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The influence of growth opportunities on the relationship between equity ownership and leverage

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  • Doocheol Moon

    ()

  • Kishore Tandon

    ()

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    Abstract

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    File URL: http://hdl.handle.net/10.1007/s11156-007-0039-6
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    Bibliographic Info

    Article provided by Springer in its journal Review of Quantitative Finance and Accounting.

    Volume (Year): 29 (2007)
    Issue (Month): 4 (November)
    Pages: 339-351

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    Handle: RePEc:kap:rqfnac:v:29:y:2007:i:4:p:339-351

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    Web page: http://springerlink.metapress.com/link.asp?id=102990

    Related research

    Keywords: Ownership structure; Leverage; Growth opportunities; Free cash flow; G30; G32;

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    References

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    1. Raghuram G. Rajan & Luigi Zingales, 1994. "What Do We Know About Capital Structure? Some Evidence from International Data," NBER Working Papers 4875, National Bureau of Economic Research, Inc.
    2. Shleifer, Andrei & Vishny, Robert W, 1986. "Large Shareholders and Corporate Control," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 94(3), pages 461-88, June.
    3. Smith, Clifford Jr. & Watts, Ross L., 1992. "The investment opportunity set and corporate financing, dividend, and compensation policies," Journal of Financial Economics, Elsevier, Elsevier, vol. 32(3), pages 263-292, December.
    4. Lehn, Kenneth & Poulsen, Annette, 1989. " Free Cash Flow and Stockholder Gains in Going Private Transactions," Journal of Finance, American Finance Association, American Finance Association, vol. 44(3), pages 771-87, July.
    5. Himmelberg, Charles P. & Hubbard, R. Glenn & Palia, Darius, 1999. "Understanding the determinants of managerial ownership and the link between ownership and performance," Journal of Financial Economics, Elsevier, Elsevier, vol. 53(3), pages 353-384, September.
    6. Philip E. Berger & Eli Ofek & David Yermack, 1996. "Managerial Entrenchment and Capital Structure Decisions," New York University, Leonard N. Stern School Finance Department Working Paper Seires, New York University, Leonard N. Stern School of Business- 96-14, New York University, Leonard N. Stern School of Business-.
    7. Myers, Stewart C., 1977. "Determinants of corporate borrowing," Journal of Financial Economics, Elsevier, Elsevier, vol. 5(2), pages 147-175, November.
    8. Anderson, Ronald C. & Lee, D. Scott, 1997. "Ownership Studies: The Data Source Does Matter," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 32(03), pages 311-329, September.
    9. Kim, Wi Saeng & Sorensen, Eric H., 1986. "Evidence on the Impact of the Agency Costs of Debt on Corporate Debt Policy," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 21(02), pages 131-144, June.
    10. McConnell, John J. & Servaes, Henri, 1995. "Equity ownership and the two faces of debt," Journal of Financial Economics, Elsevier, Elsevier, vol. 39(1), pages 131-157, September.
    11. Smith, Richard L & Kim, Joo-Hyun, 1994. "The Combined Effects of Free Cash Flow and Financial Slack on Bidder and Target Stock Returns," The Journal of Business, University of Chicago Press, vol. 67(2), pages 281-310, April.
    12. Jangkoo Kang & Joon-Seok Kim, 2006. "Private benefits of control and firm leverage: An analysis of Korean firms," Review of Quantitative Finance and Accounting, Springer, Springer, vol. 27(4), pages 439-463, December.
    13. Baber, William R. & Janakiraman, Surya N. & Kang, Sok-Hyon, 1996. "Investment opportunities and the structure of executive compensation," Journal of Accounting and Economics, Elsevier, Elsevier, vol. 21(3), pages 297-318, June.
    14. Stulz, ReneM., 1990. "Managerial discretion and optimal financing policies," Journal of Financial Economics, Elsevier, Elsevier, vol. 26(1), pages 3-27, July.
    15. Mehran, Hamid, 1992. "Executive Incentive Plans, Corporate Control, and Capital Structure," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 27(04), pages 539-560, December.
    16. Demsetz, Harold & Lehn, Kenneth, 1985. "The Structure of Corporate Ownership: Causes and Consequences," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 93(6), pages 1155-77, December.
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    Cited by:
    1. Nicoleta BARBUTA-MISU, 2013. "The Effect of Leverage on Profitability of Pharmaceutical Companies," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 1, pages 45-52.
    2. Lee, Cheng-Few & Kuo, Nan-Ting, 2014. "Effects of ultimate ownership structure and corporate tax on capital structures: Evidence from Taiwan," International Review of Economics & Finance, Elsevier, vol. 29(C), pages 409-425.
    3. Nicoleta BARBUTA-MISU & Andreea RUSU, 2014. "Financial Leverage Impact On Return On Equity For Romanian Listed Companies," Risk in Contemporary Economy, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, pages 271-279.
    4. Serrasqueiro, Zélia & Nunes, Paulo Maçãs, 2010. "Non-linear relationships between growth opportunities and debt: Evidence from quoted Portuguese companies," Journal of Business Research, Elsevier, vol. 63(8), pages 870-878, August.

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