Publication:
Ownership concentration, family ownership and leverage: Evidence from Malaysia

Simple item page
dc.citedby10
dc.contributor.authorLean H.H.en_US
dc.contributor.authorTing I.W.K.en_US
dc.contributor.authorKweh Q.L.en_US
dc.contributor.authorid15849147600en_US
dc.contributor.authorid57211409300en_US
dc.contributor.authorid55661469500en_US
dc.date.accessioned2023-05-29T06:01:04Z
dc.date.available2023-05-29T06:01:04Z
dc.date.issued2015
dc.description.abstractThis is the first study that empirically examines the impact of ownership concentration as a main independent variable on leverage decision for Malaysian firms. Multiple regression models with balanced panel data are employed to examine the impact of ownership concentration on a firm's leverage decision. We also make the first attempt to test the moderating effect of family ownership on the relationship of ownership concentration and leverage decision. We conclude that (1) the higher the shareholdings by the top shareholders, the lower the leverage; (2) family companies have lower leverage than non-family companies; (3) the negative effect of ownership concentration on leverage is smaller in family companies than in non-family companies. The research implications are risk aversion pushes firms towards lower debt but the risk of losing control of family members would lead them to employ high debt. Practically, we suggest that risk averse Investors could invest in firms with a higher degree of family ownership when there is a higher degree of concentrated ownership.en_US
dc.description.natureFinalen_US
dc.identifier.epage133
dc.identifier.issue2
dc.identifier.scopus2-s2.0-84957939526
dc.identifier.spage117
dc.identifier.urihttps://www.scopus.com/inward/record.uri?eid=2-s2.0-84957939526&partnerID=40&md5=9374290d3ebe460e5a3d50cb9eba495b
dc.identifier.urihttps://irepository.uniten.edu.my/handle/123456789/22455
dc.identifier.volume52
dc.publisherMalaysian Economic Associationen_US
dc.sourceScopus
dc.sourcetitleMalaysian Journal of Economic Studies
dc.titleOwnership concentration, family ownership and leverage: Evidence from Malaysiaen_US
dc.typeArticleen_US
dspace.entity.typePublication
Files
Collections
SCOPUS