MANAGERIAL OWNERSHIP, TAKEOVER DEFENSES, AND DEBT FINANCING

Purpose Ownership structure deals with internal corporate governance mechanism, which plays important role in minimizing conflict of interests between shareholders and management Ownership structure is an important mechanism that influences the value of firm, financing and dividend decisions. This paper aims to examine the impact of the ownership structures, i.e. managerial ownership, institutional ownership on financing and dividend policy. Design/methodology/approach The authors use panel data of manufacturing firms from both developed and developing countries, and the generalized method of moments (GMM) is applied to analyze the results. The authors collect the data from DataStream for the period of 2010 to 2019. Findings The authors find that managerial ownership and ownership concentration have significant and positive effects on debt financing, but they have significant and negative effects on dividend policy. Institutional ownership shows a positive impact on financing decisions and dividend policy for sample firms. Originality/value This study fills the gap by proving the policy implications for both firms and investors, as managers prefer debt financing, but at the same time try to ignore dividend payment. Therefore, investors may not invest in firms with a higher proportion of managerial ownership and may choose to invest more in institutional ownership, which lowers the agency cost.

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PENGARUH MEKANISME CORPORATE GOVERNANCE TERHADAP TRANSPARANSI

Current: Jurnal Kajian Akuntansi dan Bisnis Terkini ◽

10.31258/jc.1.1.52-67 ◽

2020 ◽

Vol 1 (1) ◽

pp. 52-67

Author(s):

Dian Ramadhani ◽

Raja Adri Satriawan Surya ◽

Arumega Zarefar

Keyword(s):

Corporate Governance ◽

Audit Quality ◽

Stock Exchange ◽

Statistical Tests ◽

Foreign Ownership ◽

Debt Financing ◽

Annual Reports ◽

Managerial Ownership ◽

Governance Mechanisms ◽

Corporate Governance Mechanisms

This study aims to examine the influence of corporate governance mechanisms to transparency. Corporate governance mechanisms examined in this study include internal mechanism consisting of: commissioners, managerial ownership, foreign ownership, debt financing, and audit quality. The population in this study is a registered company in Indonesia Stock Exchange for the period 2015 - 2018. The sample in this research determined by purposive sampling method with a total sample of 103 annual reports. Statistical tests showed that the board of directors, managerial ownership, foreign ownership, debt financing has no effect on the performance of the company while the quality of the audit have an impact on transparency.

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PERATAAN LABA DAN VARIABEL-VARIABEL YANG MEMPENGARUHINYA (STUDI EMPIRIS PERUSAHAAN MANUFAKTUR YANG TERDAFTAR DI BEJ)

Assets Jurnal Akuntansi dan Pendidikan ◽

10.25273/jap.v1i1.550 ◽

2012 ◽

Vol 1 (1) ◽

pp. 24

Author(s):

Purweni Widhianingrum

Keyword(s):

Regression Analysis ◽

Ownership Structure ◽

Sampling Method ◽

Stock Exchange ◽

Institutional Ownership ◽

Debt Financing ◽

Income Smoothing ◽

Managerial Ownership ◽

Manufacturing Companies ◽

Analysis Method

<span>This study aimed to determine the effect of managerial ownership, institutional ownership, debt financing, ownership dispersion, profitability, and firm size simultaneously and partially on income smoothing.This study uses manufacturing companies listed on the Jakarta Stock Exchange as an object of research. Based on purposive sampling method there are 147 companies that found the above criteria. Data analysis method used is multiple regression analysis. The results of this study showed that ownership dispersion and size of company that has a significant effect partially on income smoothing. The larger company and expanding company's ownership structure has greater freedom to report better earnings.</span>

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Dividend policy, managerial ownership and debt financing: A non-parametric perspective

European Journal of Operational Research ◽

10.1016/j.ejor.2014.08.031 ◽

2015 ◽

Vol 241 (3) ◽

pp. 783-795 ◽

Cited By ~ 18

Author(s):

Chris Florackis ◽

Angelos Kanas ◽

Alexandros Kostakis

Keyword(s):

Dividend Policy ◽

Debt Financing ◽

Managerial Ownership ◽

Non Parametric

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Ownership and Capital Structure of Pakistani Non Financial Firms

e-Finanse ◽

10.1515/fiqf-2016-0136 ◽

2016 ◽

Vol 12 (1) ◽

pp. 57-67

Author(s):

Khan Shoaib ◽

Suzuki Yasushi

Keyword(s):

Capital Structure ◽

Ownership Structure ◽

Stock Exchange ◽

Negative Relationship ◽

Debt Financing ◽

Managerial Ownership ◽

Voting Power ◽

Clear Cut ◽

Financial Firms ◽

The Impact

AbstractExisting literature has not yet defined a clear-cut relationship between ownership structure and capital structure. This study aims to contribute to this controversial argument by examining the impact of internal (managerial) ownership and external ownership on financing preferences using the case of non-financial firms listed on Karachi stock exchange during the period of 2008-2012. Our results suggest that the external ownership has a significant effect on capital structure in accordance with the presence of blockholders. In contrast, the internal ownership has a complicated effect; it shows significant positive and negative relationship to leverage at lower and certain higher proportion of managerial shareholding respectively. Besides, the combined analyses suggest that the presence of blockholders negates the impact of managerial ownership on capital structure. This implies that the presence of large and dominant shareholders in Pakistani firms may have caused a bias for debt financing to protect their voting power and returns.

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Our Debts Heavy... (on the Monograph “Debt as a Phenomenon of the XXI Century”)

Voprosy Ekonomiki ◽

10.32609/0042-8736-2015-4-152-159 ◽

2015 ◽

pp. 152-159 ◽

Cited By ~ 2

Author(s):

T. Leonova

Keyword(s):

European Union ◽

Economic Development ◽

Global Economy ◽

Debt Financing ◽

The European Union ◽

National Economies

Lending capital, credit and debt financing have been around and used to fuel economic development since the time immemorial. There are innumerable studies by international and Russian scholars that look into the evolution of these notions and lending instruments employed. The collective monograph edited by A. Porokhovsky and published by the MSU in 2014 intends to provide an all-around political and economic as well as applied review of the current debt issues faced by the global economy, national economies of Russia, U.S.A. and countries of the European Union. It uses a variety of academic and methodological postulates that range from the reproduction approach to modern macroeconomic doctrines.

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Hostile Takeovers and Anti-takeover Defenses in the Russian Corporate Market

Voprosy Ekonomiki ◽

10.32609/0042-8736-2007-4-70-84 ◽

2007 ◽

pp. 70-84 ◽

Cited By ~ 3

Author(s):

E. Demidova

Keyword(s):

Cost Benefit Analysis ◽

Cost Benefit ◽

Benefit Analysis ◽

Costs And Benefits ◽

Hostile Takeovers ◽

Russian Market ◽

Takeover Defenses ◽

The Cost ◽

European Markets

This article analyzes definitions and the role of hostile takeovers at the Russian and European markets for corporate control. It develops the methodology of assessing the efficiency of anti-takeover defenses adapted to the conditions of the Russian market. The paper uses the cost-benefit analysis, where the costs and benefits of the pre-bid and post-bid defenses are compared.

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