Capital Structure and Market Power: Evidence from Thai Firms

• 발행기관: People & Global Business Association
• 저자명: Sasanee Lovisuth Richard Fairchild Rathin S Rathinasamy
• 간행물 정보: 『Global Business and Finance Review』Vol.14 No.1, 51~63쪽, 전체 13쪽
• 주제분류: 경제경영 > 경영학
• 파일형태: PDF
• 발행일자: 2009.06.30

영문 초록

Utilizing a sample of 223 non-financial Thai firms over an eight-year period from 1997-2004, we test the relationship between financing decisions and market power using Ordinary Least Squares (OLS) and fixed-firm effects regressions. Our results show a non-linear relationship between capital structure and market power. Specifically, we find the relationship between total debt and market power, and short-term debt and market power, to be U-shaped, while the relationship between long-term debt and market power exhibits an inverted U-shaped relation. We suggest that these non-linear relationships may result from opposing limited liability and predation effects in the product market.

목차

Abstract

Ⅰ. Introduction

Ⅱ. Literature Review

Ⅲ. Data, Methodology, and Hypotheses

Ⅳ. Results and Discussion

Ⅴ. Conclusion

References

Biographies