Bank Market Structure and Firm Capital Structure in Europe
نویسندگان
چکیده
منابع مشابه
Bank ownership, rm value and rm capital structure in Europe*
We investigate the role of banks in the ownership structure of non- nancial rms. Distinguishing between banks and other institutional investors as shareholders, we examine the relationship between nancial institution ownership and the performance of the rms in which they hold equity. We control explicitly for the capital structure decision of the rms and the ownership decision of nancial i...
متن کاملCapital Structure and Firm Performance:
Corporate governance theory predicts that leverage affects agency costs and thereby influences firm performance. We propose a new approach to test this theory using profit efficiency, or how close a firm’s profits are to the benchmark of a best-practice firm facing the same exogenous conditions. We are also the first to employ a simultaneous-equations model that accounts for reverse causality f...
متن کاملCapital Structure, Firm Liquidity and Growth
This paper is an exploration of the relationships among the firm's financial structure, its choice of liquid asset holdings, and growth. The literature on the determinants of economic growth has long studied the role of financial development in promoting growth. The literature on corporate finance provides some microeconomic underpinnings for this relationship in the form of a variety of partia...
متن کاملAgency Problems, Firm Valuation, and Capital Structure
This paper studies the optimal contracting problem in a general cashow setup, and offers a framework to quantitatively assess the impact of agency problems. A closed form solution is obtained in the square-root mean-reverting cash ow process. In the geometric Brownian cashow setup, we embed the agency problem into Leland (1994), and nd that the debt-overhang problem lowers the optimal leverage....
متن کاملStrategic Assets, Capital Structure, and Firm Performance
Possession of strategic assets is a necessary condition for sustained competitive advantage. This condition is, however, not sufficient. Firms require financial management capability to realize the rents present in their strategic assets. The firm-specific nature of strategic assets implies that they be financed primarily through equity; other less specific assets should be financed through deb...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2009
ISSN: 1556-5068
DOI: 10.2139/ssrn.1342395