文章基本信息

标题：Corporate Ownership Firm Financing Choices and Firm Value Evidenced from Emerging Markets, Pakistan
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作者：Hamid Ullah ; Attaullah Shah ; Shafiq ur Rehman 等
期刊名称：Asian Journal of Business and Management Sciences
电子版ISSN：2047-2528
出版年度：2012
卷号：2
期号：03
页码：16-34
出版社：Society for Business Research Promotion
摘要：This study has conducted to investigate relationship among corporate ownership, corporate leverage and its impact on the firm value while using a random sample of eighty non-financial listed firms on Karachi Stock Exchange, Pakistan for a period of 2003 to 2010. The empirical results supported fixed effect regression between leverage and ownership structure variables. Institutional ownership is negatively related with the leverage while managerial ownership has insignificant due to the fact that non-liner relationship exists with leverage. Therefore, leverage can be substituted with the institutional ownership. Second model shows relationship between the firm value and blockholders. There exists a positive significant relationship between the firm value and blockholders. Three regression models are estimated for the relationship of ownership structure corporate leverage and firmâ€™s value. There empirical results suggested that leverage and Tobinâ€™s Q has negatively related with managerial share ownership (MSO) while the second equation suggests that Tobinâ€™s Q has negative relation with leverage, managerial share ownership square (MSO2) while positively related with managerial share ownership (MSO). The third equation suggests that leverage is positively related with Tobinâ€™s Q while negatively related with managerial share ownership (MSO).thus it has verified that corporate ownership determined corporate leverage and corporate leverage has direct impact on the firm value. Full Text