Download PDF by Sanjiva Prasad, Christopher J Green, Victor Murinde: Company Financing, Capital Structure, and Ownership: A

By Sanjiva Prasad, Christopher J Green, Victor Murinde

ISBN-10: 3902109041

ISBN-13: 9783902109040

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825 percent. Second, Friend and Lang argue that those firms who have dominant insider equityholders will have less debt than those companies who do not. Consequently, CHCs should have lower debt levels than PHCs. Moreover, if there are economies of scale in information gathering, those firms that have large external shareholders 46 Multivariate Empirical Research: Main Empirical Findings may monitor the behaviour of managers more effectively than those corporations who do not. Therefore, each category of firms was sub-divided into two further groups: CHC0 and CHC1, which represent closely held corporations with and without non-managerial principal investors; and PHC0 and PHC1, representing publicly held corporations with and without nonmanagerial principal investors.

34 Theories of the Impact of Taxation on Capital Structure falls; and third that an increase in earnings risk also reduces the optimal leverage ratio. Masulis (1988) notes, that within these models, debt is usually subject to a higher personal tax rate than is equity, although the differential is assumed to vary among investors. This implies that investors who currently prefer equity must be persuaded to switch to debt by a price reduction. This is an additional factor that diminishes the overall tax advantage of debt.

A similar model to Warner’s (1977) is applied by Bradbury and Lloyd (1994). The authors provide estimates of the direct costs of bankruptcy in New Zealand via an analysis of 27 corporate receiverships for the period 1980 through 1987. In relation to previous bankruptcy studies, Bradbury and Lloyd innovate by estimating how sensitive bankruptcy costs are to various measures of firm size as well as estimating two non-linear functions relating bankruptcy administration costs to firm size: log AC= a0 + a1ln RP (3) AC = b0 + b1RP2 (4) In these equations, AC is the administration costs, RP is receivership proceeds, and the hypotheses are: a0, b0 > 0 and 0 0.

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Company Financing, Capital Structure, and Ownership: A Survey, and Implications for Developing Economies by Sanjiva Prasad, Christopher J Green, Victor Murinde


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