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Propping: Evidence from new share issues of Turkish business group firms

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  • Gonenc, Halit
  • Hermes, Niels

Abstract

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.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Multinational Financial Management.

Volume (Year): 18 (2008)
Issue (Month): 3 (July)
Pages: 261-275

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Handle: RePEc:eee:mulfin:v:18:y:2008:i:3:p:261-275

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Web page: http://www.elsevier.com/locate/mulfin

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Cited by:
  1. 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.
  2. Fernando Lefort & Rodrigo Gonzalez, 2011. "Holding Company Discounts and Business Groups Optimal Bailout of Subsidiaries," Working Papers 34, Facultad de Economía y Empresa, Universidad Diego Portales.
  3. Mario García Molina, 2010. "Crisis Y Diversificación De Los Grupos Empresariales Colombianos A Finales De Los Noventa," DOCUMENTOS DE TRABAJO - ESCUELA DE ECONOMÍA 007571, UN - RCE - CID.

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