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Do Greater Shareholder Voting Rights Reduce Expropriation? Evidence from Related Party Transactions.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Do Greater Shareholder Voting Rights Reduce Expropriation? Evidence from Related Party Transactions./
Author:	Li, Nan.
Description:	1 online resource (80 pages)
Notes:	Source: Dissertation Abstracts International, Volume: 79-09(E), Section: A.
Contained By:	Dissertation Abstracts International79-09A(E).
Subject:	Accounting. -
Online resource:	click for full text (PQDT)
ISBN:	9780355916195

Do Greater Shareholder Voting Rights Reduce Expropriation? Evidence from Related Party Transactions.
Li, Nan.

Do Greater Shareholder Voting Rights Reduce Expropriation? Evidence from Related Party Transactions. - 1 online resource (80 pages)

Source: Dissertation Abstracts International, Volume: 79-09(E), Section: A.

Thesis (Ph.D.)--Columbia University, 2018.

Includes bibliographical references

In the presence of business groups, the expropriation through related party transactions (RPTs) is common and costly to minority shareholders. At the same time, it is well recognized that RPTs can help firms overcome market shortcomings. Using the setting of India's RPT voting rule, I find that a mandatory and binding shareholder voting mechanism helps filter out expropriation. Minority shareholders actively raise their voice against RPT resolutions, resulting in substantial shareholder dissent. My difference-in-difference analysis reveals that shareholder voting has a significant deterrence effect on RPT volume, especially on financial RPTs. I also find that stock prices react positively to news signaling the passage of the voting rule, and that the association between firm profitability and RPT increases following rule's adoption, suggesting that rule has a positive effect on shareholder value. Lastly, I show that mandatory RPT voting makes Indian firms more attractive to foreign institutional investors.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9780355916195Subjects--Topical Terms:

561166
Accounting.
Index Terms--Genre/Form:

554714
Electronic books.

Do Greater Shareholder Voting Rights Reduce Expropriation? Evidence from Related Party Transactions.
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500 $a Source: Dissertation Abstracts International, Volume: 79-09(E), Section: A.
500 $a Advisers: Shivaram Rajgopal; Fabrizio Ferri.
502 $a Thesis (Ph.D.)--Columbia University, 2018.
504 $a Includes bibliographical references
520 $a In the presence of business groups, the expropriation through related party transactions (RPTs) is common and costly to minority shareholders. At the same time, it is well recognized that RPTs can help firms overcome market shortcomings. Using the setting of India's RPT voting rule, I find that a mandatory and binding shareholder voting mechanism helps filter out expropriation. Minority shareholders actively raise their voice against RPT resolutions, resulting in substantial shareholder dissent. My difference-in-difference analysis reveals that shareholder voting has a significant deterrence effect on RPT volume, especially on financial RPTs. I also find that stock prices react positively to news signaling the passage of the voting rule, and that the association between firm profitability and RPT increases following rule's adoption, suggesting that rule has a positive effect on shareholder value. Lastly, I show that mandatory RPT voting makes Indian firms more attractive to foreign institutional investors.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Accounting. $3 561166
650 4 $a Finance. $3 559073
650 4 $a Economics. $3 555568
655 7 $a Electronic books. $2 local $3 554714
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690 $a 0508
690 $a 0501
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710 2 $a Columbia University. $b Business. $3 1179075
773 0 $t Dissertation Abstracts International $g 79-09A(E).
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