Company financing, capital structure and ownership: a survey and implications for developing countries

This paper critically surveys the key literature on corporate financing policy, capital structure and firm ownership in order to identify the leading theoretical and empirical issues in this area. The theoretical component of the survey attempts to reconcile competing theories of capital structure a...

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Main Authors:	Sanjiva Prasad, Christopher Green, Victor Murinde
Format:	Default Preprint
Published:	2001
Subjects:	Other economics not elsewhere classified Financing policy Capital structure Firm ownership Corporate finance Development Economics not elsewhere classified
Online Access:	https://hdl.handle.net/2134/425
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id	rr-article-9492506
record_format	Figshare
spelling	rr-article-94925062001-01-01T00:00:00Z Company financing, capital structure and ownership: a survey and implications for developing countries Sanjiva Prasad (7195601) Christopher Green (1250637) Victor Murinde (7195607) Other economics not elsewhere classified Financing policy Capital structure Firm ownership Corporate finance Development Economics not elsewhere classified This paper critically surveys the key literature on corporate financing policy, capital structure and firm ownership in order to identify the leading theoretical and empirical issues in this area. The theoretical component of the survey attempts to reconcile competing theories of capital structure and appraises recent models which use agency theory and asymmetric information to explore the impact of managerial shareholdings, corporate strategy and taxation on the firm’s capital structure. The empirical component focuses on univariate analyses as well as multivariate models of capital structure, and makes a comparison between theoretical predictions and empirical results. Implications are identified in terms of promising research ideas (PRIs) for further research. The bulk of the empirical research that we survey is concerned with the experience of a few western industrial countries, and the implications of this research are assessed accordingly. However, we also aim to draw out implications for new research in developing and newly industrialised countries with an expanding corporate sector. 2001-01-01T00:00:00Z Text Preprint 2134/425 https://figshare.com/articles/preprint/Company_financing_capital_structure_and_ownership_a_survey_and_implications_for_developing_countries/9492506 CC BY-NC-ND 4.0
institution	Loughborough University
collection	Figshare
topic	Other economics not elsewhere classified Financing policy Capital structure Firm ownership Corporate finance Development Economics not elsewhere classified
spellingShingle	Other economics not elsewhere classified Financing policy Capital structure Firm ownership Corporate finance Development Economics not elsewhere classified Sanjiva Prasad Christopher Green Victor Murinde Company financing, capital structure and ownership: a survey and implications for developing countries
description	This paper critically surveys the key literature on corporate financing policy, capital structure and firm ownership in order to identify the leading theoretical and empirical issues in this area. The theoretical component of the survey attempts to reconcile competing theories of capital structure and appraises recent models which use agency theory and asymmetric information to explore the impact of managerial shareholdings, corporate strategy and taxation on the firm’s capital structure. The empirical component focuses on univariate analyses as well as multivariate models of capital structure, and makes a comparison between theoretical predictions and empirical results. Implications are identified in terms of promising research ideas (PRIs) for further research. The bulk of the empirical research that we survey is concerned with the experience of a few western industrial countries, and the implications of this research are assessed accordingly. However, we also aim to draw out implications for new research in developing and newly industrialised countries with an expanding corporate sector.
format	Default Preprint
author	Sanjiva Prasad Christopher Green Victor Murinde
author_facet	Sanjiva Prasad Christopher Green Victor Murinde
author_sort	Sanjiva Prasad (7195601)
title	Company financing, capital structure and ownership: a survey and implications for developing countries
title_short	Company financing, capital structure and ownership: a survey and implications for developing countries
title_full	Company financing, capital structure and ownership: a survey and implications for developing countries
title_fullStr	Company financing, capital structure and ownership: a survey and implications for developing countries
title_full_unstemmed	Company financing, capital structure and ownership: a survey and implications for developing countries
title_sort	company financing, capital structure and ownership: a survey and implications for developing countries
publishDate	2001
url	https://hdl.handle.net/2134/425
_version_	1797560963255238656

Company financing, capital structure and ownership: a survey and implications for developing countries

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