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Business Groups in Emerging Markets -Financial Control and Sequential Investment

Hainz, Christa - William Davidson Institute <Ann Arbor, Mich.> - 2006

Business groups in emerging markets perform better than unaffiliatedfirms. One explanation is that business groups substitute some functions ofmissing institutions, for example, enforcing contracts. We investigate thisby setting up a model where firms within the business group are connectedto...

Persistent link: https://www.econbiz.de/10005861050

Technology spillovers, asset redeployability, and corporate financial policies

Nguyen, Phuong Anh; Kecskés, Ambrus - 2021

Prior research shows that technology spillovers across firms increase innovation, productivity, and value. We study how firms finance their own growth stimulated by technology spillovers from their technological peer firms. We find that greater technology spillovers lead to higher leverage. This...

Persistent link: https://www.econbiz.de/10012518201

The impact of corporate governance quality on capital structure choices : does national governance quality matter?

Nguyen, An; Tuan Nguyen; Phuong Hoang - In: Cogent economics & finance 10 (2022) 1, pp. 1-26

This research investigates the moderating effect of national governance quality on the corporate governance-capital structure decision relationship. Using an instrumental variable estimation technique to analyze a multinational dataset containing 23,142 firm-year observations of 3,270 firms in...

Persistent link: https://www.econbiz.de/10013454665

Benefits of Control, Capital Structure and Company Growth

Mueller, Elisabeth - 2005

This paper studies the influence of the private benefits of control on the capital structure and the growth of private companies. It is argued that companies in which existing owners would lose more control if they expanded, have smaller equity increases, are more highly levered and grow more...

Persistent link: https://www.econbiz.de/10010297463

Capital structure decisions in family firms: empirical evidence from a bank-based economy

Ampenberger, Markus; Schmid, Thomas; Achleitner, Ann-Kristin - 2009

the influence of three distinct components of a family firm: ownership, supervisory and management board activities by the …, management board involvement by the founding family has a consistently negative influence on leverage across all our models. In … shareholder with monitoring incentives and involved in firm management with convergence-of-interest effects. Finally, we detect …

Persistent link: https://www.econbiz.de/10010305690

Financing and Takeovers

Morellec, Erwan; Zhdanov, Alexei - Institut für Schweizerisches Bankwesen <Zürich> - 2006

This paper analyzes the interaction between financial leverage and takeover activity. We develop a dynamic model of takeovers in which the financing strategies of bidding firms and the timing and terms of takeovers are jointly determined. In the paper, capital structure plays the role of a...

Persistent link: https://www.econbiz.de/10005858240

ON THE RELEVANCE OF OWNERSHIP STRUCTURE IN DETERMINING THE MATURITY OF DEBT

Marchica, Maria-Teresa - Manchester Business School - 2008

I show that ownership by blockholding and board composition is an important determinant ofcorporate debt maturity structure. Using GMM methodology to control for the potential endogeneityof all regressors, I find a statistically and economically significant negative relation between...

Persistent link: https://www.econbiz.de/10005870604

Eine empirische Untersuchung zur Veräußerung von Konzernteilen an Private-Equity-Investoren

Balzer, Hermann; Brakmann, Heinrich; Dippel, Friedrich; … - Schmalenbach-Gesellschaft - Deutsche Gesellschaft für … - 2006

Der vorliegende Beitrag analysiert die Ausgestaltung der Desinvestition einer Konzerneinheit im Rahmen eines Buy Out an institutionelle Private-Equity-Investoren. Der Arbeitskreis Finanzierung der Schmalenbach-Gesellschaft hat dafür eine explorative empirischeUntersuchung von 33...

Persistent link: https://www.econbiz.de/10005864036

Finance, Control, and Profitability: The Influence of German Banks

Elston, Julie Ann; Chirinko, Robert S. - Max-Planck-Institut für Ökonomik <Jena> - 2003

Bank intermediated finance has been cited frequently as the preferred means for channeling funds from savers to firms. Germany is the prototypical economy where universal banks allegedly exert substantial influence over firms. Despite frequent assertions about the considerable power of German...

Persistent link: https://www.econbiz.de/10005865222

“Ownership Concentration, ‘Private Benefits of Control’and Debt Financing

Filatotchev, Igor; Mickiewicz, Tomasz - Centre for the Study of Economic and Social Change in … - 2001

Building on the ‘law and economics’ literature, this paper analyses corporategovernance implications of debt financing in an environment where a dominant owner isable to extract ex ante ‘private benefits of control’. Ownership concentration may result inlower efficiency, measured as a...

Persistent link: https://www.econbiz.de/10005868255

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