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Company Financing, Captial Structure, and Ownership: A Survey, and Implications for Developing Economies

  • Morten Balling
    ()

Registered editor(s):
  • Sanjiva Prasad
  • Christopher J. Green
  • Victor Murinde

This paper critically surveys the key literature on corporate financing policy, capital structure and firm ownership in order to identify the leading theoretical and empirical issues in this area. The theoretical component of the survey attempts to reconcile competing theories of capital structure and appraises recent models which use agency theory and asymmetric information to explore the impact of managerial shareholdings, corporate strategy and taxation on the firm's capital structure. The empirical component focuses on univariate analyses as well as multivariate models of capital structure, and makes a comparison between theoretical predictions and empirical results. Implications are identified in terms of promising research ideas (PRIs) for further research. The bulk of the empirical research that we survey is concerned with the experience of a few western industrial countries, and the implications of this research are assessed accordingly. However, we also aim to draw out implications for new research in developing and newly industrialised countries with an expanding corporate sector.

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This book is provided by SUERF - The European Money and Finance Forum in its series SUERF Studies with number 12 and published in 2001.
ISBN: 978-3-902109-04-0
Handle: RePEc:erf:erfstu:12
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  1. Vilasuso, Jon & Minkler, Alanson, 2001. "Agency costs, asset specificity, and the capital structure of the firm," Journal of Economic Behavior & Organization, Elsevier, vol. 44(1), pages 55-69, January.
  2. David Llewellyn, 1999. "The New Economics of Banking," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
  3. Rolf Skog, 1997. "Does Sweden Need a Mandatory Bid Rule? A critical analysis," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
  4. Richard J. Zeckhauser & John Pound, 1990. "Are Large Shareholders Effective Monitors? An Investigation of Share Ownership and Corporate Performance," NBER Chapters, in: Asymmetric Information, Corporate Finance, and Investment, pages 149-180 National Bureau of Economic Research, Inc.
  5. van der Wijst, Nico & Thurik, Roy, 1993. " Determinants of Small Firm Debt Ratios: An Analysis of Retail Panel Data," Small Business Economics, Springer, vol. 5(1), pages 55-65, March.
  6. Joseph Bisignano, 1998. "Towards an Understanding of the Changing Structure of Financial Intermediation: An Evolutionary Theory of Institutional Survival," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
  7. Joseph Bisignano, 1998. "Towards an Understanding of the Changing Structure of Financial Intermediation - An Evolutionary Theory of Institutional Survival," SUERF Studies, SUERF - The European Money and Finance Forum, number 4 edited by Morten Balling.
  8. Zarowin, Paul, 1988. "Non-linearities and nominal contracting effects : The case of the depreciation tax shield," Journal of Accounting and Economics, Elsevier, vol. 10(2), pages 89-110, April.
  9. Rolf Skog, 1997. "Does Sweden Need a Mandatory Bid Rule? - A Critical Analysis," SUERF Studies, SUERF - The European Money and Finance Forum, number 2 edited by Morten Balling.
  10. John Calverley & Sarah Hewin & Kevin Grice, 2000. "Emerging Stock Markets After the Crisis," Chapters in SUERF Studies, SUERF - The European Money and Finance Forum.
  11. Wald, John, 1999. "Capital structure with dividend restrictions," Journal of Corporate Finance, Elsevier, vol. 5(2), pages 193-208, June.
  12. David T. Llewellyn, 1999. "The New Economics of Banking," SUERF Studies, SUERF - The European Money and Finance Forum, number 5 edited by Morten Balling.
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