The Effects of Ownership Structure on Corporate Financing Decisions: Evidence from Stock Market Liberalization
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. We differentiate between firms based on their ownership structures at the time of liberalization and analyze their post‐liberalizati...
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| Veröffentlicht in: | International review of finance 2013-09, Vol.13 (3), p.383-405 |
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| container_end_page | 405 |
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| container_issue | 3 |
| container_start_page | 383 |
| container_title | International review of finance |
| container_volume | 13 |
| creator | O'Connor, Thomas Flavin, Thomas |
| description | 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. We differentiate between firms based on their ownership structures at the time of liberalization and analyze their post‐liberalization behavior regarding corporate financing decisions. Our empirical results show that single–class‐share firms (typically with stronger corporate governance and better information environments) respond differently to their dual–class‐share counterparts. Liberalization results in lower debt reliance for the former group while the latter lengthen the maturity of their debt portfolios.
Jel Classification: F30; G15; G32. |
| doi_str_mv | 10.1111/irfi.12014 |
| format | Article |
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| identifier | ISSN: 1369-412X |
| ispartof | International review of finance, 2013-09, Vol.13 (3), p.383-405 |
| issn | 1369-412X 1468-2443 |
| language | eng |
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| source | Wiley Online Library Journals Frontfile Complete; Business Source Complete |
| subjects | Capital structure Corporate finance Decision making Liberalization Securities markets Studies |
| title | The Effects of Ownership Structure on Corporate Financing Decisions: Evidence from Stock Market Liberalization |
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