UNIGE document Report
previous document  unige:5758  next document
add to browser collection
Title

Is debt a governance device against the control leverage ? The case of European firms

Author
Year 2005
Collection Cahiers de recherche; 2005.06
Abstract This paper documents that there is no relationship between ultimate ownership structure and firm performance among non-financial listed firms in Europe. The use of the control leverage by some ultimate owners is value destroying however. We show that firms rely on debt to counterbalance this effect because they face market pressures. These results are obtained from a large sample that allows to carry out a simultaneous equation system estimation of firm performance and financial structures where these variables are treated as endogenous.
Keywords Ownership structureCorporate governanceCapital structureSeparation of ownership and control
Full text
Structures
Citation
(ISO format)
GAUD, Philippe. Is debt a governance device against the control leverage ? The case of European firms. 2005 https://archive-ouverte.unige.ch/unige:5758

210 hits

530 downloads

Update

Deposited on : 2010-04-15

Export document
Format :
Citation style :