search query: @indexterm COMPANY OWNERSHIP / total: 496
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| Author: | Johnson, S. A. |
| Title: | An empirical analysis of the determinants of corporate debt ownership structure |
| Journal: | Journal of Financial and Quantitative Analysis
1997 : MAR, VOL. 32:1, p. 47-69 |
| Index terms: | COMPANY OWNERSHIP ORGANIZATIONAL STRUCTURE DEBT EMPIRICAL RESEARCH |
| Language: | eng |
| Abstract: | The relation between corporate debt ownership structure and some firm characteristics is examined in this study. The results show the significance of monitoring and information costs, the likelihood and costs of inefficient liquidation, and borrowers' incentives in affecting companies' debt source preferences. The results that suggest differences between bank and private non-bank debt, contrast with most theoretical models. Some evidence of systematic use of bank debt by companies with access to public debt was found, suggesting the benefits attributed to bank debt in theoretical models remain significant after companies gain access to public debt markets. The results also suggest debt maturity and debt ownership decisions may be separable, although different lenders appear to have different maturity preferences. |
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