| Summary: | 碩士 === 國立臺北科技大學 === 經營管理系 === 107 === In this study, we study the relationship between debt ratio and the willingness of ultimate controller to dilute control, proxied by the shareholding ratio of ultimate controller. We find the evidence that ultimate controller’s stake is positively associated with debt ratio. The family firms, also have the same characteristics, but the effect is not obvious compared to non-family firms. As for the corporate life cycle, the ultimate controller of the firms in growth stage, focus on their control ability, and avoid the dilution of control.
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