Artikel

Government ownership and the capital structure of firms: Analysis of an institutional context from China

Emerging economies provide interesting scenarios for examining how institutional context influences the financing behavior of firms. In this study, we examine the capital structure of Chinese listed firms following the Split-Share Structure Reform of 2005. This reform allowed a reduction of government ownership by making government shares tradable. We find that the impact of government ownership on leverage is dependent on whether the government is the largest shareholder in a firm and whether the government ownership is through a parent state-owned enterprise. In addition, we document that the largest non-government shareholder positively influences leverage. Overall, our results reveal that the largest controlling shareholder, either government or non-government, has a significant impact on the capital structure of Chinese firms.

Language: Englisch

Bibliographic citation: Journal: China Journal of Accounting Research ; ISSN: 1755-3091 ; Volume: 11 ; Year: 2018 ; Issue: 3 ; Pages: 171-185 ; Amsterdam: Elsevier

Classification: Management

Subject: Capital structure
Leverage
Ownership
Government ownership
China

Event: Geistige Schöpfung

(who): Huang, Xiaohong
Kabir, Rezaul
Zhang, Lingling

Event: Veröffentlichung

(who): Elsevier

(where): Amsterdam

(when): 2018

DOI: doi:10.1016/j.cjar.2018.07.001

Handle: http://hdl.handle.net/10419/241776

Last update: 10.03.2025, 11:44 AM CET

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Artikel

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Huang, Xiaohong
Kabir, Rezaul
Zhang, Lingling
Elsevier

Time of origin

2018

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Government ownership and the capital structure of firms: Analysis of an institutional context from China

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