We examine how owners’ portfolio diversification influences their firms’ financial decision-making and performance. We find that firms with high local ownership use less leverage, but firms with local ownership by locally biased owners use higher debt levels relative to firms with...

Does state ownership hinder or help firms access credit? We use data on almost 4 million firms in 89 countries to study the relationship between state ownership and corporate leverage. Controlling for country-sector-year fixed effects and conventional firm-level determinants of leverage, we show...

Does state ownership hinder or help firms access credit? We use data on almost 4 million firms in 89 countries to study the relationship between state ownership and corporate leverage. Controlling for country-sector-year fixed effects and conventional firm-level determinants of leverage, we show...

Twentieth century Japan provides a remarkable laboratory for examining how an externally imposed institutional and regulatory intervention affects the ownership of corporations. In the first half of the century, Japan had weak legal protection but strong institutional arrangements. The...

Family-owned companies occupy a large proportion of enterprises all over the world. It is meaningful for people to understand how family ownership may affect firms’ financing strategies. This paper tends to summarize the results of previous studies. However, different scholars reach different...

During the COVID-19 market crash, U.S. stocks with higher institutional ownership -- in particular, those held more by active, short-term, and more exposed institutions -- performed worse. Portfolio changes through the first quarter of 2020 reveal that institutional investors prioritized...

This paper analyses the influence of bank ownership and lending on capital structure for a sample of listed and unlisted Spanish firms in the period 2005–2012. The results suggest that bank ownership allows banks to obtain better information and reduce the agency costs of debt, as it has a...

We construct a comprehensive panel data of 96 publicly traded European utilities over the period 1994-2005 in order to study the relationship between the capital structure of regulated firms, regulated prices, and investments, and examine if and how this interaction is affected by ownership...

This paper investigates the relationship between the borrowing firm's cross-ownership and its choice between bank loans and public bonds when raising new debt capital. We find that cross-ownership significantly reduces the firm's use of bank loans when making debt issuance decisions. Evidence...

We analyze the impact of firm-specific stock market liberalization events on the capital structure and debt maturity decisions of firms from emerging market economies. In particular, we focus on the potentially different responses of firms with different ownership structures and associated...