Artikel
Ownership and capital structure of Pakistani non-financial firms
Existing literature has not yet defined a clear-cut relationship between ownership structure and capital structure. This study aims to contribute to this controversial argument by examining the impact of internal (managerial) ownership and external ownership on financing preferences using the case of non-financial firms listed on Karachi stock exchange during the period of 2008-2012. Our results suggest that the external ownership has a significant effect on capital structure in accordance with the presence of blockholders. In contrast, the internal ownership has a complicated effect; it shows significant positive and negative relationship to leverage at lower and certain higher proportion of managerial shareholding respectively. Besides, the combined analyses suggest that the presence of blockholders negates the impact of managerial ownership on capital structure. This implies that the presence of large and dominant shareholders in Pakistani firms may have caused a bias for debt financing to protect their voting power and returns.
- Sprache
-
Englisch
- Erschienen in
-
Journal: e-Finanse: Financial Internet Quarterly ; ISSN: 1734-039X ; Volume: 12 ; Year: 2016 ; Issue: 1 ; Pages: 57-67 ; Rzeszów: University of Information Technology and Management
- Klassifikation
-
Wirtschaft
Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
Model Construction and Estimation
- Thema
-
capital structure
ownership structure
shareholders
Pakistan
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Shoaib, Khan
Yasushi, Suzuki
- Ereignis
-
Veröffentlichung
- (wer)
-
University of Information Technology and Management
- (wo)
-
Rzeszów
- (wann)
-
2016
- DOI
-
doi:10.14636/1734-039X_12_1_006
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Artikel
Beteiligte
- Shoaib, Khan
- Yasushi, Suzuki
- University of Information Technology and Management
Entstanden
- 2016
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