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- W2893742425 abstract "This study has examined the effect of institutional ownership on the capital structure of American large capitalization firms and whether or not this has changed because of the crisis. It is executed by using an ordinary least squares (OLS) regression model on a dataset comprising of the S&P 500 which are the largest firms listed in the United States of America. There is a negative and significant relation between institutional ownership and leverage (measured as the firms’ debt divided by total assets). This means that more institutional ownership results in less leverage. These results are in line and consistent with the argument that firms with a high percentage of institutional shareholders are more risk averse and hence borrow less than other firms (Santos, et al., 2014). Another explanation could be that institutional investment works as a substitute regarding monitoring by debt which mitigates the adverse selection cost of equity making equity more attractive than debt resulting in a lower leverage (Jensen and Meckling 1976; Grier and Zychowicz,1994)." @default.
- W2893742425 created "2018-10-05" @default.
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- W2893742425 date "2018-01-01" @default.
- W2893742425 modified "2023-09-28" @default.
- W2893742425 title "Capital structure puzzle : “The effect of institutional ownership”" @default.
- W2893742425 hasPublicationYear "2018" @default.
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