How does ownership structure affect capital structure and firm performance? Recent evidence from east Asia

Nigel L. Driffield · Mahambare

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Corporate Finance and Governance Financial Analysis and Corporate Governance Family Business Performance and Succession

Abstract

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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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1991Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations 1983Separation of Ownership and Control 1984Corporate financing and investment decisions when firms have information that investors do not have 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1997A Survey of Corporate Governance 1995Initial conditions and moment restrictions in dynamic panel data models 1976Markets and Hierarchies: Analysis and Antitrust Implications.

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