Within the context of initial public offerings (IPOs) the value of firms at the point of flotation appears to be positively and significantly related to the amount of equity retained by the original owners. But certain theoretical arguments and some limited empirical evidence suggest that the...

This paper examines empirically the effects of management ownership and ownership by large external shareholders on the capital structure of the firm from an agency theory perspective. The paper extends the US literature on the topic by examining the effect of interactions between management...

The notion that the separation of ownership from control may create a divergence of interests between managers and shareholders has led to a large number of studies which investigate the influence of ownership structures upon a firm's financial structure and its performance. The purpose of this...