & XU, L. (2005) · Journal of Financial Economics · doi:10.1016/j.jfineco.2004.05.010 · Cited by 1,023
Cited by
Corporate Governance in China: A Survey
Jiang, F., & Kim, K. A. (2020) · Review of Finance · doi:10.1093/rof/rfaa012 · Cited by 815
The Dynamics of Political Embeddedness in China
Haveman, H. A., Jia, N., Shi, J., & Wang, Y. (2017) · Administrative Science Quarterly · doi:10.1177/0001839216657311 · Cited by 465
Self-citation
Metadata
- Authors
- Jia, N., Shi, J., & Wang, Y.
- Venue
- Management Science
- Published
- 2013-10
- Volume
- 59
- Issue
- 10
- Pages
- 2295-2313
- ISSN
- 0025-1909 (ISSN-L)
- 1526-5501
- OpenAlex
- W3125892526
- Cited by
- 177
- References
- 4
- FWCI
- 16.92
- Type
- journal article
- Language
- en
- Open access
- closed
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
