Ownership structure and the cost of debt : evidence from an emerging market

مقدم أطروحة جامعية

Guennioui, Malak

مشرف أطروحة جامعية

Jabburi, Imad

الجامعة

جامعة الأخوين

الكلية

كلية إدارة الأعمال

دولة الجامعة

المغرب

الدرجة العلمية

ماجستير

تاريخ الدرجة العلمية

2016

الملخص الإنجليزي

This study investigates the relationship between ownership structure and cost of debt in Morocco during the period between 2004 and 2014.

The research uses a panel data analysis and reports a negative relationship between ownership concentration and the cost of debt.

It also documents that the presence of institutional and family owners is negatively related to the cost of debt.

These ownership structures reflect decent governance mechanisms within the firm that serve as a grantee for creditors.

The relationships are also assessed in the pre and post-crisis periods.

The results appear to be more pronounced in the post-crisis period than in the pre-crisis period.

We argue that the incentives of shareholders to expropriate increase in economic downturns.

Mindful of the deterioration of corporate governance during economic slumps, the importance of concentrated, family, as well as institutional ownership increases, which explains their stronger negative relationship with cost of debt in the post-crisi s period

التخصصات الرئيسية

العلوم الاقتصادية والمالية وإدارة الأعمال

عدد الصفحات

41

قائمة المحتويات

• APA
• MLA
• AMA

لغة النص

الإنجليزية

نوع البيانات

رسائل جامعية

رقم السجل

BIM-775235