Article2011

CAPITAL STRUCTURE OF GOVERNMENT-LINKED COMPANIES IN MALAYSIA

Irene Wei · Irene Wei Kiong Ting · Hooi Hooi Lean · Bandar Muadzam Shah

65 citations0/0 files storedAsian Academy of Management Journal of Accounting and Finance

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Corporate Finance and Governance Financial Analysis and Corporate Governance Political Influence and Corporate Strategies

Abstract

This study investigates the cross-sectional variation in leverage among publicly listed Government Linked Companies (GLCs) and non-GLCs (NGLCs) in Malaysia for the period from 1997 to 2008. The study uses balanced panel data with multivariate regression as the method of analysis. Results reveal that the GLCs are consistently more heavily leveraged than NGLCs. The findings indicate a significantly positive association between debt ratio (DR) and tangible assets but a negative relationship between DR and profitability for both GLCs and NGLCs. However, firm size is significantly negatively related to DR for GLCs and significantly positively related to DR for NGLCs. The study also finds that tangible assets and profitability have an inverse relationship with longterm debt. There is a significant negative association between asset structure, profitability and short-term debt. However, firm growth and cash flow have no influence on the determination of short-term and long-term debt.

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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 1977Determinants of corporate borrowing 1984The Capital Structure Puzzle 1995What Do We Know about Capital Structure? Some Evidence from International Data 1988The Determinants of Capital Structure Choice 1977DEBT AND TAXES*2002Testing the pecking order theory of capital structure

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