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| Tekijä: | Pindado, J. Torre, C. de la |
| Otsikko: | The role of investment, financing and dividend decisions in explaining corporate ownership structure: Empirical evidence from Spain |
| Lehti: | European Financial Management
2006 : NOV, VOL. 12:5, p. 661-687 |
| Asiasana: | corporate governance financing investments dividends decision making Spain |
| Vapaa asiasana: | ownership structure |
| Kieli: | eng |
| Tiivistelmä: | In this paper, analyzed are the determinants of ownership structure by focusing on the role played by investment, financing and dividend decisions. Using of the Generalised Method of Moments allows providing new evidence. It is shown that: i. increases in debt lead inside owners (here as: i-owns.) to limit the risk they bear by reducing their holdings, ii. monitoring by large outside owners (as: o-owns.) substitutes for the disciplinary role of debt, and iii. both i-owns. and o-owns. are encouraged to increase their stakes in the firm in view of higher dividends. The results hold after controlling for equity issues and share repurchases. |
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