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Ownership and control in a double decision framework for raising capital

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  • Khawaja, Mohsin
  • Bhatti, M. Ishaq
  • Ashraf, Dawood

Abstract

•Shareholders control motives affect the choice of instrument raising funds.•Issuers' choice of instruments for raising fund is modeled using simultaneous eqn.•Higher ownership implies more debt financing as per ownership control hypothesis.•Control at the top level in the form of CEO-duality favor more debt financing.•Sukuk issuance relate to higher tangibility highlighting their risk-sharing feature.

Suggested Citation

  • Khawaja, Mohsin & Bhatti, M. Ishaq & Ashraf, Dawood, 2019. "Ownership and control in a double decision framework for raising capital," Emerging Markets Review, Elsevier, vol. 41(C).
    • Handle: RePEc:eee:ememar:v:41:y:2019:i:c:s1566014119301505
    DOI: 10.1016/j.ememar.2019.100657
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