{"title":"Ownership Concentration and the Value Effect of Related Party Transactions","authors":"Yaron Amzaleg, Ronen Barak","doi":"10.2139/ssrn.1959557","DOIUrl":null,"url":null,"abstract":"We investigate 218 Related Party Transactions (RPTs) in Israel, an economy characterized by a high percentage of closely held firms, and identify a non-linear inverted U connection between the value effect of RPT and the level of firm ownership concentration. This non-linear connection is similar to the worldwide documented quadratic (inverted U) relation between ownership concentration and a firm's Tobin's Q. The relation becomes even stronger statistically, when we measure ownership concentration using a strategic power approach, in an attempt to identify the source of this puzzling connection.","PeriodicalId":306816,"journal":{"name":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2011-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"14","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Econometrics: Applied Econometric Modeling in Microeconomics eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.1959557","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 14
Abstract
We investigate 218 Related Party Transactions (RPTs) in Israel, an economy characterized by a high percentage of closely held firms, and identify a non-linear inverted U connection between the value effect of RPT and the level of firm ownership concentration. This non-linear connection is similar to the worldwide documented quadratic (inverted U) relation between ownership concentration and a firm's Tobin's Q. The relation becomes even stronger statistically, when we measure ownership concentration using a strategic power approach, in an attempt to identify the source of this puzzling connection.
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