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
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: |
|
| Use Licence: |
This item is available under a Creative Commons Attribution Non Commercial Share Alike Licence (CC BY-NC-SA). Details of this licence are available
here |
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