The relationship between ownership, financing decisions and firm performance: A signaling model

被引：20
|
作者：
Bajaj, M [1 ]
Chan, YS
Dasgupta, S
机构：
[1] Law & Econ Consulting Grp, Berkeley, CA USA
[2] Hong Kong Univ Sci & Technol, Hong Kong, Peoples R China
来源：
INTERNATIONAL ECONOMIC REVIEW | 1998年 / 39卷 / 03期
关键词：
D O I：
10.2307/2527397
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We develop a signaling model to show how adverse selection and moral hazard interact to determine a firm's ownership structure and financing and investment decisions endogenously. Testable implications are derived regarding the relationship between insider ownership, performance measures such as Tobin's Q ratio, and elements of financial structure such as the debt-equity ratio.
引用
收藏
页码：723 / 744
页数：22
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