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Insider Ownership and Industrial Competition: Causes and Consequences of Information Asymmetry

The study focuses on the causes and consequences of information asymmetry. Using a sample of 180 Malaysian manufacturing firms, the findings show that insiders and industrial competition contribute to the problem of information asymmetry. The presence of large shareholders as insiders in low competi... Full description

Journal Title: ASEAN economic bulletin 2010, Vol.27 (3), p.263-280
Main Author: Chu, Ei Yet
Other Authors: Song, Saw Imm
Format: Electronic Article Electronic Article
Language: English
Subjects:
Quelle: Alma/SFX Local Collection
Publisher: Institute of Southeast Asian Studies
ID: ISSN: 0217-4472
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recordid: cdi_proquest_miscellaneous_848681678
title: Insider Ownership and Industrial Competition: Causes and Consequences of Information Asymmetry
format: Article
creator:
  • Chu, Ei Yet
  • Song, Saw Imm
subjects:
  • Asymmetric information
  • Business structures
  • Competition
  • Competition (Economics)
  • Competitiveness
  • Corporate governance
  • Economic competition
  • Enterprises
  • Financial investments
  • Industrial concentration
  • Industrial concentration ratios
  • Industrial market
  • Information asymmetry
  • Insider trading in securities
  • Knowledge management
  • Laws, regulations and rules
  • Liquidity
  • Liquidity (Finance)
  • Malaysia
  • Manufacturing industry
  • Shareholders
  • Stock prices
  • Stock returns
  • Stockholders
ispartof: ASEAN economic bulletin, 2010, Vol.27 (3), p.263-280
description: The study focuses on the causes and consequences of information asymmetry. Using a sample of 180 Malaysian manufacturing firms, the findings show that insiders and industrial competition contribute to the problem of information asymmetry. The presence of large shareholders as insiders in low competitive industries further aggravates the problem. Although to a certain degree minority shareholders in low competitive industries also share some benefits of monopolistic rents, insiders are found to be accelerating information asymmetry to protect their personal interests, which subsequently cause share returns to diminish. Consequently, we found that the relationship between information asymmetry and share returns is negative. The findings show that insiders and industrial competition have implications for corporate governance and stock market liquidity policies.
language: eng
source: Alma/SFX Local Collection
identifier: ISSN: 0217-4472
fulltext: fulltext
issn:
  • 0217-4472
  • 1793-2831
url: Link


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descriptionThe study focuses on the causes and consequences of information asymmetry. Using a sample of 180 Malaysian manufacturing firms, the findings show that insiders and industrial competition contribute to the problem of information asymmetry. The presence of large shareholders as insiders in low competitive industries further aggravates the problem. Although to a certain degree minority shareholders in low competitive industries also share some benefits of monopolistic rents, insiders are found to be accelerating information asymmetry to protect their personal interests, which subsequently cause share returns to diminish. Consequently, we found that the relationship between information asymmetry and share returns is negative. The findings show that insiders and industrial competition have implications for corporate governance and stock market liquidity policies.
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subjectAsymmetric information ; Business structures ; Competition ; Competition (Economics) ; Competitiveness ; Corporate governance ; Economic competition ; Enterprises ; Financial investments ; Industrial concentration ; Industrial concentration ratios ; Industrial market ; Information asymmetry ; Insider trading in securities ; Knowledge management ; Laws, regulations and rules ; Liquidity ; Liquidity (Finance) ; Malaysia ; Manufacturing industry ; Shareholders ; Stock prices ; Stock returns ; Stockholders
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abstractThe study focuses on the causes and consequences of information asymmetry. Using a sample of 180 Malaysian manufacturing firms, the findings show that insiders and industrial competition contribute to the problem of information asymmetry. The presence of large shareholders as insiders in low competitive industries further aggravates the problem. Although to a certain degree minority shareholders in low competitive industries also share some benefits of monopolistic rents, insiders are found to be accelerating information asymmetry to protect their personal interests, which subsequently cause share returns to diminish. Consequently, we found that the relationship between information asymmetry and share returns is negative. The findings show that insiders and industrial competition have implications for corporate governance and stock market liquidity policies.
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tpages18