The Impact of Ownership Structure On Corporate Debt Policy: a Time‐Series Cross‐Sectional Analysis

Mahmoud A. Moh'd · Larry G. Perry · James N. Rimbey

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Corporate Finance and Governance Financial Analysis and Corporate Governance Corporate Insolvency and Governance

Abstract

Abstract This study examines the influence of agency costs and ownership concentration on the capital structure of the firm. Of particular interest is the composition of equity ownership as a determinant of overall capital structure and the dynamic adjustment of capital structure to changes in the equity ownership. Results indicate that the distribution of equity ownership is important in explaining overall capital structure and that managers do reduce the level of debt as their own wealth is increasingly tied to the firm. It is also noted that the time‐series component is important in resolving the conflicting results reported in prior research.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1984Corporate financing and investment decisions when firms have information that investors do not have 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1977Determinants of corporate borrowing 1996Agency costs of free cash flow, corporate finance, and takeovers 1984The Capital Structure Puzzle 1988The Determinants of Capital Structure Choice 1992The investment opportunity set and corporate financing, dividend, and compensation policies

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