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Does ownership structure explain the zero-leverage puzzle?

Hafsteinsdóttir, Ásta Brá LU and Helgadóttir, Snædís LU (2015) BUSP70 20151
Department of Business Administration
Abstract
Title/Research question: Does ownership structure explain the zero-leverage puzzle?
Authors: Ásta Brá Hafsteinsdóttir and Snædís Helgadóttir
Supervisor: Håkan Jankensgård
Theoretical framework: Modigliani and Miller Theorems, Trade-off Theory, Pecking Order
Theory, Market Timing Theory, Agency theory, theories regarding ownership structure.
Method: Quantitative approach using logit model regressions with panel data to interpret the relationship between ownership structure and zero- and almost zero-leverage.
Conclusion: The results confirm that the zero-leverage phenomenon does indeed exist on the Swedish market and that the characteristics of these firms are largely consistent with research from other countries. The main finding of... (More)
Title/Research question: Does ownership structure explain the zero-leverage puzzle?
Authors: Ásta Brá Hafsteinsdóttir and Snædís Helgadóttir
Supervisor: Håkan Jankensgård
Theoretical framework: Modigliani and Miller Theorems, Trade-off Theory, Pecking Order
Theory, Market Timing Theory, Agency theory, theories regarding ownership structure.
Method: Quantitative approach using logit model regressions with panel data to interpret the relationship between ownership structure and zero- and almost zero-leverage.
Conclusion: The results confirm that the zero-leverage phenomenon does indeed exist on the Swedish market and that the characteristics of these firms are largely consistent with research from other countries. The main finding of this thesis is that ownership structure can partly explain the zero-leverage puzzle in financially constrained firms only. (Less)
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author
Hafsteinsdóttir, Ásta Brá LU and Helgadóttir, Snædís LU
supervisor
organization
course
BUSP70 20151
year
type
H2 - Master's Degree (Two Years)
subject
keywords
Zero-leverage puzzle, zero-leverage, almost zero-leverage, ownership structure, concentrated ownership, diffuse ownership, owner identity, institutional owners, private owners
language
English
id
5471032
date added to LUP
2015-06-10 15:58:04
date last changed
2015-06-10 15:58:04
@misc{5471032,
  abstract     = {Title/Research question: Does ownership structure explain the zero-leverage puzzle?
Authors: Ásta Brá Hafsteinsdóttir and Snædís Helgadóttir
Supervisor: Håkan Jankensgård
Theoretical framework: Modigliani and Miller Theorems, Trade-off Theory, Pecking Order
Theory, Market Timing Theory, Agency theory, theories regarding ownership structure.
Method: Quantitative approach using logit model regressions with panel data to interpret the relationship between ownership structure and zero- and almost zero-leverage.
Conclusion: The results confirm that the zero-leverage phenomenon does indeed exist on the Swedish market and that the characteristics of these firms are largely consistent with research from other countries. The main finding of this thesis is that ownership structure can partly explain the zero-leverage puzzle in financially constrained firms only.},
  author       = {Hafsteinsdóttir, Ásta Brá and Helgadóttir, Snædís},
  keyword      = {Zero-leverage puzzle,zero-leverage,almost zero-leverage,ownership structure,concentrated ownership,diffuse ownership,owner identity,institutional owners,private owners},
  language     = {eng},
  note         = {Student Paper},
  title        = {Does ownership structure explain the zero-leverage puzzle?},
  year         = {2015},
}