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| Tekijä: | Lin, C. (et al.) |
| Otsikko: | Ownership structure and the cost of corporate borrowing |
| Lehti: | Journal of Financial Economics
2011 : APR, VOL. 100:1, p. 1-23 |
| Asiasana: | Asia Europe companies borrowing capital costs debt financing banks loans |
| Vapaa asiasana: | ownership control rights |
| Kieli: | eng |
| Tiivistelmä: | In this article, an important channel for excess control (henceforth as: ex-ctrl.) rights affecting firm value is identified. Based on a new data set on corporate ownership and control of nearly 3,500 firms in 22 countries from 1996 to 2008 period, it is found that the cost of debt financing is markedly higher for companies with a wider divergence btw. the largest ultimate owner's control rights and cash-flow rights. Factors affecting this relation are explored. The results suggest that potential tunneling and other moral hazard activities by large shareholders are eased by their ex-ctrl. rights. |
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