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The Dark Side of Internal Capital Markets: Divisional Rent‐Seeking and Inefficient Investment

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Cited by:

  1. Li, Xinyu & Wang, Huacheng & Li, Rong, 2023. "A hidden channel of “blood transfusion”: Internal capital market subsidies and zombie firms," The British Accounting Review, Elsevier, vol. 55(6).
  2. Charles A. Brown & Chris R. McNeil, 2008. "Internal capital market subsidies and industry downturns," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 48(3), pages 337-361, September.
  3. Zuriadah Ismail & Mohd Nazir Md Zabit & Mohamad Ali Roshidi Ahmad & Anuar Sarun & Sharul Effendy Janudin, 2017. "The Effect of Switching Business Focus on Share Returns Predictability," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 7(12), pages 25-38, December.
  4. Chang, Shao-Chi & Wang, Chi-Feng, 2007. "The effect of product diversification strategies on the relationship between international diversification and firm performance," Journal of World Business, Elsevier, vol. 42(1), pages 61-79, March.
  5. Domenico Scalera & Alberto Zazzaro, 2009. "Do Inter-Firm Networks Make Access to Finance Easier? Issues and Empirical Evidence," Mo.Fi.R. Working Papers 25, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
  6. Clarke, Jonathan E. & Fee, C. Edward & Thomas, Shawn, 2004. "Corporate diversification and asymmetric information: evidence from stock market trading characteristics," Journal of Corporate Finance, Elsevier, vol. 10(1), pages 105-129, January.
  7. Zhang, Shengling & Wu, Zihao & He, Yinan & Hao, Yu, 2022. "How does the green credit policy affect the technological innovation of enterprises? Evidence from China," Energy Economics, Elsevier, vol. 113(C).
  8. Maximilian Sturm & Stephan Nüesch, 2019. "Strong shareholder rights, internal capital allocation efficiency, and the moderating role of market competition and external financing needs," Review of Managerial Science, Springer, vol. 13(1), pages 93-111, February.
  9. Kim, Chansog Francis & Margetis, Speros & Pantzalis, Chris, 2009. "Financial sector diversification and MNC valuation," Journal of Multinational Financial Management, Elsevier, vol. 19(5), pages 343-354, December.
  10. Rui J. P. de Figueiredo, Jr. & Evan Rawley, 2011. "Skill, Luck, and the Multiproduct Firm: Evidence from Hedge Funds," Management Science, INFORMS, vol. 57(11), pages 1963-1978, November.
  11. Xavier Giroud & Holger M. Mueller, 2013. "Capital And Labor Reallocation Inside Firms," Working Papers 13-22, Center for Economic Studies, U.S. Census Bureau.
  12. Martin Goetz & Luc Laeven & Ross Levine, 2011. "The Valuation Effects of Geographic Diversification: Evidence from U.S. Banks," NBER Working Papers 17660, National Bureau of Economic Research, Inc.
  13. Bernardo, Antonio E & Luo, Jiang & Wang, James J.D., 2005. "A Theory of Socialistic Internal Capital Markets," University of California at Los Angeles, Anderson Graduate School of Management qt29x1966g, Anderson Graduate School of Management, UCLA.
  14. Frey, Rainer & Düwel, Cornelia, 2013. "Competition between foreign affiliates: Multinational banks internal funding in the crisis," VfS Annual Conference 2013 (Duesseldorf): Competition Policy and Regulation in a Global Economic Order 80013, Verein für Socialpolitik / German Economic Association.
  15. Adam B. Jaffe & Josh Lerner, 1999. "Privatizing R&D: Patent Policy and the Commercialization of National Laboratory Technologies," NBER Working Papers 7064, National Bureau of Economic Research, Inc.
  16. Joshua L. Krieger & Xuelin Li & Richard T. Thakor, 2022. "Find and Replace: R&D Investment Following the Erosion of Existing Products," Management Science, INFORMS, vol. 68(9), pages 6552-6571, September.
  17. Randall Morck, 2011. "Finance and Governance in Developing Economies," Annual Review of Financial Economics, Annual Reviews, vol. 3(1), pages 375-406, December.
  18. Axel Gautier & Malika Hamadi, 2005. "Internal Capital Market Efficiency of Belgian Holding Companies," Finance, Presses universitaires de Grenoble, vol. 26(2), pages 11-34.
  19. Jeremy Grant & Damien J. Neven, 2005. "The Attempted Merger Between General Electric And Honeywell: A Case Study Of Transatlantic Conflict," Journal of Competition Law and Economics, Oxford University Press, vol. 1(3), pages 595-633.
  20. Peter G. Klein & Robert Wuebker, 2020. "Corporate diversification and innovation: Managerial myopia or inefficient internal capital markets?," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 41(8), pages 1403-1416, December.
  21. McNeil, Chris R. & Moore, William T., 2005. "Dismantling internal capital markets via spinoff: effects on capital allocation efficiency and firm valuation," Journal of Corporate Finance, Elsevier, vol. 11(1-2), pages 253-275, March.
  22. Johnson Simon, 2002. "Coase and the Reform of Securities Markets," International Economic Journal, Taylor & Francis Journals, vol. 16(1), pages 1-19.
  23. Alexander Ljungqvist & Donghua Chen & Dequan Jiang & Haitian Lu & Mingming Zhou, 2015. "State Capitalism vs. Private Enterprise," NBER Working Papers 20930, National Bureau of Economic Research, Inc.
  24. John R. Busenbark & Matthew Semadeni & Mathias Arrfelt & Michael C. Withers, 2022. "Corporate‐level influences on internal capital allocation: The role of financial analyst performance projections," Strategic Management Journal, Wiley Blackwell, vol. 43(1), pages 180-209, January.
  25. Pertti Haaparanta & Tuuli Juurikkala & Olga Lazareva & Jukka Pirttila & Laura Solanko & Ekaterina Zhuravskaya, 2003. "Firms And Public Service Provision In Russia," Working Papers w0041, New Economic School (NES).
  26. Kilian Huber, 2021. "Are Bigger Banks Better? Firm-Level Evidence from Germany," Journal of Political Economy, University of Chicago Press, vol. 129(7), pages 2023-2066.
  27. Wei Huang & Hong Zhang & Abhinav Goyal & Jason Laws, 2019. "Internal capital market mergers in weak external market environment: An emerging market evidence," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 24(4), pages 1486-1505, October.
  28. Seru, Amit, 2014. "Firm boundaries matter: Evidence from conglomerates and R&D activity," Journal of Financial Economics, Elsevier, vol. 111(2), pages 381-405.
  29. Asmund Rygh & Gabriel R. G. Benito, 2018. "Capital Structure of Foreign Direct Investments: A Transaction Cost Analysis," Management International Review, Springer, vol. 58(3), pages 389-411, June.
  30. Schanz, Jochen, 2009. "How do different models of foreign exchange settlement influence the risks and benefits of global liquidity management?," Bank of England working papers 374, Bank of England.
  31. repec:ebl:ecbull:v:4:y:2004:i:13:p:1-10 is not listed on IDEAS
  32. Claessens, Stijn & Djankov, Simeon & Joseph P. H. Fan & Lang, Larry H. P., 1999. "Corporate diversification in East Asia : the role of ultimate ownership and group affiliation," Policy Research Working Paper Series 2089, The World Bank.
  33. Fier, Stephen G. & McCullough, Kathleen A. & Carson, James M., 2013. "Internal capital markets and the partial adjustment of leverage," Journal of Banking & Finance, Elsevier, vol. 37(3), pages 1029-1039.
  34. Emilie R. Feldman, 2016. "Corporate Spin-Offs and Capital Allocation Decisions," Strategy Science, INFORMS, vol. 1(4), pages 256-271, December.
  35. Becker Bo & Sivadasan Jagadeesh, 2010. "The Effect of Financial Development on the Investment-Cash Flow Relationship: Cross-Country Evidence from Europe," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 10(1), pages 1-49, May.
  36. Boutin, Xavier & Cestone, Giacinta & Fumagalli, Chiara & Pica, Giovanni & Serrano-Velarde, Nicolas, 2013. "The deep-pocket effect of internal capital markets," Journal of Financial Economics, Elsevier, vol. 109(1), pages 122-145.
  37. Andrei Shumilov & Natalya Volchkova, 2004. "Russian business groups: substitutes for missing institutions?," Working Papers w0050, New Economic School (NES).
  38. Felipe Balmaceda, 2009. "Mergers and CEO Power," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 165(3), pages 454-486, September.
  39. Bruce Carlin & Christopher Cotton & Raphael Boleslavsky, 2017. "Competing For Capital: Auditing And Credibility In Financial Reporting," Working Paper 1377, Economics Department, Queen's University.
  40. Raghuram Rajan & Henri Servaes & Luigi Zingales, 2000. "The Cost of Diversity: The Diversification Discount and Inefficient Investment," Journal of Finance, American Finance Association, vol. 55(1), pages 35-80, February.
  41. Mihir A. Desai & C. Fritz Foley, 2004. "The Comovement of Returns and Investment Within the Multinational Firm," NBER Working Papers 10785, National Bureau of Economic Research, Inc.
  42. Pavel Sevcik, 2015. "Financial Frictions, Internal Capital Markets, and the Organization of Production," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 18(3), pages 505-522, July.
  43. Florian El Mouaaouy & Jan Riepe, 2018. "Benford and the Internal Capital Market: A Useful Indicator of Managerial Engagement," German Economic Review, Verein für Socialpolitik, vol. 19(3), pages 309-329, August.
  44. Cortés, Kristle Romero & Strahan, Philip E., 2017. "Tracing out capital flows: How financially integrated banks respond to natural disasters," Journal of Financial Economics, Elsevier, vol. 125(1), pages 182-199.
  45. Feng, Yi & Nandy, Debarshi K. & Tian, Yisong S., 2015. "Executive compensation and the corporate spin-off decision," Journal of Economics and Business, Elsevier, vol. 77(C), pages 94-117.
  46. Raj Chetty & Emmanuel Saez, 2007. "An Agency Theory of Dividend Taxation," NBER Working Papers 13538, National Bureau of Economic Research, Inc.
  47. Claessens, Stijn & Fan, Joseph P.H. & Lang, Larry H.P., 2006. "The benefits and costs of group affiliation: Evidence from East Asia," Emerging Markets Review, Elsevier, vol. 7(1), pages 1-26, March.
  48. Chen, Sheng-Syan & Chen, I-Ju, 2012. "Corporate governance and capital allocations of diversified firms," Journal of Banking & Finance, Elsevier, vol. 36(2), pages 395-409.
  49. Alvaro Cuervo-Cazurra, 2006. "Business groups and their types," Asia Pacific Journal of Management, Springer, vol. 23(4), pages 419-437, December.
  50. M. Kabir Hassan & M. Sydul Karim & Tarun Mukherjee, 2023. "Does corporate diversification retrench the effects of firm‐level political risk?," The Financial Review, Eastern Finance Association, vol. 58(4), pages 663-702, November.
  51. Diemo Dietrich & Uwe Vollmer, 2010. "International Banking and Liquidity Allocation," Journal of Financial Services Research, Springer;Western Finance Association, vol. 37(1), pages 45-69, February.
  52. Irem Demirci & Piet Eichholtz & Erkan Yönder, 2020. "Corporate Diversification and the Cost of Debt," The Journal of Real Estate Finance and Economics, Springer, vol. 61(3), pages 316-368, October.
  53. Wen, Riguang & Wang, Siyi & Ouyang, Yingting, 2024. "Does the pricing of intra-group investment deviate from the market rule? Evidence from domestic merger and acquisition transactions under common control in China," International Review of Financial Analysis, Elsevier, vol. 91(C).
  54. Yasir Mehmood & Syed Amjad Farid Hasnu, "undated". "Investment-Cash Flow Sensitivity And Financing Constraints: A Study Of Pakistani Business Group Firms," Review of Socio - Economic Perspectives 202052, Reviewsep.
  55. Datta, Sudip & D'Mello, Ranjan & Iskandar-Datta, Mai, 2009. "Executive compensation and internal capital market efficiency," Journal of Financial Intermediation, Elsevier, vol. 18(2), pages 242-258, April.
  56. Axel GAUTIER & Florian HEIDER, 2001. "What do internal capital markets do ? Redistribution vs. incentives," LIDAM Discussion Papers IRES 2001015, Université catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES).
  57. Eisfeldt, Andrea L. & Rampini, Adriano A., 2008. "Managerial incentives, capital reallocation, and the business cycle," Journal of Financial Economics, Elsevier, vol. 87(1), pages 177-199, January.
  58. Marin, Dalia & Doerr, Sebastian & Suverato, Davide & Verdier, Thierry, 2020. "Mis-allocation Within Firms: Internal Finance and International Trade," CEPR Discussion Papers 14478, C.E.P.R. Discussion Papers.
  59. Adam V. Reed & Pedro A. C. Saffi & Edward D. Van Wesep, 2021. "Short-Sales Constraints and the Diversification Puzzle," Management Science, INFORMS, vol. 67(2), pages 1159-1182, February.
  60. Kolasinski, Adam C., 2009. "Subsidiary debt, capital structure and internal capital markets," Journal of Financial Economics, Elsevier, vol. 94(2), pages 327-343, November.
  61. Cardozo, Pamela & Morales-Acevedo, Paola & Murcia, Andrés & Rosado, Alejandra, 2022. "Does the geographical complexity of the Colombian financial conglomerates increase banks’ risk? The role of diversification, regulatory arbitrage, and funding costs," Journal of Banking & Finance, Elsevier, vol. 134(C).
  62. Kappen, Philip, 2011. "Competence-creating overlaps and subsidiary technological evolution in the multinational corporation," Research Policy, Elsevier, vol. 40(5), pages 673-686, June.
  63. Dey, Tania & Banerjee, Rajabrata, 2011. "Can Corporate Diversification Promote Firm Value? A Survey," MPRA Paper 28928, University Library of Munich, Germany.
  64. Duncan Simester & Juanjuan Zhang, 2014. "Why Do Salespeople Spend So Much Time Lobbying for Low Prices?," Marketing Science, INFORMS, vol. 33(6), pages 796-808, November.
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  66. Jianchao Fan & Jing Liu & Yinggang Zhou, 2021. "Investing like conglomerates: is diversification a blessing or curse for China's local governments?," BIS Working Papers 920, Bank for International Settlements.
  67. Qian, Xuesong & Kong, Dongmin & Du, Li, 2019. "Proximity, information, and loan pricing in internal capital markets: Evidence from China," China Economic Review, Elsevier, vol. 54(C), pages 434-456.
  68. Bing Han & David Hirshleifer & John C. Persons, 2009. "Promotion Tournaments and Capital Rationing," The Review of Financial Studies, Society for Financial Studies, vol. 22(1), pages 219-255, January.
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  84. Claude Francoeur & Alain Niyubahwe, 2009. "Sell‐offs, internal capital markets, and long run performance: Canadian evidence," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 5(4), pages 376-390, September.
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