On the relation between ownership structure and capital structure

Accounting and Finance

Volumn 42, Issue 1, 2002, Pages 1-26

  Brailsford, Timothy J ^a,b   Oliver, Barry R ^a   Pua, Sandra L H ^a  

^a AUSTRALIAN NATIONAL UNIVERSITY   (Australia)

^b UNIVERSITY OF QUEENSLAND   (Australia)

Author keywords

Agency costs; Capital structure; Ownership structure

Indexed keywords

EID: 49649097292     PISSN: 08105391     EISSN: 1467629X     Source Type: Journal    
DOI: 10.1111/1467-629X.00001     Document Type: Article

References (48)

1. Agrawal, A. and G. Mandelker, 1987, Managerial incentives and corporate investment and financing decisions, Journal of Finance 42 (4), 823-837.
2. Agrawal, A. and G. Mandelker, 1990, Large shareholders and the monitoring of managers: The case of antitakeover charter amendments, Journal of Financial and Quantitative Analysis 25 (2), 143-161.
3. Agrawal, A. and N. Nagarajan, 1990, Corporate capital structure, agency costs, and ownership control: The case of all-equity firms, Journal of Finance 45 (4), 1325-1331.
4. Allen, D., 1993, The pecking order hypothesis: Australian evidence, Applied Financial Economics 3 (2), 101-112.
5. Amihud, Y. and B. Lev, 1981, Risk reduction as a managerial motive for conglomerate mergers, Bell Journal of Economics 12 (2), 605-617.
6. Balakrishnan, S. and I. Fox, 1993, Asset specificity, firm heterogeneity and capital structure, Strategic Management Journal 14, 3-16.
7. Barton, S. and P. Gordon, 1988, Corporate strategy and capital structure, Strategic Management Journal 9, 623-632.
8. Berger, P., E. Ofek, and D. Yermack, 1997, Managerial entrenchment and capital structure decisions, Journal of Finance 52, 1411-1437.
9. Bowman, R., 1980, The importance of a market-value measurement of debt in assessing leverage, Journal of Accounting Research 18 (1), 242-254.
10. Bradley, M., G. Jarrell, and E. Kim, 1984, On the existence of an optimal capital structure: Theory and evidence, Journal of Finance 39 (3), 857-880.
11. Chiarella, C., T. Pham, A. Sim, and M. Tan, 1992, Determinants of corporate capital structure: Australian evidence, Pacific-Basin Capital Markets Research 3, 139-158.
12. Cho, M-H., 1998, Ownership structure, investment, and the corporate value: An empirical analysis, Journal of Financial Economics 47, 103-121.
13. Crutchley, C. and R. Hansen, 1989, A test of the agency theory of managerial ownership, corporate leverage, and corporate dividends, Financial Management 18 (4), 36-46.
14. DeAngelo, H. and R. Masulis, 1980, Optimal capital structure under corporate and personal taxation, Journal of Financial Economics 8 (1), 3-29.
15. Demsetz, H., 1983, The structure of ownership and the theory of the firm, Journal of Law and Economics 26 (2), 375-393.
16. Fama, E. and M. Jensen, 1983, Separation of ownership and control, Journal of Law and Economics 26 (2), 301-325.
17. Ferri, M. and W. Jones, 1979, Determinants of financial structure: A new methodological approach, Journal of Finance 34 (3), 631-644.
18. Friend, I. and L. Lang, 1988, An empirical test of the impact of managerial self-interest on corporate capital structure, Journal of Finance 43 (2), 271-281.
19. Garvey, G. and G. Hanka, 1999, Capital structure and corporate control: The effect of antitakeover statutes on firm leverage, Journal of Finance 54 (2), 519-546.
20. Gatward, P. and I. Sharpe, 1996, Capital structure dynamics with interrelated adjustment: Australian evidence, Australian Journal of Management, 21 (2) 89-112.
21. Grossman, S. and O. Hart, 1980, Takeover bids, the free-rider problem and the theory of the corporation, Bell Journal of Economics 11 (1), 42-64.
22. Hermalin, B. and M. Weisbach, 1991, The effects of board composition and direct incentives on firm performance, Financial Management 20 (4), 101-112.
23. Himmelberg, C., R. Hubbard, and D. Palia, 1999, Understanding the determinants of managerial ownership and the link between ownership and performance, Journal of Financial Economics 53, 353-384.
24. Howard, P. and R. Brown, 1992, Dividend policy and capital structure under the imputation tax system: Some clarifying comments, Accounting and Finance 32 (1), 51-61.
25. Jensen, M., 1986, Agency costs of free cash flow, corporate finance, and takeovers, American Economic Review 76 (2), 323-329.
26. Jensen, M. and W. Meckling, 1976, Theory of the firm: Managerial behaviour, agency costs and ownership structure, Journal of Financial Economics 3 (4), 305-360.
27. Jensen, G., D. Solberg, and T. Zorn, 1992, Simultaneous determination of insider ownership, debt and dividend policies, Journal of Financial and Quantitative Analysis 27 (2), 247-263.
28. Keasey, K., H. Short, and R. Watson, 1994, Directors' ownership and the performance of small and medium sized firms in the UK, Small Business Economics 6 (3), 225-236.
29. Kim, W. and E. Sorensen, 1986, Evidence on the impact of agency costs of debt on corporate debt policy, Journal of Financial and Quantitative Analysis 21 (2), 131-144.
30. Lehn, K. and A. Poulsen, 1989, Free cash flow and stockholder gains in going private transactions, Journal of Finance 44 (3), 771-789.
31. MacKie-Mason, J., 1990, Do taxes affect corporate financing decisions? Journal of Finance 45, 1471-1493.
32. Manne, H., 1965, Mergers and the market for corporate control, Journal of Political Economy 73 (2), 110-120.
33. McConnell, J. and H. Servaes, 1990, Additional evidence on equity ownership and corporate value, Journal of Financial Economics 27 (2), 595-612.
34. McConnell, J. and H. Servaes, 1995, Equity ownership and the two faces of debt, Journal of Financial Economics 39, 131-157.
35. Mehran, H., 1992, Executive incentive plans, corporate control, and capital structure, Journal of Financial and Quantitative Analysis 27 (4), 539-560.
36. Modigliani, F. and M. Miller, 1958, The cost of capital, corporation finance, and the theory of investment, American Economic Review 48 (3), 261-297.
37. Morck, R., A. Shleifer, and R. Vishny, 1988, Management ownership and market valuation, Journal of Financial Economics 20, 293-315.
38. Myers, S., 1977, Determinants of corporate borrowing, Journal of Financial Economics 5 (2), 147-175.
39. Myers, S. and N. Majluf, 1984, Corporate financing and investment decisions when firms have information that investors do not have, Journal of Financial Economics 13 (2), 187-221.
40. Pound, J., 1988, Proxy contests and the efficiency of shareholder oversight, Journal of Financial Economics 20, 237-265.
41. Scott, D. and J. Martin, 1975, Industry influence on financial structure, Financial Management 4 (1), 67-73.
42. Shleifer, A. and R. Vishny, 1986, Large shareholders and corporate control, Journal of Political Economy 94 (3), 461-488.
43. Short, H. and K. Keasey, 1999, Managerial ownership and the performance of firms: evidence from the UK, Journal of Corporate Finance 5, 79-101.
44. Titman, S. and R. Wessels, 1988, The determinants of capital structure choice, Journal of Finance 43 (1), 1-19.
45. Wald, J., 1995, How firm characteristics affect capital structure: An international comparison, Working Paper (Department of Economics, UC Berkeley, Berkeley, CA).
46. Weisbach, M., 1993, Corporate governance and hostile takeovers, Journal of Accounting and Economics 16, 199-208.
47. White, H., 1980, A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity, Econometrica 48, 817-838.
48. Zwiebel, J., 1996, Dynamic capital structure under managerial entrenchment, American Economic Review 86 (5), 1197-1215.