How Business Groups Finance Internal Capital Supports? The Roles of Group Firms External Financing and Risk-Taking Decisions
學年 112
學期 2
發表日期 2024-07-02
作品名稱 How Business Groups Finance Internal Capital Supports? The Roles of Group Firms External Financing and Risk-Taking Decisions
作品名稱（其他語言）
著者 Ching-Yuan Hsiao
作品所屬單位
出版者
會議名稱 Accounting and Finance Association of Australia and New Zealand (AFAANZ) Conference 2024
會議地點 Auckland, New Zealand
摘要 Our aim is to investigate how business groups source financial supports to less solvent members without compromising group-wide solvency. By examining the mediating roles of other group members’ financial decisions in relation to the effect of focal firm’s financial weakness on internal capital received by focal firm, we find that other group members raise external capital in response of focal firm’s financial weakness, and other members’ external financing further translates into internal capital transfer to focal firm. Moreover, some of our results suggest that other group members also reduce their asset risk-taking to conserve the capacity to provide internal capital to financially weak members. Collectively, our study reveals the interdependencies among focal firm’s financial weakness, other group members’ financial decisions, and internal capital transfer, which shed lights on group-wide solvency management practices.
關鍵字
語言 en
收錄於
會議性質 國際
校內研討會地點 無
研討會時間 20240702~20240702
通訊作者
國別 NZL
公開徵稿
出版型式
出處
相關連結

機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/126194 )