Family Ownership and Exchange Rate Exposure: New Evidence from India

Sikarwar, Ekta (2016) Family Ownership and Exchange Rate Exposure: New Evidence from India. TAPMI, Manipal, Manipal.

TWP126_1608_EktaS_Family ownership and exposure.pdf

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This paper provides new evidence on the relationship between family ownership and exchange rate exposure. For a sample of 651 Indian firms over the period from 2001 to 2013, we find a significant non-monotonic cubic relationship. Exchange rate exposure increases with family ownership at low and high levels (as a result of the entrenchment or expropriation effect) and decreases with family ownership at intermediate levels (as a consequence of the convergence-of-interest or monitoring effect). The study has important theoretical and practical implications.

Item Type: TAPMI Working Papers
Uncontrolled Keywords: Exchange rate exposure, family ownership, India
Subjects: Finance > Financial Economics
Divisions: Finance and Strategy
Depositing User: Ms. Vanitha K
Date Deposited: 29 Oct 2018 09:20
Last Modified: 29 Oct 2018 09:20

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