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

Halit Gonenc and Niels Hermes ()

Journal of Multinational Financial Management, 2008, vol. 18, issue 3, pages 261-275

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.

Date: 2008

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Persistent link: http://EconPapers.repec.org/RePEc:eee:mulfin:v:18:y:2008:i:3:p:261-275

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