The Influence of Institutional Ownership and CEO Ownership on The Firm’s Capital Structure.
碩士 === 國立中正大學 === 財務金融研究所 === 103 === We examine the dynamic relations about institutional ownership and CEO ownership to a firm’s capital structure. The data period is from 1994 to 2013, and we use Two-Stage Least Squares (2SLS) as our economics method. We find that the leverage of firms listed at...
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| Format: | Others |
| Language: | zh-TW |
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2015
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| Online Access: | http://ndltd.ncl.edu.tw/handle/22427129013983683196 |
| Summary: | 碩士 === 國立中正大學 === 財務金融研究所 === 103 === We examine the dynamic relations about institutional ownership and CEO ownership to a firm’s capital structure. The data period is from 1994 to 2013, and we use Two-Stage Least Squares (2SLS) as our economics method. We find that the leverage of firms listed at over-the-counter market (OTC) decreases when institutional ownership increases. The result implies that a firm reduces its debt as institutional investors substitute for the monitoring role of debt. But in our regression, CEO ownership is not an important factor. Moreover, we find that institutional ownership increases when a firm’s suboptimal leverage increases. This finding shows that institutions actively monitor a firm’s capital structure.
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