A Reexamination Of Tunneling And Business Groups: New Data And New Methods

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Executive Summary

The last decade of corporate governance research has been focused in large part on identifying what leads to superior or deficient corporate governance in emerging economies. The author proposes that firms' corporate governance and firms' strategic business activities within an industry are interlinked. By conducting a simultaneous economic analysis of business strategy and corporate governance, scholars can better discern the quality of a firm's governance. They look at one of the most rigorous extant methodologies for detecting "Tunneling," or efforts by firms' controlling owner managers to take money for themselves at the expense of minority shareholders.

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