Diversification Effects on Firm Value and Corporate Governance - Underlying Theories and Case Studies from Thailand
Sammanfattning: Agency cost of free cash flow is the most detrimental cost to a firm as it can engage firm in the misuse of capital or over-diversification, and could be so tremendous that deprives all the benefits of diversification, generates diversification discount, and destroys firm value. Corporate governance is a mechanism to safeguard the agency problems, hence, plays an important role to reduce value-destroying diversification strategies. However, corporate governance mechanisms in East Asia are different from those of developed countries due to the predominant agency conflicts between controlling and minority shareholders.
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