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Ownership Variables And Capital Structure: Evidence From Chile, Suad Ghaddar
Ownership Variables And Capital Structure: Evidence From Chile, Suad Ghaddar
Theses and Dissertations - UTB/UTPA
The relationship between ownership structure and capital structure is one of the less understood areas within the corporate finance literature. This study attempts to address this issue within a unique; organizational and institutional framework that may help explain the intricacies of such a relationship. The Chilean corporate scene with its high ownership concentration levels, industrial group structure, and familial control provides a rich testing ground to analyze how ownership variables define a firm's leverage policy.
Research has supported both a positive and a negative relationship between ownership concentration and leverage levels. On the one hand, firms characterized by high levels …