淡江大學機構典藏:Item 987654321/92693
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    Please use this identifier to cite or link to this item: https://tkuir.lib.tku.edu.tw/dspace/handle/987654321/92693


    Title: The Influences of Ownership Structure: evidence from China
    Authors: Huang, Bor-Yi;Lin, Cho-Min;Huang, Chien-Ming
    Contributors: 淡江大學國際企業學系
    Keywords: Financial leverage;Capital structure;Credit risk;Long term debt;Business entities;Debt financing;Business risks;Standard deviation;Investors;Investment management companies
    Date: 2011-10
    Issue Date: 2013-10-22 10:26:09 (UTC+8)
    Publisher: College of Business, Tennessee State University
    Abstract: This paper examines that the impact of firm-specific characteristic on firm capital structure in Chinese-listed companies and attempts to solve a few puzzles existing in previous related studies. The key factors include state ownership, institutional ownership, and the risk of default. From the analyses of all samples, our results confirm that the expected default risk is important in explaining debt decision, but the influence of ownership structure is not significant. However, after separating high- and low-level from the firm leverage we find that the ownerships of state and institutions have a positive effect on corporate leverage in high-leveraged companies but not in low-leveraged firms. In addition, the positive impacts of external governance commonly occur in large firms. The observed findings provide some important implications for the role of external governance in Chinese-listed companies.
    Relation: The Journal of Developing Areas 45(1), p.209-227
    DOI: 10.1353/jda.2011.0003
    Appears in Collections:[Graduate Institute & Department of Banking and Finance] Journal Article

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