Firm leverage and the private benefits of control in Chinese firms
AbstractThis study investigates the relationship between capital structure and the private benefits of control of listed Chinese firms. A sample of firms listed on the Chinese stock markets is used to estimate the private benefits of control. The private benefits of control are approximately 18% (on average) in China. There is a statistically significant negative relationship between Short-Term Debt (STD) and the private benefits of control. In addition, a positive relationship exists between Long-Term Debt (LTD) and the private benefits of control. Finally, a statistically significant negative relationship exists between total debt and the private benefits of control.
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Bibliographic InfoArticle provided by Inderscience Enterprises Ltd in its journal Afro-Asian J. of Finance and Accounting.
Volume (Year): 1 (2008)
Issue (Month): 1 ()
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Web page: http://www.inderscience.com/browse/index.php?journalID=214
capital structure; private benefits of control; minority stockholder protection; Chinese firms; China; short-term debt; total debt; control transactions; controlling interest; controlling shareholders; finance.;
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