Professional Documents
Culture Documents
Introduction
Abstract
There have always been controversies among
relationship
and
between
ownership structure.
capital
structure
Capital
Keywords:
Capital Structure ; Ownership Structure ; Agency
Theory ; Leverage ; Corporate Finance
on interest payments.
Therefore, they
performance.
Using
Capital
structure
is
very
theoretical
models,
top
savings of debt.
shareholders.
and
Means
(1932)
initially
achieve
his
personal
goals
rather
than
This
This particular
shareholders.
developed
from
principal-agent
Their
this
agency
theory
explanation
problem
was
and
taken
was
the
into
Similarly,
Debt-holders will
On the
We can
agency costs.
Dorff (2007)
turnover.
Vermaelen
mentioned relationship.
However, McConnell
Therefore,
linking
the
ownership
sector only.
positive
relationship
between
management
Lambert
that
and
Larcker
(1986)
argued
Conclusion
problem.
number
large
small
of
shareholders
with
paper.
where:
However,
estimated
model
provides
REFERENCES
the
When