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How does ownership structure affect capital structure and firm value?

Pal, S, Driffield, N and Mahambare, V (2007) How does ownership structure affect capital structure and firm value? The Economics of Transition.

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Abstract

The present paper examines the effects of ownership structures on capital structure and firm valuation. It argues that the effects of separation of control from cash flow rights on capital structure and firm value also depend on the separation of control from management as well as on legal rules and enforcement defining investors’ protection. We obtain firm-level panel data (three stage least squares, 3SLS) estimates from four of the East Asian countries worst affected by the last crisis. There is evidence that the general wisdom that higher control than cash flow rights may lower firm value may be reversed among owner-managed family firms in the sample countries.

Item Type: Article
Authors :
NameEmailORCID
Pal, SUNSPECIFIEDUNSPECIFIED
Driffield, NUNSPECIFIEDUNSPECIFIED
Mahambare, VUNSPECIFIEDUNSPECIFIED
Date : 2007
Depositing User : Symplectic Elements
Date Deposited : 28 Mar 2017 14:43
Last Modified : 31 Oct 2017 14:37
URI: http://epubs.surrey.ac.uk/id/eprint/590058

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