Using hand-collected data, we study the evolution, causes, and economic effects of the pyramidal ownership structure in China’s listed firms over 2001-2008. We quantitatively characterize the use of pyramidal structure by private firms and local state controlled firms. We find that private owners in China show strong incentives to build more extensive pyramids in weak institutional environments...

We analyze the optimal contract to finance the series of investments of a growing firm. The analysis is based on the need to repeatedly raise funds when informed insiders can expropriate outside investors. The optimal contract can be implemented by a sequence of one-period debt contracts and equity ownership by outsiders. Debt is optimal, as it reduces the expected cost of auditing, while parti...

There are four objectives in this study that is to identify and explain the influence of Firm Size on Intellectual Capital Disclosure, Leverage Ownership Structure role Corporate Governance as a moderating variable between Disclosure. This explanatory research where process data analysis was performed using warpPLS software. The population were all manufacturing companies 2014-2018 Indonesia St...

the objective of this study is to examine the effect of mispricing on firm’s investment behavior and capital structure. it also tests the role of the level of financial constraints in the relationship between mispricing , investment and capital structure. using data of 110 firms of tehran stock exchang from 1384-1389, results indicated that mispricing has negative impact to firms investment. ho...

This paper attempts to investigate the theoretical underpinnings for the reasons why firms frequently adopt the dual class equity structure, i.e. a capital (or ownership) structure based on the issuance of shares with differential voting rights (DeAngelo et al. 1985). Such an ownership structure is justified by some researchers as a defensive structure adopted by the directors and managers of a...

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making decision about capital structure is one of the hardest and challengeable problems for the companies, and also it is the greatest importance decision about their permanence. this paper investigates factors affecting capital structure among 70 samples of small business in ahwaz. data was gathered from accounting evidences and data questioners. parametric and nonparametric statistical techn...

Not only in Iran, but throughout the world, banks and banking industry are considered as very important parts of the economy. This study seeks to investigate the impact of the internal characteristics of banks, the structure of the banking industry and the economic situation of Iran on the profitability of the banking system of Iran by exploring the theory of the Structuralism school concerning...

IV Imperfect Capital Markets and The Real World 8 A Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 B Bankruptcy Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 C Operating Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17...