The DOI matches its Crossref record; 90 of the 90 references it cites were found in a registry or an index.
Capital structure, equity ownership and firm performance
Open accessAbstract
This paper investigates the relationship between capital structure, ownership structure and firm performance using a sample of French manufacturing firms. We employ non-parametric data envelopment analysis (DEA) methods to empirically construct the industry's 'best practice' frontier and measure firm efficiency as the distance from that frontier. Using these performance measures we examine if more efficient firms choose more or less debt in their capital structure. We summarize the contrasting effects of efficiency on capital structure in terms of two competing hypotheses: the efficiency-risk and franchise-value hypotheses. Using quantile regressions we test the effect of efficiency on leverage and thus the empirical validity of the two competing hypotheses across different capital structure choices. We also test the direct relationship from leverage to efficiency stipulated by the Jensen and Meckling (1976) agency cost model. Throughout this analysis we consider the role of ownership structure and type on capital structure and firm performance.
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Cites
Theory of the firm: Managerial behavior, agency costs and ownership structure
Jensen, M. C., & Meckling, W. H. (1976) · Journal of Financial Economics · doi:10.1016/0304-405x(76)90026-x · Cited by 71,491
Separation of Ownership and Control
Fama, E. F., & Jensen, M. C. (1983) · The Journal of Law and Economics · doi:10.1086/467037 · Cited by 19,058
Corporate financing and investment decisions when firms have information that investors do not have
Myers, S. C., & Majluf, N. S. (1984) · Journal of Financial Economics · doi:10.1016/0304-405x(84)90023-0 · Cited by 18,957
La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. W. (1998) · Journal of Political Economy · doi:10.1086/250042 · Cited by 18,025
Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers
Jensen, M. C. (1986) · Cited by 17,275
A Survey of Corporate Governance
Shleifer, A., & Vishny, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb04820.x · Cited by 16,243
Determinants of corporate borrowing
Myers, S. C. (1977) · Journal of Financial Economics · doi:10.1016/0304-405x(77)90015-0 · Cited by 13,169
Credit Rationing in Markets with Imperfect Information
Stiglitz, J. E., & Weiss, A. (1981) · Columbia University · doi:10.7916/d8v12ft1 · Cited by 12,769
Corporate Ownership Around the World
La Porta, R., Lopez‐De‐Silanes, F., & Shleifer, A. (1999) · The Journal of Finance · doi:10.1111/0022-1082.00115 · Cited by 10,541
Large Shareholders and Corporate Control
Shleifer, A., & Vishny, R. W. (1986) · Journal of Political Economy · doi:10.1086/261385 · Cited by 8,408
Cited by
Ayaz, M., Mohamed Zabri, S., & Ahmad, K. (2021) · Managerial Finance · doi:10.1108/mf-11-2019-0586 · Cited by 52
Capital structure and financial performance of listed manufacturing firms in Nigeria
A, A., O, W., & OL, Q. (2018) · Journal of Research in International Business and Management · doi:10.14303/jribm.2018.018 · Cited by 49
Albalwy, H. (2024) · Open Journal of Business and Management · doi:10.4236/ojbm.2024.126187 · Cited by 3
Metadata
- Authors
- Margaritis, D., & Psillaki, M.
- Venue
- Journal of Banking & Finance
- Publisher
- Elsevier BV
- Published
- 2010-03
- Volume
- 34
- Issue
- 3
- Pages
- 621-632
- ISSN
- 0378-4266 (ISSN-L)
- OpenAlex
- W1972264357
- Cited by
- 870
- References
- 90
- FWCI
- 56.24
- Type
- journal article
- Language
- en
- Open access
- green
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
