I provide further evidence on the determinants of corporate capital structure by estimating a dynamic trade-off model of the firm that includes investment, leverage, and payout decisions. The structural model generates a leverage ratio that oscillates around a long-run, time-invariant level and...

This paper examines the effects of the pyramid inner ownership structure of companies on capital structure in an emerging market economy country. The author uses firm-level panel data of Chinese listed companies to analyze the effects of the inner structure of pyramid on capital structure, and...

This paper examines the relationship between capital structure and the inner structure of pyramid in an emerging market economy country. The author uses firm-level panel data of Chinese listed companies to analyze the influence of the inner structure of pyramid on capital structure and the...