The relationship between ownership, financing decisions and firm performance: A signaling model

• 成果类型: Article
• 署名作者: Bajaj, M; Chan, YS; Dasgupta, S
• 署名单位: Hong Kong University of Science & Technology
• 刊物名称: INTERNATIONAL ECONOMIC REVIEW
• ISSN/ISSBN: 0020-6598
• DOI: 10.2307/2527397
• 发表日期: 1998
• 页码: 723-744
• 关键词: capital structure; AGENCY COSTS; corporate; COMPENSATION; valuation

摘要

We develop a signaling model to show how adverse selection and moral hazard interact to determine a firm's ownership structure and financing and investment decisions endogenously. Testable implications are derived regarding the relationship between insider ownership, performance measures such as Tobin's Q ratio, and elements of financial structure such as the debt-equity ratio.