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Complex ownership, contract enforcement, creditor rights, and leverage

Author

Listed:
  • Muhammad Hashim Shah
  • Xiao Zuoping
  • Abdullah Abdullah
  • Shakir Quresh
  • Mushtaq Ahmad
  • Muqeet Ahmad

Abstract

This study examines the moderating effect of judicial efficiency and creditor rights on the relationship between internal pyramid structure and leverage. The results suggest that the effect of the vertical and horizontal pyramid structures on leverage is positive and significant. We find that the impact of the pyramid’s vertical structure on leverage is more substantial than that of the horizontal structure. The results also reveal that judicial efficiency and creditor rights weaken the association between a complex ownership structure and leverage.

Suggested Citation

  • Muhammad Hashim Shah & Xiao Zuoping & Abdullah Abdullah & Shakir Quresh & Mushtaq Ahmad & Muqeet Ahmad, 2023. "Complex ownership, contract enforcement, creditor rights, and leverage," Asia-Pacific Journal of Accounting & Economics, Taylor & Francis Journals, vol. 30(3), pages 780-803, May.
  • Handle: RePEc:taf:raaexx:v:30:y:2023:i:3:p:780-803
    DOI: 10.1080/16081625.2021.2020668
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