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Family Ownership, Firm’s Financial Characteristics and Capital Structure: Evidence from Public Listed Companies in Malaysia
| Content Provider | Semantic Scholar |
|---|---|
| Author | Nadaraja, Punitharaja Zulkafli, Abdul Hadi Masron, Tajul Ariffin |
| Copyright Year | 2011 |
| Abstract | Capital structure is identified as one of focal facet in corporate finance branch of learning. It provides comprehension on how firms choose to finance their operations and expansion. The objective of this study is to explore the determinants of capital structure of Malaysian public listed companies. The period of 2001-2006 was selected in this study, which reflected the post Asian financial crisis period. Firm’s financial characteristics consist of size, growth, profitability, liquidity and ability to service debt. Family ownership which was identified as a unique feature in the Malaysian corporate sector was used to measure the effect of corporate governance in capital structure decision. Using panel data approach, this study infers that the role of ownership structure in the form of family ownership though is not significantly related to capital structure, its inclusion in the empirical equation changes the significance of other variables. Except for growth, all other financial characteristics have significant relationships with capital structure. |
| Starting Page | 141 |
| Ending Page | 156 |
| Page Count | 16 |
| File Format | PDF HTM / HTML |
| Volume Number | 14 |
| Alternate Webpage(s) | http://www.management.ase.ro/reveconomia/2011-1/13.pdf |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
