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Doing it under the table

Descriptive

TitleInfo
Title
Doing it under the table
Name (type = personal)
NamePart (type = family)
Smith
NamePart (type = given)
Matthew Grady
NamePart (type = date)
1979-
DisplayForm
Matthew Smith
Role
RoleTerm (authority = RULIB)
author
Name (type = personal)
NamePart (type = family)
Feinberg
NamePart (type = given)
Susan
DisplayForm
Susan Feinberg
Affiliation
Advisory Committee
Role
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chair
Name (type = personal)
NamePart (type = family)
Gaur
NamePart (type = given)
Ajai
DisplayForm
Ajai Gaur
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Advisory Committee
Role
RoleTerm (authority = RULIB)
internal member
Name (type = personal)
NamePart (type = family)
Prusa
NamePart (type = given)
Tom
DisplayForm
Tom Prusa
Affiliation
Advisory Committee
Role
RoleTerm (authority = RULIB)
outside member
Name (type = personal)
NamePart (type = family)
Altshuler
NamePart (type = given)
Rosanne
DisplayForm
Rosanne Altshuler
Affiliation
Advisory Committee
Role
RoleTerm (authority = RULIB)
outside member
Name (type = corporate)
NamePart
Rutgers University
Role
RoleTerm (authority = RULIB)
degree grantor
Name (type = corporate)
NamePart
Graduate School - Newark
Role
RoleTerm (authority = RULIB)
school
TypeOfResource
Text
Genre (authority = marcgt)
theses
OriginInfo
DateCreated (qualifier = exact)
2012
DateOther (qualifier = exact); (type = degree)
2012-10
Place
PlaceTerm (type = code)
xx
Language
LanguageTerm (authority = ISO639-2b); (type = code)
eng
Abstract (type = abstract)
In developing economies, managers often choose to hide their firms' activities in the informal sector, beyond the reach of government officials. In this dissertation, I examine the factors that drive one widespread form of participation in the informal sector: the hiding or underreporting of sales. In the first study, I present a novel empirical strategy to estimate the extent of sales underreporting using readily available firm financial data. Applying this model to a sample of Indian manufacturing firms over the period from 1999 to 2007, I examine how sales underreporting is influenced by macroeconomic conditions and by the firm's institutional environment, including the regulatory burden and corruption. For robustness, I benchmark my estimates against the World Bank Enterprise Survey dataset for India, which includes data on managers' self-reported hidden sales. Comparison with the survey results provides broad support for the model. In the second essay, I explore the links between participation in the informal economy and corporate governance. In particular, I argue that unreported sales can be viewed simultaneously as expropriation of shareholders and as participation in the informal economy. Building on the corporate governance literature, I examine the relationship between informality and two corporate governance mechanisms: the concentration of ownership, and legal protection of minority investors. Using a dataset of 643 publicly listed firms in 14 countries, drawn from the World Bank Enterprise Surveys (WBES), I find that both ownership concentration and the quality of investor protection are important drivers of informality. In the third essay, I build on the previous two chapters, using the empirical model introduced in the first study to examine the relationship between corporate governance and unreported sales among Indian manufacturing firms. In particular, I examine how underreporting of sales is influenced by ownership concentration, cross-listing on US and European exchanges, and by business group affiliation. As in the cross-country study, I find that ownership concentration significantly influences unreported sales. I also find that cross-listed firms report a larger portion of their sales, consistent with the argument that cross-listing limits the ability of insiders to expropriate value from external investors. Finally, I find that business group affiliated firms engage in more extensive under-reporting of sales. Furthermore, ownership concentration and cross-listing have no influence on the behavior of group firms, suggesting that these governance mechanisms are insufficient to constrain the behavior of insiders of Indian business groups.
Subject (authority = RUETD)
Topic
Management
RelatedItem (type = host)
TitleInfo
Title
Rutgers University Electronic Theses and Dissertations
Identifier (type = RULIB)
ETD
Identifier
ETD_4312
PhysicalDescription
Form (authority = gmd)
electronic resource
InternetMediaType
application/pdf
InternetMediaType
text/xml
Extent
vii, 93 p. : ill.
Note (type = degree)
Ph.D.
Note (type = bibliography)
Includes bibliographical references
Note (type = vita)
Includes vita
Note (type = statement of responsibility)
by Matthew Grady Smith
Subject (authority = ETD-LCSH)
Topic
Manufacturing industries--India
Subject (authority = ETD-LCSH)
Topic
Manufacturing industries--Accounting
Subject (authority = ETD-LCSH)
Topic
Finance, Public--India
Subject (authority = ETD-LCSH)
Topic
Sales accounting--India
Identifier (type = hdl)
http://hdl.rutgers.edu/1782.1/rucore10002600001.ETD.000066587
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TitleInfo
Title
Graduate School - Newark Electronic Theses and Dissertations
Identifier (type = local)
rucore10002600001
Location
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NjNbRU
Identifier (type = doi)
doi:10.7282/T3HH6HW2
Genre (authority = ExL-Esploro)
ETD doctoral
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Rights

RightsDeclaration (ID = rulibRdec0006)
The author owns the copyright to this work.
RightsHolder (type = personal)
Name
FamilyName
Smith
GivenName
Matthew
Role
Copyright Holder
RightsEvent
Type
Permission or license
DateTime (encoding = w3cdtf); (qualifier = exact); (point = start)
2012-09-28 00:00:59
AssociatedEntity
Name
Matthew Smith
Role
Copyright holder
Affiliation
Rutgers University. Graduate School - Newark
AssociatedObject
Type
License
Name
Author Agreement License
Detail
I hereby grant to the Rutgers University Libraries and to my school the non-exclusive right to archive, reproduce and distribute my thesis or dissertation, in whole or in part, and/or my abstract, in whole or in part, in and from an electronic format, subject to the release date subsequently stipulated in this submittal form and approved by my school. I represent and stipulate that the thesis or dissertation and its abstract are my original work, that they do not infringe or violate any rights of others, and that I make these grants as the sole owner of the rights to my thesis or dissertation and its abstract. I represent that I have obtained written permissions, when necessary, from the owner(s) of each third party copyrighted matter to be included in my thesis or dissertation and will supply copies of such upon request by my school. I acknowledge that RU ETD and my school will not distribute my thesis or dissertation or its abstract if, in their reasonable judgment, they believe all such rights have not been secured. I acknowledge that I retain ownership rights to the copyright of my work. I also retain the right to use all or part of this thesis or dissertation in future works, such as articles or books.
Copyright
Status
Copyright protected
Availability
Status
Open
Reason
Permission or license
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