Ebrahim, M. Shahid; Girma, Sourafel; Shah, M. Eskandar; … - In: International Review of Financial Analysis 31 (2014) C, pp. 117-128
This paper investigates the effect of political patronage on firms' capital structure. The evidence is from Malaysia, a country characterised by relationship-capitalism, and covers 1988 to 2009. Using a system GMM estimator we find firms set leverage targets and adjust towards them following...