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    The effects of ownership structure on corporate financing decisions: Evidence from stock market liberalization


    Flavin, Thomas and O'Connor, Thomas G. (2013) The effects of ownership structure on corporate financing decisions: Evidence from stock market liberalization. NUIM Maynooth. (Unpublished)

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    Abstract

    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 postliberalization 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. Key Words:

    Item Type: Other
    Keywords: Financing choices; Debt maturity; Investability;
    Academic Unit: Faculty of Social Sciences > Economics, Finance and Accounting
    Item ID: 4394
    Depositing User: Thomas Flavin
    Date Deposited: 11 Jun 2013 10:24
    Publisher: NUIM Maynooth
    URI:

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