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How Does Ownership Structure Affect Capital Structure and Firm Performance? Recent Evidence from East Asia


  • Nigel Driffield
  • Vidya Mahambare
  • Sarmistha Pal



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.

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  • Nigel Driffield & Vidya Mahambare & Sarmistha Pal, 2006. "How Does Ownership Structure Affect Capital Structure and Firm Performance? Recent Evidence from East Asia," Economics and Finance Discussion Papers 06-23, Economics and Finance Section, School of Social Sciences, Brunel University.
  • Handle: RePEc:bru:bruedp:06-23

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