Corporate ownership structure and the choice between bank debt and public debt

被引:233
作者
Lin, Chen [1 ,2 ]
Ma, Yue [3 ]
Malatesta, Paul [4 ]
Xuan, Yuhai [5 ]
机构
[1] Chinese Univ Hong Kong, Hong Kong, Hong Kong, Peoples R China
[2] Univ Hong Kong, Hong Kong, Hong Kong, Peoples R China
[3] City Univ Hong Kong, Hong Kong, Hong Kong, Peoples R China
[4] Univ Washington, Seattle, WA 98195 USA
[5] Harvard Univ, Sch Business, Cambridge, MA 02138 USA
关键词
Ownership structure; Excess control rights; Bank Debt; Public Debt; ACCRUAL ESTIMATION ERRORS; GROWTH OPPORTUNITIES; MATURITY STRUCTURE; FIRM VALUE; PRIVATE; LOANS; RISK; DETERMINANTS; GOVERNANCE; COVENANTS;
D O I
10.1016/j.jfineco.2013.03.006
中图分类号
F8 [财政、金融];
学科分类号
0202 ;
摘要
This article examines the relation between a borrowing firm's ownership structure and its choice of debt source using a novel data set on corporate ownership, control, and debt structures for 9,831 firms in 20 countries from 2001 to 2010. We find that the divergence between the control rights and cash-flow rights of a borrowing firm's largest ultimate owner has a significant negative impact on the firm's reliance on bank debt financing. In addition, we show that the control-ownership divergence affects other aspects of debt structure including debt maturity and security. Our results indicate that firms controlled by large shareholders with excess control rights may choose public debt financing over bank debt as a way of avoiding scrutiny and insulating themselves from bank monitoring. (C) 2013 Elsevier B.V. All rights reserved.
引用
收藏
页码:517 / 534
页数:18
相关论文
共 50 条
[21]   Societal secrecy and corporate debt financing choice [J].
Dak-Adzaklo, Cephas Simon Peter ;
Adza, Solomon Wise Dodzidenu ;
Asamoah, Joseph Maxwell ;
Tah, Pascar Tagwan .
JOURNAL OF INTERNATIONAL FINANCIAL MARKETS INSTITUTIONS & MONEY, 2025, 103
[22]   Consequences of Debt Capitalization: Property Ownership and Debt versus Tax Choice [J].
Stadelmann, David ;
Eichenberger, Reiner .
SOUTHERN ECONOMIC JOURNAL, 2012, 78 (03) :976-998
[23]   Corporate culture and bank debt [J].
Hasan, Mostafa Monzur .
FINANCE RESEARCH LETTERS, 2022, 49
[24]   Corporate debt structure: The long and the short of it [J].
Clark, Steven P. ;
Park, Min C. .
JOURNAL OF CORPORATE ACCOUNTING AND FINANCE, 2023, 34 (02) :149-165
[25]   Options trading and corporate debt structure☆ [J].
Cao, Jie ;
Hertzel, Michael ;
Xu, Jie ;
Zhan, Xintong .
JOURNAL OF ACCOUNTING AND PUBLIC POLICY, 2025, 49
[26]   Internal Capital Markets and Capital Structure: Bank Versus Internal Debt [J].
Dewaelheyns, Nico ;
Van Hulle, Cynthia .
EUROPEAN FINANCIAL MANAGEMENT, 2010, 16 (03) :345-373
[27]   DEBT STRUCTURE AND CORPORATE CASH HOLDINGS [J].
Seungjoon, Oh .
CRISES AFTER THE CRISIS: INQUIRIES FROM A NATIONAL, EUROPEAN AND GLOBAL PERSPECTIVE, VOL II, 2011, :374-393
[28]   Corporate Pensions and the Maturity Structure of Debt [J].
Lin, Yijia ;
Liu, Sheen ;
Yu, Jifeng .
JOURNAL OF RISK AND INSURANCE, 2019, 86 (02) :315-350
[29]   The effect of ownership structure on corporate debt maturity choice in China (ID: 8-093) [J].
Yang Wei ;
Yao Tao .
PROCEEDINGS OF THE 13TH INTERNATIONAL CONFERENCE ON INDUSTRIAL ENGINEERING AND ENGINEERING MANAGEMENT, VOLS 1-5: INDUSTRIAL ENGINEERING AND MANAGEMENT INNOVATION IN NEW-ERA, 2006, :3649-3653
[30]   The impact of bank fintech on corporate debt default [J].
Liu, Haiming ;
Hu, Jikong .
PACIFIC-BASIN FINANCE JOURNAL, 2024, 86