Propping: Evidence from new share issues of Turkish business group firms
This article investigates propping in Turkish business group firms for the period 1991-2003. We claim that patterns in the use of offering cash rights share issues may indicate that controlling shareholders prop up funds in firms. The results of our empirical analysis provide indicative evidence for the existence of propping during the period 1991-1999, which was a period of moderate negative growth.
Year of publication: |
2008
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Authors: | Gonenc, Halit ; Hermes, Niels |
Published in: |
Journal of Multinational Financial Management. - Elsevier, ISSN 1042-444X. - Vol. 18.2008, 3, p. 261-275
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Publisher: |
Elsevier |
Saved in:
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