Pyramidal ownership and the creation of new firms

• 成果类型: Article
• 署名作者: Bena, Jan; Ortiz-Molina, Hernan
• 署名单位: University of British Columbia
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2013.01.009
• 发表日期: 2013
• 页码: 798-821
• 关键词: Ownership pyramids; Parent companies; STARTUPS; New firms; Access to capital

摘要

We study the role of pyramidal ownership structures in the creation of new firms. Our results suggest that pyramids arise because they provide a financing advantage in setting up new firms when the pledgeability of cash flows to outside financiers is limited. Parent companies supply inside funds to new firms that, due to large investment requirements and low pledgeable cash flows, cannot raise enough external financing. The financing advantage of pyramidal structures is pervasive in many countries, exists regardless of whether new firms are set up by business groups or by smaller organizations, and is an important underpinning of entrepreneurial activity. (C) 2013 Elsevier B.V. All rights reserved.