منابع مشابه
Debt, Ownership Structure, and R&D Investment
Financial factors and ownership structure are both part of the determinants of corporate R&D investment. Considering listed firms in the R&D intensive industries during the 2000s, this paper examines whether financial factors and ownership structure explain R&D investment in Japan. Following the methodology of Brown et al. (2009), which extends the dynamic investment model of Bond and Maghir (1...
متن کاملCorporate ownership structure and the choice between bank debt and public debt
We examine the relation between a borrowing firm’s ownership structure and its choice of debt source using a novel, hand-collected data set on corporate ownership, control and debt structures for 9,831 firms in 20 countries from 2001 to 2010. We find that the divergence between control rights and cash-flow rights of a borrowing firm’s largest ultimate owner has a significant impact on the firm’...
متن کاملBusiness group affiliation, ownership structure, and the cost of debt ¬リニ
Article history: Received 25 April 2012 Received in revised form 29 August 2013 Accepted 5 September 2013 Available online 13 September 2013 This paper examines the relation between business group affiliation and the cost of debt capital. The co-insurance effect associated with business groups can reduce the cost of debt, while expropriation by controlling shareholders can raise the cost of deb...
متن کاملFounding family ownership and the agency cost of debt
We investigate the impact of founding family ownership structure on the agency cost of debt. We find that founding family ownership is common in large, publicly traded firms and is related, both statistically and economically, to a lower cost of debt financing. Our results are consistent with the idea that founding family firms have incentive structures that result in fewer agency conflicts bet...
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ژورنال
عنوان ژورنال: European Economic Review
سال: 2012
ISSN: 0014-2921
DOI: 10.1016/j.euroecorev.2012.02.015