The Effect of a Complex Ownership Structure and Judicial Efficiency on Leverage: Evidence from Pakistani Listed Companies

Shah, Muhammad Hashim; Xiao, Zuoping; Abdullah,; Shah, Muhammad Kashif

doi:10.1080/1540496x.2018.1469404

Cited by 5 publications

(2 citation statements)

References 54 publications

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“…Third, our findings could be the result of information asymmetry, illiquidity, and corporate governance issues that exist in small-cap firms (e.g., tourism and hospitality stocks in Taiwan). As a result, previous research indicates that firms with better share price performance and even firm performance would have a well-functioning ownership structure ( Huang and Kang, 2017 ; Jarboui et al., 2015 ; Lee and Yeh, 2004 ; Linsmeier, 2016 ; Shah et al., 2018 ; Wang et al., 2019 ; Yeh, 2019 ), which may not be adequate for explaining the overbought phenomenon observed in tourism and hospitality firms from 2009 to 2015. As a result, prior research indicates that firms with better share price performance have a well-functioning ownership structure (Huang and Kang, 2002, 2017 ; Eisenberg et al., 1998 ; Jarboui et al., 2015 ; Lee and Yeh, 2004 ; Linsmeier, 2016 ; Shah et al., 2018 ; Wang et al., 2019 ; Yeh, 2019 ), which may not be adequate to explain the overbought phenomenon observed in Taiwanese tourism and hospitality firms from 2009 to 2015.…”

Section: Robustnessmentioning

confidence: 96%

Does ownership structure matter for overshooting manipulation of hospitality and tourism stocks?

Chen¹,

Huang²,

Ku³

et al. 2022

Heliyon

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Section: Robustnessmentioning

confidence: 96%

Does ownership structure matter for overshooting manipulation of hospitality and tourism stocks?

Chen¹,

Huang²,

Ku³

et al. 2022

Heliyon

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“…Liu, Tian, & Wang, 2011). But in Pakistan, many studies have particularly focused on corporate governance and capital structure decisions (Ahmad et al, 2018;Ahmed Sheikh & Wang, 2012;M. H. Shah, Zuoping, Abdullah, & Shah, 2018).…”

Section: Introductionmentioning

confidence: 99%

Relationship between Ownership Structure and Capital Structure

Murtaza

2019

SJOM

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Objective – The main objective of this study is to measure the relationship between ownership structure and capital structure by using the chemical sector of Pakistan. Design – This study is used the panel data and retrieved from the annual reports of the chemical sector of Pakistan for the time period of 2012 to 2017. Findings – The finding the statistical analysis shows that ownership structure has a significant positive relationship on capital structure. Which mitigate the agency conflicts among managers and shareholders, because the majority of the shareholders would like to have a higher level of debt over equity financing. Policy Implications – The findings of this study also can be helpful to the policymakers, investors and financial institution in designing ownership structures and financing decisions for firms. Originality – This is the first study that examined the relationship between ownership structure and capital structure in the context of the chemical sector of Pakistan.

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Firm innovation and ultimate control mechanism: Case of emerging market

Shaikh

Wang

et al. 2021

Manage Decis Econ

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This study analyzes the effect of control enhancing mechanisms (CEMs) on a firm's innovation activities. In the light of conflicting theoretical prophecies on the role of ultimate control, we analyze the ownership concentration by examining the cash flow and control rights deviation which embolden ultimate owners to expropriate. Empirical evidence suggests that CEMs have a negative effect on core and base innovation, although the effect is severe in intermediate aged firms and largest sized firms. These findings are robust in different specifications and have significant implications for policymakers.

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The Effect of a Complex Ownership Structure and Judicial Efficiency on Leverage: Evidence from Pakistani Listed Companies

Cited by 5 publications

References 54 publications

Does ownership structure matter for overshooting manipulation of hospitality and tourism stocks?

Does ownership structure matter for overshooting manipulation of hospitality and tourism stocks?

Relationship between Ownership Structure and Capital Structure

Firm innovation and ultimate control mechanism: Case of emerging market

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