search query: @author McConnell, J. / total: 4
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| Author: | McConnell, J. Servaes, H. |
| Title: | Equity ownership and the two faces of debt |
| Journal: | Journal of Financial Economics
1995 : SEP, VOL. 39:1, p. 131-157 |
| Index terms: | GROWTH DEBT ECONOMICS |
| Language: | eng |
| Abstract: | The authors empirically investigate the relation between corporate value, leverage, and equity ownership. For "high-growth" firms corporate value is positively correlated with leverage. The results also hint that the allocation of equity ownership among insiders, institutions, blockholders, and atomistic outside shareholders is of marginally greater significance in low-growth than in high-growth firms. Debt policy and equity ownership structure "matter" and the way in which they matter differs between firms with many and firms with few positive net present value projects. |
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