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Family Ownership, Firm’s Financial Characteristics and Capital Structure: Evidence from Public Listed Companies in Malaysia

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  • Punitharaja NADARAJA

    (School of Management, University Sains Malaysia)

  • Abdul Hadi ZULKAFLI

    ()
    (School of Management, University Sains Malaysia)

  • Tajul Ariffin MASRON

    (School of Management, University Sains Malaysia)

Abstract

Capital structure is identified as one of focal facet in corporate finance branch of learning. It provides comprehension on how firms choose to finance their operations and expansion. The objective of this study is to explore the determinants of capital structure of Malaysian public listed companies. The period of 2001-2006 was selected in this study, which reflected the post Asian financial crisis period. Firm’s financial characteristics consist of size, growth, profitability, liquidity and ability to service debt. Family ownership which was identified as a unique feature in the Malaysian corporate sector was used to measure the effect of corporate governance in capital structure decision. Using panel data approach, this study infers that the role of ownership structure in the form of family ownership though is not significantly related to capital structure, its inclusion in the empirical equation changes the significance of other variables. Except for growth, all other financial characteristics have significant relationships with capital structure.

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Bibliographic Info

Article provided by Faculty of Management, Academy of Economic Studies, Bucharest, Romania in its journal ECONOMIA seria MANAGEMENT / ECONOMY - MANAGEMENT series.

Volume (Year): 14 (2011)
Issue (Month): 1 (June)
Pages: 141-156

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Handle: RePEc:rom:econmn:v:14:y:2011:i:1:p:141-155

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Keywords: Public - Capital Structure; Family Ownership; Corporate Finance; Corporate Governance.;

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