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Title: How does ownership structure affect capital structure and firm performance? Recent evidence from east Asia
Authors: Driffield, N
Mahambare, V
Pal, S
Keywords: Asian Crisis, Corporate Governance, Family and non-family firms,;Presence of a Cronyman, Separation of cash flow and control rights, Capital structure,;Firm value, 3SLS estimates with error components, Simultaneity bias.
Issue Date: 2006
Publisher: Brunel University
Citation: Economics and Finance Discussion Paper, Brunel University, 06-23
Abstract: The present paper empirically examines the effects of ownership structure on capital structure and firm valuation in four East Asian countries worst affected by the last Crisis. In doing so, we distinguish ownership from both control and management and also allow for the simultaneity between capital structure and firm valuation in the sample countries. Results obtained from 3SLS estimates with error components confirm and extend the findings of Claessens et al. (2002) and particularly highlight the contrasting behaviour of family firms and non-family firms with/without a Cronyman.
Appears in Collections:Economics and Finance
Dept of Economics and Finance Research Papers

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