Corporate Equity Ownership And The Governance of Product Market Relationships  

Oleh:

Hadlock, Charles J. ; Fee, C. Edward ; Thomas, Shawn

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 61 no. 3 (Jun. 2006), page 1217-1252.
Topik: equity; stocks; investment policy; studies; vendor supplier relations; correlation analysis; equity stake
Fulltext: p 1217.pdf (204.14KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

We assemble a sample of over 10.000 customer - supplier relationships and determine whether the customer owns equity in the supplier. We find that factory related to both contractual incompleteness and financial market frictions are important in the decision of a customer form to take an equity stake in their supplier. Evidence on the variation in the size of observed equity positions suggests that there are limits to the size of optimal owneship stakes in many relationships. Finally, we find that relationships accompanied by equity ownership last significantly longer than other relationships, suggesting that ownership aviods in bonding trading parties together.

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