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
相关论文
共 50 条
  • [11] SHAREHOLDER GOALS, FIRM GOALS AND FIRM FINANCING DECISIONS
    SEITZ, N
    FINANCIAL MANAGEMENT, 1982, 11 (03) : 20 - 26
  • [12] The relationship between ownership structure and firm performance: An empirical analysis of listed companies in Kenya
    Ongore, Vincent Okoth
    AFRICAN JOURNAL OF BUSINESS MANAGEMENT, 2011, 5 (06): : 2120 - 2128
  • [13] The impact of family ownership on the relationship between the existence of the women board of commissioners and firm performance
    Ermawati, Nanik
    Dianawati, Wiwiek
    INTANGIBLE CAPITAL, 2024, 20 (01) : 152 - 169
  • [14] The relationship between managerial ownership and firm performance in high R&D firms
    Cui, HM
    Mak, YT
    JOURNAL OF CORPORATE FINANCE, 2002, 8 (04) : 313 - 336
  • [15] Does board activeness strengthen the relationship between structure of corporate ownership and firm performance?
    Yuan, Feng
    Hussain, Rana Tanveer
    Khalid, Iqra
    Li, Mi
    FRONTIERS IN PSYCHOLOGY, 2023, 13
  • [16] Research on relationship between Top Management Team Heterogeneity, ownership structure and firm performance
    Zhang, Ping
    FIFTH WUHAN INTERNATIONAL CONFERENCE ON E-BUSINESS, VOLS 1-3: INTEGRATION AND INNOVATION THROUGH MEASUREMENT AND MANAGEMENT, 2006, : 2598 - 2606
  • [17] The moderating effect of independent board members' ownership on the relationship between their independence and firm performance
    Habtoor, Omer Saeed
    Alowaimer, Osama Hamad
    Waked, Sami Sobhi
    Alobaid, Rayed Obaid
    COGENT BUSINESS & MANAGEMENT, 2024, 11 (01):
  • [18] The Impact of CEO Duality and Ownership on the Relationship Between Organisational Slack and Firm Performance in China
    Wang, Dong
    Sun, Daojun
    Yu, Xiaofeng
    Zhang, Yihao
    SYSTEMS RESEARCH AND BEHAVIORAL SCIENCE, 2014, 31 (01) : 94 - 101
  • [19] Taxes, financing decisions, and firm value
    Fama, EF
    French, KR
    JOURNAL OF FINANCE, 1998, 53 (03): : 819 - 843
  • [20] The impacts of firm size on the interactions between investment, financing and hedging decisions
    Lin, Chia-Hui
    Lin, Chu-Hsuing
    Wang, Yun-Yi
    JOURNAL OF STATISTICS & MANAGEMENT SYSTEMS, 2012, 15 (06): : 663 - 683
12345