Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/24147
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dc.contributor.authorMueller, Elisabethen_US
dc.date.accessioned2009-02-16T14:49:19Z-
dc.date.available2009-02-16T14:49:19Z-
dc.date.issued2005en_US
dc.identifier.urihttp://hdl.handle.net/10419/24147-
dc.description.abstractThis paper studies the influence of the private benefits of control on the capital structure and the growth of private companies. It is argued 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. The dataset covers 8,964 private UK companies with limited liability for up to 5 years. 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. Consistent with the private benefits of control, the results show that companies with a high potential loss of control do indeed have smaller equity increases, use more debt and grow more slowly.en_US
dc.language.isoengen_US
dc.publisher|aZentrum für Europäische Wirtschaftsforschung (ZEW) |cMannheim-
dc.relation.ispartofseries|aZEW Discussion Papers |x05-55en_US
dc.relation.hasversionhttp://hdl.handle.net/10419/24494-
dc.subject.jelG32en_US
dc.subject.jelG34en_US
dc.subject.ddc330en_US
dc.subject.keywordbenefits of controlen_US
dc.subject.keywordcapital structureen_US
dc.subject.keywordcompany growthen_US
dc.subject.keywordsmall and medium-sized enterprisesen_US
dc.subject.keywordentrepreneurshipen_US
dc.subject.stwCorporate Governanceen_US
dc.subject.stwKapitalstrukturen_US
dc.subject.stwUnternehmenswachstumen_US
dc.subject.stwGroßbritannienen_US
dc.titleBenefits of Control, Capital Structure and Company Growthen_US
dc.typeWorking Paperen_US
dc.identifier.ppn496809458en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:zewdip:4281-

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