外文文献新兴市场的外部和内部所有权集中和债务决策.pdf

Asian Economic and Financial Review, 2013, 3(12):1583-1597 Asian Economic and Financial Review journal homepage: http :///journal-detail.php?id=5002 EXTERNAL AND INTERNAL OWNERSHIP CONCENTRATION AND DEBT DECISIONS IN AN EMERGING MARKET: EVIDENCE FROM PAKISTAN Shahab U Din Faculty Member, Department of Management Sciences, COMSATS Institute of Information Technology Wah Campus, Pakistan Attiya Javid Professor at Department of Economics, Pakistan Institute of Development Economics Islamabad, Pakistan Muhammad Imran PhD-Scholar, Department of Management Science, COMSATS Institute of Information Technology Islamabad, Pakistan ABSTRACT This study examines the effect of concentration of ownership both external block ownership and managerial share ownership on capital structure decision of Pakistani non-financial firms. The panel data is used to investigate the relationship between capital structure with external and internal ownership structure and fixed effect model gives a better explanation of the model. The relationship suggested by analysis between external ownership concentration and leverage ratio, patronage the “passive voting hypothesis” that large external shareholders select corporate managers through their voting power by ignoring the interest of the small shareholders. While large insider ownership significantly enhances the voting power and influence the corporate decisions. Which result difficult to control manager