Ownership structure and corporate financing

References

• Abor , J . 2007 . Corporate governance and financing decisions of Ghanaian listed firms . Corporate Governance , 7 : 84 – 92 .
   Google Scholar
• Agrawal , A and Nagarajan , N . 1990 . Corporate capital structure, agency costs and ownership control: the case of all-equity firms . Journal of Finance , 45 : 1325 – 31 .
   Web of Science ®Google Scholar
• Barclay , M and Smith , C . 2005 . The capital structure puzzle: the evidence revisited . Journal of Applied Corporate Finance , 17 : 8 – 17 .
   Google Scholar
• Baskin , JB . 1989 . An empirical investigation of the pecking order hypothesis . Financial Management , 18 : 26 – 35 .
   Web of Science ®Google Scholar
• Bathala , CT , Moon , KP and Rao , RP . 1994 . Managerial ownership, debt policy and the impact of institutional holdings: an agency perspective . Financial Management , 23 : 38 – 50 .
   Web of Science ®Google Scholar
• Bennett , M and Donnelly , R . 1993 . The determinants of capital structure: some UK evidence . British Accounting Review , 25 : 43 – 59 .
   Google Scholar
• Berger , P , Ofek , E and Yermak , D . 1997 . Managerial entrenchment and capital structure decisions . Journal of Finance , 52 : 1411 – 38 .
   Web of Science ®Google Scholar
• Bethel , J , Liebiskind , J and Opler , T . 1998 . Block share purchases and corporate performance . Journal of Finance , 53 : 605 – 35 .
   Web of Science ®Google Scholar
• Bevan , A and Danbolt , J . 2002 . Capital structure and its determinants in the United Kingdom–a decompositional analysis . Applied Financial Economics , 12 : 159 – 70 .
   Google Scholar
• Booth , L , Aivazian , V , Demirguc-Kunt , A and Maksimovic , V . 2001 . Capital structures in developing countries . Journal of Finance , 56 : 87 – 130 .
   Web of Science ®Google Scholar
• Bradley , M , Jarrell , GA and Kim , EH . 1984 . On the existence of an optimal capital structure . Journal of Finance , 39 : 857 – 78 .
   Web of Science ®Google Scholar
• Brailsford , T , Oliver , B and Pua , S . 2002 . The relationship between ownership structure and capital structure . Accounting and Finance , 42 : 1 – 26 .
   Google Scholar
• Bunkanwanicha , P , Gupta , J and Rokhim , R . 2008 . Debt and entrenchment: evidence from Thailand and Indonesia . European Journal of Operational Research , 185 : 1578 – 95 .
   Web of Science ®Google Scholar
• Chen , J . 2004 . Determinants of capital structure of Chinese-listed companies . Journal of Business Research , 57 : 1341 – 51 .
   Web of Science ®Google Scholar
• Chen , C and Steiner , T . 1999 . Managerial ownership and conflicts: a nonlinear simultaneous equation analysis of managerial ownership, risk taking, debt policy and dividend policy . Financial Review , 34 : 119 – 36 .
   Google Scholar
• Chen , J and Strange , R . 2005 . The determinants of capital structure: evidence from Chinese listed companies . Economic Change and Restructuring , 38 : 11 – 35 .
   Google Scholar
• Colombo , E . 2001 . Determinants of corporate capital structure: evidence from Hungarian firms . Applied Economics , 33 : 1689 – 701 .
   Web of Science ®Google Scholar
• Crutchley , CE , Jensen , MRH , Jahera , JS and Raymond , JE . 1999 . Agency problems and the simultaneity of financial decision making: the role of institutional ownership . International Review of Financial Analysis , 8 : 177 – 97 .
   Google Scholar
• DeAngelo , H and Masulis , R . 1980 . Optimal capital structure under corporate and personal taxation . Journal of Financial Economics , 8 : 3 – 29 .
   Web of Science ®Google Scholar
• Drobetz , W and Wanzenried , G . 2006 . What determines the speed of adjustment to the target capital structure? . Applied Financial Economics , 16 : 941 – 58 .
   Google Scholar
• Du , J and Dai , Y . 2005 . Ultimate corporate ownership structures and capital structures: evidence from East Asian economies . Corporate Governance: An International Review , 13 : 60 – 71 .
   Web of Science ®Google Scholar
• Firth , M . 1995 . The impact of institutional stockholders and managerial interests on the capital structures of firms . Managerial and Decision Economics , 16 : 167 – 75 .
   Google Scholar
• Fosberg , RH . 2004 . Agency problems and debt financing: leadership structure effects . Corporate Governance, International Journal of Business in Society , 4 : 31 – 8 .
   Google Scholar
• Frank , MZ and Goyal , VK . 2003 . Testing the pecking order theory of capital structure . Journal of Financial Economics , 67 : 217 – 48 .
   Web of Science ®Google Scholar
• Friend , I and Hasbrouck , J . 1988 . Determinants of capital structure . Research in Finance , 7 : 1 – 19 .
   Google Scholar
• Friend , I and Lang , L . 1988 . An empirical test of the impact of managerial self-interest on corporate capital structure . Journal of Finance , 423 : 271 – 81 .
   Google Scholar
• Gaud , P , Jani , E , Hoesli , M and Bender , A . 2005 . The capital structure of Swiss companies: an empirical analysis using dynamic panel data . European Financial Management , 11 : 51 – 69 .
   Web of Science ®Google Scholar
• Gillan , S and Starks , L . 2000 . Relationship investing and shareholder activism by institutional investors . Journal of Financial Economics , 57 : 275 – 305 .
   Web of Science ®Google Scholar
• Hardjopranoto , W . 2006 . Interdependent analysis of leverage, dividends and marginal ownership policies: agency perspectives . Gadjah Mada International Journal of Business , 8 : 179 – 99 .
   Google Scholar
• Harris , M and Raviv , A . 1990 . Capital structure and the information role of debt . Journal of Finance , 46 : 321 – 45 .
   Web of Science ®Google Scholar
• Hartzell , JC and Starks , LT . 2003 . Institutional investors and executive compensation . Journal of Finance , 58 : 2351 – 75 .
   Web of Science ®Google Scholar
• Huang , G and Song , FM . 2006 . The determinants of capital structure: evidence from China . China Economic Review , 17 : 14 – 36 .
   Web of Science ®Google Scholar
• Jensen , M . 1986 . Agency costs of free cash flow, corporate finance, and takeovers . American Economic Review , 76 : 323 – 9 .
   Web of Science ®Google Scholar
• Jensen , MC and Meckling , WH . 1976 . Theory of the firm: managerial behavior, agency costs and capital structure . Journal of Financial Economics , 3 : 305 – 60 .
   Web of Science ®Google Scholar
• Jensen , GR , Solberg , DP and Zorn , TS . 1992 . Simultaneous determination of insider ownership, debt and dividend policies . Journal of Financial and Quantitative Analysis , 27 : 247 – 63 .
   Web of Science ®Google Scholar
• Joher , H , Ali , M and Nasrul , N . 2006 . The impact of ownership structure on corporate debt policy: two stage least square simultaneous model approach for post crisis period: evidence from Kuala Lumpur stock exchange . International Business and Economics Research Journal , 5 : 54 – 61 .
   Google Scholar
• Kennedy , P . 1998 . A Guide to Econometrics , Oxford : Blackwell .
   Google Scholar
• Kim , WS and Sorenson , EH . 1986 . Evidence on the impact of the agency costs of debt on corporate debt policy . Journal of Financial and Quantitative Analysis , 21 : 131 – 44 .
   Web of Science ®Google Scholar
• Kremp , E , Stöss , E and Gerdesmeier , D . 1999 . “ Estimation of a debt function: evidence form French and German firm panel data ” . In Corporate Finance in Germany and France , Edited by: Sauvé , A and Scheuer , M . 139 – 94 . Frankfurt-am-Main and Paris : Deutsche Bundesbank and Banque de France .
   Google Scholar
• Kyereboah-Coleman , A and Biekpe , N . 2006 . Corporate governance and financing choices of the firm: a panel data analysis . South African Journal of Economics , 74 : 670 – 81 .
   Web of Science ®Google Scholar
• Lee , K and Yeo , G . 2007 . “ Capital structure in Asia and CEO ” . Working Paper Singapore : Nanyang Technological University .
   Google Scholar
• MacKay , P and Philips , GM . 2005 . How does industry affect firm financial structure? . Review of Financial Studies , 18 : 1433 – 66 .
   Web of Science ®Google Scholar
• Mazur , K . 2007 . The determinants of capital structure choice: evidence from Polish companies . International Advances in Economic Research , 13 : 495 – 514 .
   Google Scholar
• McConnell , J and Servaes , H . 1995 . Equity ownership and two faces of debt . Journal of Financial Economics , 39 : 131 – 57 .
   Web of Science ®Google Scholar
• Mehran , H . 1992 . Executive incentive plans, corporate control, and capital structure . Journal of Financial and Quantitative Analysis , 27 : 539 – 60 .
   Web of Science ®Google Scholar
• Menéndez-Alonso , EJ and Gómez-Ansón , S . 2003 . Corporate control and capital structure choice in a French-civil law country . Spanish Journal of Finance and Accounting , 115 : 256 – 89 .
   Google Scholar
• Moh’d , M , Perry , L and Rimbey , J . 1998 . The impact of ownership structure on corporate debt policy: a time-series cross sectional analysis . Financial Review , 33 : 85 – 98 .
   Google Scholar
• Moon , D and Tandon , K . 2007 . The influence of growth opportunities on the relationship between equity ownership and leverage . Review of Quantitative Finance and Accounting , 29 : 339 – 51 .
   Google Scholar
• Morellec , E , Nikolov , B and Schürhoff , N . 2008 . “ Dynamic capital structure under managerial entrenchment: evidence from a structural estimation ” . Working Paper Switzerland : University of Lausanne .
   Google Scholar
• Myers , S . 1977 . Determinants of corporate borrowing . Journal of Financial Economics , 5 : 147 – 75 .
   Web of Science ®Google Scholar
• Myers , SC and Majluf , NS . 1984 . Corporate financing and investment decisions when firms have information that investors do not have . Journal of Financial Economics , 13 : 187 – 221 .
   Web of Science ®Google Scholar
• Novaes , W and Zingales , L . 1995 . “ Capital structure choice when managers are in control: entrenchment versus efficiency ” . NBER Working Paper No. 5384
   Google Scholar
• Ooi , J . 2000 . Managerial opportunism and the capital structure decisions of property companies . Journal of Property Investment and Finance , 18 : 316 – 31 .
   Google Scholar
• Pandey , IM . 2001 . “ Capital structure and the firm characteristics: evidence from an emerging market ” . Working Paper No. 201-10-04 Ahmedabad : Indian Institute of Management .
   Google Scholar
• Pound , J . 1988 . Proxy contests and the efficiency of shareholder oversight . Journal of Financial Economics , 20 : 237 – 65 .
   Web of Science ®Google Scholar
• Qian , Y , Tian , Y and Wirjanto , T . 2007 . “ An empirical investigation into the capital-structure determinants of publicly listed Chinese companies: a static analysis ” . Working Paper No. 964259 Social Science Research Network (SSRN) .
   Google Scholar
• Rajan , RG and Zingales , L . 1995 . What do we know about capital structure? Some evidence from international data . Journal of Finance , 50 : 1421 – 60 .
   Web of Science ®Google Scholar
• Robert , S and Yuan , L . 2006 . Does institutional ownership affect the cost of bank borrowing? , Working Paper No. 930138 Social Science Research Network (SSRN) .
   Google Scholar
• Shleifer , A and Vishny , RW . 1986 . Large shareholders and corporate control . Journal of Political Economy , 94 : 461 – 88 .
   Web of Science ®Google Scholar
• Short , H , Kease , K and Duxbury , D . 2002 . Capital structure, management ownership and large external shareholders: a UK analysis . International Journal of the Economics and Business , 9 : 375 – 99 .
   Google Scholar
• Stulz , R . 1988 . Managerial control of voting rights: financing policies and the market for corporate control . Journal of Financial Economics , 20 : 25 – 54 .
   Web of Science ®Google Scholar
• Titman , S and Wessels , R . 1988 . The determinants of capital structure choice . Journal of Finance , 43 : 1 – 19 .
   Web of Science ®Google Scholar
• Yu , D and Aquino , R . 2009 . Testing capital structure models on Philippine listed firms . Applied Economics , 41 : 1973 – 90 .
   Web of Science ®Google Scholar
• Zeckhauser , RJ and Pound , J . 1990 . “ Are large shareholders effective monitors? An investigation of share ownership and corporate performance ” . In Asymmetric Information, Corporate Finance and Investment , Edited by: Hubbard , RG . 149 – 80 . Chicago, IL, , USA : University of Chicago Press .
   Google Scholar