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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 (Unpublished)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: | https://mural.maynoothuniversity.ie/id/eprint/4394 |
| 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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