Complex ownership and capital structure

被引：95

作者：

Paligorova, Teodora ^{[1
]}

Xu, Zhaoxia ^{[1
]}

机构：

[1] NYU, Polytech Inst, Dept Finance & Risk Engn, New York, NY 10003 USA

来源：

JOURNAL OF CORPORATE FINANCE | 2012年 / 18卷 / 04期

关键词：

Capital structure; Pyramids; Multiple shareholders; BUSINESS GROUPS; CORPORATE GOVERNANCE; AGENCY COSTS; LARGE SHAREHOLDERS; LAW; PERFORMANCE; FINANCE; RIGHTS; DEBT;

D O I：

10.1016/j.jcorpfin.2012.05.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This paper explores pyramidal firms and their motivations for the use of debt financing. We find that pyramids have significantly higher leverage than non-pyramids and that the use of debt in pyramids is associated with the risk of expropriation. We do not find evidence for the control-enhancing, disciplining, tax-reduction, and risk-sharing explanations for the use of debt financing. Our results indicate that the capital structure of pyramids is affected by the expropriation activities of ultimate owners that have excess control rights. (C) 2012 Elsevier B.V. All rights reserved.

引用

页码：701 / 716

页数：16

共 53 条

[1] Should business groups be dismantled? The equilibrium costs of efficient internal capital markets [J].

Almeida, H ;

Wolfenzon, D .

JOURNAL OF FINANCIAL ECONOMICS, 2006, 79 (01) :99-144

[2] FINANCIAL RATIOS, DISCRIMINANT ANALYSIS AND PREDICTION OF CORPORATE BANKRUPTCY [J].

ALTMAN, EI .

JOURNAL OF FINANCE, 1968, 23 (04) :589-609

[3] Founding-family ownership and firm performance: Evidence from the S&P 500 [J].

Anderson, RC ;

Reeb, DM .

JOURNAL OF FINANCE, 2003, 58 (03) :1301-1328

[4] How does law affect finance? An examination of equity tunneling in Bulgaria [J].

Atanasov, Vladimir ;

Black, Bernard ;

Ciccotello, Conrad ;

Gyoshev, Stanley .

JOURNAL OF FINANCIAL ECONOMICS, 2010, 96 (01) :155-173

[5] Tunneling or value added? Evidence from mergers by Korean business groups [J].

Bae, KH ;

Kang, JK ;

Kim, JM .

JOURNAL OF FINANCE, 2002, 57 (06) :2695-2740

[6] Business groups and tunneling: Evidence from private securities offeringsby Korean chaebols [J].

Baek, Jae-Seung ;

Kang, Jun-Koo ;

Lee, Inmoo .

JOURNAL OF FINANCE, 2006, 61 (05) :2415-2449

[7] The balance of power in closely held corporations [J].

Bennedsen, M ;

Wolfenzon, D .

JOURNAL OF FINANCIAL ECONOMICS, 2000, 58 (1-2) :113-139

[8] Ferreting out tunneling: An application to Indian business groups [J].

Bertrand, M ;

Mehta, P ;

Mullainathan, S .

QUARTERLY JOURNAL OF ECONOMICS, 2002, 117 (01) :121-148

[9] PYRAMIDS [J].

Bertrand, Marianne ;

Mullainathan, Sendhil .

JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION, 2003, 1 (2-3) :478-483

[10] Large shareholders, monitoring, and the value of the firm [J].

Burkart, M ;

Gromb, D ;

Panunzi, F .

QUARTERLY JOURNAL OF ECONOMICS, 1997, 112 (03) :693-728

← 1 2 3 4 5 6 →