How Does Ownership Structure Affect Capital Structure and Firm Performance? Recent Evidence from East Asia
The 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.
|Date of creation:||Oct 2006|
|Date of revision:|
|Contact details of provider:|| Postal: Brunel University, Uxbridge, Middlesex UB8 3PH, UK|
When requesting a correction, please mention this item's handle: RePEc:bru:bruedp:06-23. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (John.Hunter)
If references are entirely missing, you can add them using this form.