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.

	Text EOT Driffield Mahambare Pal 2007.pdf Restricted to Repository staff only Available under License : See the attached licence file. Download (199kB)
	Text (licence) SRI_deposit_agreement.pdf Restricted to Repository staff only Download (33kB)

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
Divisions :	Surrey research (other units)
Authors :	Pal, S, Driffield, N and Mahambare, V
Date :	2007
Depositing User :	Symplectic Elements
Date Deposited :	28 Mar 2017 14:43
Last Modified :	24 Jan 2020 11:43
URI:	http://epubs.surrey.ac.uk/id/eprint/590058

Actions (login required)

View Item

Downloads