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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. International Review of Finance, 13 (3). pp. 383-405. ISSN 1369-412X

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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 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.

    Item Type: Article
    Keywords: Financing choices; Debt maturity; Investability;
    Academic Unit: Faculty of Social Sciences > Economics, Finance and Accounting
    Item ID: 8005
    Identification Number: https://doi.org/10.1111/irfi.12014
    Depositing User: Thomas Flavin
    Date Deposited: 08 Mar 2017 12:14
    Journal or Publication Title: International Review of Finance
    Publisher: Wiley
    Refereed: Yes
    URI:

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