Determinants Of Corporate Debt Ownership Structure In Malaysia
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The Determinants of Corporate Debt Ownership Structure
Author | : Antonios Antoniou |
Publisher | : |
Total Pages | : 38 |
Release | : 2004 |
Genre | : |
ISBN | : |
This paper offers a comparative analysis of the determinants of the corporate debt ownership structure in a bank-oriented economy (Germany) and market-oriented economy (the UK). Using GMM estimators, we control for the problems of endogeneity, heteroscedasticity, normality, simultaneity and measurement errors that are common in firm-level panel data. The results show that the firms in both countries adjust their debt ownership structure towards their target levels - British firms being the swiftest. The findings confirm the validity of the liquidation and renegotiation hypothesis and the flotation cost hypothesis in both countries. However, the moral hazard and adverse selection hypothesis receives strong support in the UK but not in Germany. Moreover, the role of control factors (market related variables) in determining the choice of the lender is country dependent. Therefore, the debt ownership structure of a firm is influenced by both the firm-specific factors and the financial systems and corporate governance traditions in which the firm operates.
An Empirical Analysis of the Determinants of Corporate Debt Ownership Structure
Author | : Shane A. Johnson |
Publisher | : |
Total Pages | : |
Release | : 2011 |
Genre | : |
ISBN | : |
I examine the relation between corporate debt ownership structure and several firm characteristics suggested by recent theory. The results demonstrate the importance of monitoring and information costs, the likelihood and costs of inefficient liquidation, and borrowers' incentives in affecting firms' debt source preferences. Several theoretical predictions receive support, while others do not. The results also suggest important differences between bank and private nonbank debt, which contrasts with most theoretical models. Additionally, I find evidence of systematic use of bank debt by firms with access to public debt, suggesting the benefits attributed to bank debt in theoretical models remain important after firms gain access to public debt markets. Although different lenders appear to have different maturity preferences, the results also suggest debt maturity and debt ownership decisions may be separable.
Determinants of Corporate Debt Ownership Structure in an Emerging Economy
Author | : Saumitra N. Bhaduri |
Publisher | : |
Total Pages | : |
Release | : 2000 |
Genre | : |
ISBN | : |
The study investigate the relationship between debt ownership structure and various firm specific characteristics suggested by recent theories for an emerging economy, India, which is a unique hybrid of a market-based and a bank-oriented system. Bank debt use, which is also the predominant source of long-term borrowings in India, is negatively related to age, size, volatility of earning growth, leverage and positively related to the fixed asset ratio. These findings are consistent with the theoretical models that argue a positive association between bank debt use and high information and monitoring costs, less likelihood and cost of inefficient liquidation and high incentive to take actions harmful to the lender.
The Firm-specific Determinants of Corporate Debt Maturity
Author | : Amirali Moeini Chaghervand |
Publisher | : |
Total Pages | : 238 |
Release | : 2011 |
Genre | : Corporate debt |
ISBN | : |
The Determinants of Debt Ownership Structure - An Empirical Evidence
Author | : Sushil Kumar Mehta |
Publisher | : LAP Lambert Academic Publishing |
Total Pages | : 124 |
Release | : 2012 |
Genre | : |
ISBN | : 9783847378280 |
Determination of Debt / Equity ratio is an important aspect of Financial Management. The present study discusses this aspect in detail. It discusses about the various factors that decide the amount of debt in an organisation. Data relating to long term, short term and total debt along with various factors for large, medium and small capitalisation companies in India have been analyzed. Various research tools like descriptive statistics, correlation anlysis and multiple regression techniques have been used in analysis. The present study will be useful for the Finance Managers in companies. It will also be useful for the researchers who want to carry out research work in this area. The study will also benefit the Management Institutions as it adds to the already existing information in text books on Financial Management.
The Determinants of Corporate Debt Maturity Structure
Author | : Ewa J. Kleczyk |
Publisher | : |
Total Pages | : |
Release | : 2012 |
Genre | : Economics |
ISBN | : |
The Determinants of Corporate Debt Maturity Structure.
The Determinants of Debt Maturity Structure of Selected Malaysian Blue Chip Firms
Author | : Nor Basirah Abdul Rahim |
Publisher | : |
Total Pages | : 45 |
Release | : 2014 |
Genre | : Capital |
ISBN | : |