Ownership concentration and debt structure : evidence from top 100 PLCs in Malaysia

Date
2018
Authors
Paramanantham, Neshaleni S.
Ting, Irene Wei Kiong
Kweh, Qian Long
Journal Title
Journal ISSN
Volume Title
Publisher
Faculty of Economics and Administration
Abstract
This study examines the impact of ownership concentration on debt structure. Based on market capitalisation, we obtained financial and governance data from Top 100 public listed companies in Malaysia for the period 2011-2015. Ordinary least squares and fixed-effect panel models were employed for examining data. The regression results showed that ownership held by the top five shareholders significantly and negatively affected long term debt and total debt ratios. The results remain qualitatively similar in both estimations using the ordinary least squares and fixedeffect panel models. In summary, this study offers some insights into how concentrated ownership influence corporate debt structure. © 2018, Faculty of Economics and Administration. All rights reserved.
Description
This article is not available at CUD collection. The version of scholarly record of this article is published in Institutions and Economies (2018), available online at: https://ijie.um.edu.my/article/view/11946
Keywords
100 public listed companies, Debt structure, Malaysi, Ownership concentration
Citation
Paramanantham, N.S., Ting, I.W.K., & Kweh, Q.L. (2018). Ownership concentration and debt structure: evidence from top 100 PLCs in Malaysia. Institutions and Economies, 10(3), 1–13. https://ijie.um.edu.my/article/view/11946