institutional environments. The results indicate that the longer the layers of a pyramid structure, the stronger its "leverage … effect", as well as the ultimate owner’s motivation to expand debt financing. Thus the layers of pyramid structure have a …

deeply. His results show that the longer the layers of pyramid structure, the stronger the "leverage effect" of pyramid … structure, as well as the ultimate controllers' motivation to expand debt financing will be. So the layers of pyramid structure …

result of debt overhang, shareholders have incentives to resist reductions in leverage that make the remaining debt safer … combined value of the firm to shareholders and creditors. Moreover, debt overhang creates an "addiction" to leverage through a …We analyze shareholders' incentives to change the leverage of a firm that has already borrowed substantially. As a …

determining leverage ratios. More specially, we find that managerial ownership has a positive and significant impact on firms …' leverage, consistent with the incentive alignment hypothesis. We also find that managerial ownership only affects the leverage … decisions of private firms in the post-2005 split share reform period. State ownership negatively influence leverage decisions …

the relationship between state ownership and corporate leverage. Controlling for country-sector-year fixed effects and … conventional firm-level determinants of leverage, we show that state ownership is robustly and negatively related to corporate … leverage. This relationship holds across most of the firm-size distribution – with the important exception of the largest …

the relationship between state ownership and corporate leverage. Controlling for country-sector-year fixed effects and … conventional firm-level determinants of leverage, we show that state ownership is robustly and negatively related to corporate … leverage. This relationship holds across most of the firm-size distribution, with the important exception of the largest …

In this paper, we ask how firms’ optimal debt structure responds to a change in the bankruptcy regime. While existing … suggest that the high liquidation value PSB firms reduced their leverage relative to others after the reform compared to … before. On the other hand, the low liquidation value PSB firms increased their leverage. We further find that the relative …