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| Author: | Sánchez-Ballesta, J.P. García-Meca, E. |
| Title: | Ownership structure and the cost of debt |
| Journal: | European Accounting Review
2011 : VOL. 20:2 p. 389-416 |
| Index terms: | shareholders share ownership banks institutions investors board of directors |
| Language: | eng |
| Abstract: | This research paper explores the effect on the cost by ownership concentration and shareholder identity; that is, whether the shareholders are banks, non-financial companies, the state, institutional investors or the board of directors. The analysis indicates that directors who own shares tend to be aligned with external shareholders, that firm with government ownership enjoy lower costs of debt and that banks effectively monitor management, so reducing the agency costs of debt. |
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