EQUITY OWNERSHIP AND THE 2 FACES OF DEBT

• 成果类型: Article
• 署名作者: MCCONNELL, JJ; SERVAES, H
• 署名单位: University of North Carolina; University of North Carolina Chapel Hill
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/0304-405X(95)00824-X
• 发表日期: 1995
• 页码: 131-157
• 关键词: capital structure; EQUITY OWNERSHIP; GROWTH OPPORTUNITIES; JEL CLASSIFICATION; G32

摘要

We empirically investigate the relation between corporate value, leverage, and equity ownership. For 'high-growth' firms corporate value is negatively correlated with leverage, whereas for 'low-growth' firms corporate value is positively correlated with leverage. The results also hint that the allocation of equity ownership among insiders, institutions, blockholders, and atomistic outside shareholders is of marginally greater significance in low-growth than in high-growth firms. The overall interpretation of the results is that debt policy and equity ownership structure 'matter' and that the way in which they matter differs between firms with many and firms with few positive net present value projects.