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Theory and Evidence on the Relationship Between Ownership Structure and Capital Structure

Brailsford, Tim; Oliver, Barry; Pua, Sandra L. H


The agency relationship between managers and shareholders has the potential to influence decision-making in the firm which in turn potentially impacts on firm characteristics such as value and leverage. Prior evidence has demonstrated an association between ownership structure and firm value. This paper extends the literature by proposing a further link between ownership structure and capital structure. Using an agency framework we argue that the distribution of equity ownership among...[Show more]

CollectionsANU Research Publications
Date published: 1999
Type: Working/Technical Paper


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