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The influence of ownership structure on the capital structure in Dutch firms

Lukens, K. (2016) The influence of ownership structure on the capital structure in Dutch firms.

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Abstract:This research aims at uncovering the relationship between ownership structure and capital structure. Where prior studies merely focus on British, Chinese and American firms, this study provides a new view on Dutch firms. I find that ownership concentration by the largest five aggregate shareholders has a linear significant relationship with leverage. Furthermore, I find a strong significant positive effect of family ownership on leverage. Managerial ownership proved to have a linear significant relationship with leverage. Moreover, contradicting earlier studies, a positive significant relationship between institutional ownership and leverage if found. Lastly I found that corporate ownership has no effect on leverage in the sample of Dutch listed firms. The results of this research have practical relevance in the sense that managers can understand why different shareholders have different preferences in financing methods and leverage levels and it may give insights on using the capital structure to attract a desired type of investor or to keep undesired ones away.
Item Type:Essay (Master)
Faculty:BMS: Behavioural, Management and Social Sciences
Subject:85 business administration, organizational science
Programme:Business Administration MSc (60644)
Link to this item:http://purl.utwente.nl/essays/71409
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