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http://hdl.handle.net/10419/24494
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| Title: | | Benefits of Control, capital structure and company growth  |
| Authors: | | Mueller, Elisabeth |
| Issue Date: | | 2005 |
| Series/Report no.: | | ZEW Discussion Papers 05-55 [rev.] |
| Abstract: | | This paper studies the influence of the benefits of control on the capital structure and the growth of private companies for a sample of 8,964 UK companies with limited liability observed for up to 5 years. It is hypothesised that companies in which existing owners would lose more control if they expanded, have smaller equity increases, are more highly levered and grow more slowly. Potential loss of control is measured as the difference in the probability of winning a vote for the largest owner before and after a hypothetical equity increase. Evidence is found that is consistent with the hypotheses. |
| Subjects: | | benefits of control capital structure company growth small and medium-sized enterprises |
| JEL: | | G32 M13 L20 |
| older Version: | | http://hdl.handle.net/10419/24147 |
| Document Type: | | Working Paper |
| Appears in Collections: | | Publikationen von Forscherinnen und Forschern des ZEW ZEW Discussion Papers
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| dp0555.pdf | | 1.55 MB | Adobe PDF |
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