Article (Scientific journals)
Internal Capital Market Efficiency of Belgian Holding Companies
Gautier, Axel; Hamadi, Malika
2005In Finance, 26 (2), p. 11-34
Peer reviewed
 

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Keywords :
Investment; Internal capital market; Holding
Abstract :
[en] In this paper, we raise the following two questions. (1) Do Belgian holding companies operate an internal capital market to transfer financial resources amongst their subsidiaries? And if yes, (2) is the internal capital market efficient? To answer the first question, we check if group cash flow is a determinant of the group members investment spending. The answer is positive if the holding company’s subsidiary is affiliated to a coordination center and negative otherwise. To answer the second question, we evaluate if internal transfers are driven by efficiency. From our estimations, we cannot conclude that Belgian Holding companies have an efficient internal capital market.
Disciplines :
Finance
Author, co-author :
Gautier, Axel  ;  Université de Liège - ULiège > HEC-Ecole de gestion : UER > Economie industrielle
Hamadi, Malika
Language :
English
Title :
Internal Capital Market Efficiency of Belgian Holding Companies
Publication date :
2005
Journal title :
Finance
ISSN :
0752-6180
eISSN :
2101-0145
Publisher :
Presses Universitaires de Grenoble
Volume :
26
Issue :
2
Pages :
11-34
Peer reviewed :
Peer reviewed
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since 13 January 2010

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