Ownership Structure as a Determinant of Capital Structure - An Empirical Study of DAX Companeis

Diplomarbeit , 2004 , 102 Seiten , Note: 1.1

BWL - Unternehmensführung, Management, Organisation

Empirische Diplomarbeit die mit einer multivariaten Regression untersucht, ob sich die beobachtete Variabilität der Kapitalstrukturen von Unternehmen durch unterschiedliche Eigentümerstrukturen erklären lässt.

Inhaltsverzeichnis

• LIST OF FIGURES
• LIST OF TABLES
• LIST OF ABBREVIATIONS
• LIST OF SYMBOLS
• 1 INTRODUCTION
  • 1.1 Problem and Objective of the Thesis
  • 1.2 Organization of the Thesis
• 2 THE RELATIONSHIP BETWEEN CAPITAL STRUCTURE, MANAGEMENT OWNERSHIP AND EXTERNAL BLOCK HOLDERS - PRIOR RESEARCH AND HYPOTHESES
  • 2.1 Capital Structure and Management Ownership
    • 2.1.1 Incentive-Alignment Hypothesis
    • 2.1.2 Signaling and Corporate Control Considerations
    • 2.1.3 Management Entrenchment Hypothesis
    • 2.1.4 Non-Linearity and Hypothesis Development
  • 2.2 Capital Structure and External Block Holders
  • 2.3 Interaction of Management Ownership and External Block Holders
• 3 ECONOMETRIC ANALYSIS OF OWNERSHIP AND CAPITAL STRUCTURE
  • 3.1 Data and Model Specification
    • 3.1.1 Sample Selection
    • 3.1.2 Ownership Structure Variables
    • 3.1.3 Measures of Capital Structure and Univariate Analysis
    • 3.1.4 Additional Capital Structure Determinants
    • 3.1.5 Variable Overview and Correlation Analysis
    • 3.1.6 Multivariate Regression Models
  • 3.2 Empirical Results and Theoretical Implications
    • 3.2.1 Capital Structure and Management Ownership
    • 3.2.2 Capital Structure and External Block Holders
    • 3.2.3 Interaction of Management Ownership and External Block Holders
  • 3.3 Robustness of Results
    • 3.3.1 Multicollinearity, Heteroskedasticity and Non-Normality
    • 3.3.2 Alternative Variable Definitions
    • 3.3.3 Exclusion of Observations
• 4 CONCLUSION
  • 4.1 Summary and Critique
  • 4.2 Implications for Further Research
• APPENDIX
• REFERENCES

Zielsetzung und Themenschwerpunkte

This thesis aims to empirically investigate the relationship between ownership structure and capital structure in a sample of DAX companies. The study focuses on the impact of management ownership and external block holders on the debt ratio of German listed firms. The objective is to test and refine existing theoretical frameworks and to contribute to the understanding of how ownership structure influences corporate financing decisions.

• The influence of management ownership on capital structure
• The impact of external block holders on capital structure
• The interaction between management ownership and external block holders on capital structure
• The role of agency costs and information asymmetry in explaining the relationship between ownership structure and capital structure
• The implications of the findings for corporate governance and financing decisions

Zusammenfassung der Kapitel

The first chapter introduces the research problem and outlines the objectives of the thesis. It provides a brief overview of the existing literature on the relationship between ownership structure and capital structure. The second chapter reviews the theoretical frameworks and empirical evidence on the impact of management ownership and external block holders on capital structure. It develops hypotheses based on the existing literature and the specific context of German listed firms. The third chapter presents the econometric analysis of the relationship between ownership structure and capital structure. It describes the data and model specification, including the sample selection, ownership structure variables, measures of capital structure, and additional capital structure determinants. The chapter then presents the empirical results and discusses their theoretical implications. The fourth chapter summarizes the findings of the thesis and discusses their implications for further research. It also provides a critique of the study's limitations and suggests potential avenues for future research.

Schlüsselwörter

The key words and focus themes of the text include ownership structure, capital structure, management ownership, external block holders, agency costs, information asymmetry, corporate governance, financing decisions, DAX companies, German listed firms, empirical analysis, econometrics, regression models, theoretical implications, and corporate finance.

• Hochschule: European Business School - Internationale Universität Schloß Reichartshausen Oestrich-Winkel
• Note: 1.1
• Autor: Christian Funke (Autor:in)
• Erscheinungsjahr: 2004
• Seiten: 102
• Katalognummer: V185965
• ISBN (eBook): 9783867469661
• ISBN (Buch): 9783867467704
• Sprache: Englisch
• Schlagworte: ownership, structure, determinant, capital, empirical, study, companeis