Utilize este identificador para referenciar este registo:
http://hdl.handle.net/10071/20358
Autoria: | Lopes, A. I. Lourenço, I. Soliman, M. T. Branco, M. |
Data: | 2021 |
Título próprio: | Is the relation between non-controlling interests and parent companies misleading? |
Volume: | 46 |
Número: | 1 |
Paginação: | 24 - 50 |
ISSN: | 0312-8962 |
DOI (Digital Object Identifier): | 10.1177/0312896219896388 |
Palavras-chave: | Institutional characteristics Investor protection Legal origin Non-controlling interests Parent companies Value rele |
Resumo: | This article investigates whether different levels of investor protection affect the equity market’s valuation of non-controlling interests (NCIs) in a consolidated corporate entity. Using a set of publicly listed European firms, our findings suggest a positive (negative) association of NCIs with parent companies’ share prices in countries with low (high) levels of investor protection. We interpret the findings as evidence that when non-controlling investors are not well-protected, parent companies have an opportunity to extract rents from non-controlling owners, leading to a positive valuation of NCIs’ equity. However, in countries where non-controlling investors are well-protected, parent companies are not able to extract rents but still must monitor and govern the related subsidiary; thus, NCIs become a net cost, and the relation inverts. |
Arbitragem científica: | yes |
Acesso: | Acesso Aberto |
Aparece nas coleções: | BRU-RI - Artigos em revistas científicas internacionais com arbitragem científica |
Ficheiros deste registo:
Ficheiro | Descrição | Tamanho | Formato | |
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article_65737.pdf | Pós-print | 1,18 MB | Adobe PDF | Ver/Abrir |
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