How Does Ownership Structure Affect Capital Structure and Firm Performance? Recent Evidence from East Asia
AbstractThe present paper empirically examines the effects of ownership structure on capital structure and firm valuation in four East Asian countries worst affected by the last Crisis. In doing so, we distinguish ownership from both control and management and also allow for the simultaneity between capital structure and firm valuation in the sample countries. Results obtained from 3SLS estimates with error components confirm and extend the findings of Claessens et al. (2002) and particularly highlight the contrasting behaviour of family firms and non-family firms with/without a Cronyman.
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Bibliographic InfoPaper provided by Economics and Finance Section, School of Social Sciences, Brunel University in its series Economics and Finance Discussion Papers with number 06-23.
Length: 41 pages
Date of creation: Oct 2006
Date of revision:
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Postal: Brunel University, Uxbridge, Middlesex UB8 3PH, UK
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