The Effects of Ownership Structure on Corporate Financing Decisions: Evidence from Stock Market Liberalization


Flavin, Thomas and O'Connor, Thomas G. (2013) The Effects of Ownership Structure on Corporate Financing Decisions: Evidence from Stock Market Liberalization. International Review of Finance, 13 (3). pp. 383-405. ISSN 1369-412X

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Abstract

We analyze the impact of firm-specific stock market liberalization events on the capital structure and debt maturity decisions of firms from emerging market economies. We differentiate between firms based on their ownership structures at the time of liberalization and analyze their post-liberalization behavior regarding corporate financing decisions. Our empirical results show that single–class-share firms (typically with stronger corporate governance and better information environments) respond differently to their dual– class-share counterparts. Liberalization results in lower debt reliance for the former group while the latter lengthen the maturity of their debt portfolios.

Item Type: Article
Keywords: Financing choices; Debt maturity; Investability;
Academic Unit: Faculty of Social Sciences > Economics, Finance and Accounting
Item ID: 8005
Identification Number: 10.1111/irfi.12014
Depositing User: Thomas Flavin
Date Deposited: 08 Mar 2017 12:14
Journal or Publication Title: International Review of Finance
Publisher: Wiley
Refereed: Yes
URI:

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