The Relationship Between Capital Structure and Ownership Structure

Gholam Hosein Asadi · Shapoor Mohammadi · Esmaeil Khorram

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Corporate Finance and Governance Auditing, Earnings Management, Governance Financial Analysis and Corporate Governance

Abstract

This research studies the relationship between capital structure and ownership arrangements in companies listed in Tehran Stock Exchange in a descriptive-correlative inquiry. Using panel data method, four models have been devised for hypotheses testing in a sample consisting of 90 selected firms within 1382-87. The findings are indicative of an inverse significant relationship between capital structure and ownership arrangements. The relationship may reduce agency costs as institutional investors play a substantial role in transferring information and influencing the firm value. In this relationship, while it is not clear that the capital structure is the source of change in the ownership arrangements or vice versa, it seems necessary for investors and creditors to consider both of them in their decisions, concerning investment in the firm.

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References

1958The Cost of Capital, Corporation Finance and the Theory of Investment 1984The Capital Structure Puzzle 1984Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have 1963CORPORATE INCOME TAXES AND THE COST OF CAPITAL: A CORRECTION 1995The Paradox of Liquidity 1962Corporate Debt Capacity: A Study of Corporate Debt Policy and the Determination of Corporate Debt Capacity.2002The Determinants of Capital Structure: Evidence from China

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