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| Author: | Hobdari, B. |
| Title: | Insider ownership and capital constraints: an empirical investigation of the credit rationing hypothesis in Estonia |
| Journal: | Corporate governance
2008 : NOV, VOL. 16:6, p. 537-549 |
| Index terms: | Estonia Baltic countries companies corporate governance investment |
| Freeterms: | ownership business form insider systems |
| Language: | eng |
| Abstract: | Using a large and representative sample of Estonian firms, this study examines the impact of insider ownership on investment rates. Based on a unique panel data for a large and representative sample of Estonian companies from 1993 to 2002, it is found among others that investment rates of employee-owned firms are positively related to measures of internal funds and negatively related to measures of external funds, indicating that these firms are financially constrained in carrying out their investment etc. |
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