Empirische Diplomarbeit die mit einer multivariaten Regression untersucht, ob sich die beobachtete Variabilität der Kapitalstrukturen von Unternehmen durch unterschiedliche Eigentümerstrukturen erklären lässt.
Inhaltsverzeichnis (Table of Contents)
- INTRODUCTION
- Problem and Objective of the Thesis
- Organization of the Thesis
- THE RELATIONSHIP BETWEEN CAPITAL STRUCTURE, MANAGEMENT OWNERSHIP AND EXTERNAL BLOCK HOLDERS - PRIOR RESEARCH AND HYPOTHESES
- Capital Structure and Management Ownership
- Incentive-Alignment Hypothesis
- Signaling and Corporate Control Considerations
- Management Entrenchment Hypothesis
- Non-Linearity and Hypothesis Development
- Capital Structure and External Block Holders
- Interaction of Management Ownership and External Block Holders
- ECONOMETRIC ANALYSIS OF OWNERSHIP AND CAPITAL STRUCTURE
- Data and Model Specification
- Sample Selection
- Ownership Structure Variables
- Measures of Capital Structure and Univariate Analysis
- Additional Capital Structure Determinants
- Variable Overview and Correlation Analysis
- Multivariate Regression Models
- Empirical Results and Theoretical Implications
- Capital Structure and Management Ownership
- Capital Structure and External Block Holders
- Interaction of Management Ownership and External Block Holders
- Robustness of Results
- Multicollinearity, Heteroskedasticity and Non-Normality
- Alternative Variable Definitions
- Exclusion of Observations
- CONCLUSION
- Summary and Critique
- Implications for Further Research
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This thesis aims to empirically examine the influence of ownership structure on capital structure in DAX companies. The study focuses on the relationship between management ownership, external block holders, and the use of debt and equity financing. The research explores how different ownership structures affect capital structure decisions and examines potential implications for firm performance. Key themes explored in this thesis include: * **Agency Theory and Capital Structure:** The thesis explores how ownership structure can influence agency costs and how firms can mitigate these costs through capital structure decisions. * **Incentive Alignment and Ownership:** The study examines the role of management ownership in aligning managerial incentives with shareholder interests, impacting leverage choices. * **Signaling and Corporate Control:** The thesis investigates how ownership structure can signal information to investors, impacting debt and equity financing decisions. * **External Block Holders and Capital Structure:** The research examines how the presence of external block holders can influence firm leverage through their monitoring and control capabilities. * **Interaction of Ownership Structures:** The thesis investigates the interplay between management ownership and external block holders, examining how their combined influence shapes capital structure decisions.Zusammenfassung der Kapitel (Chapter Summaries)
The thesis begins by outlining the problem and objective of the study, focusing on the relationship between ownership structure and capital structure in DAX companies. It then provides a comprehensive overview of existing research on the topic, exploring the theoretical frameworks and empirical findings related to management ownership, external block holders, and their impact on capital structure decisions. Chapter 2 delves into the theoretical foundation of the relationship between capital structure, management ownership, and external block holders. It examines various hypotheses, including the incentive-alignment hypothesis, signaling considerations, and the management entrenchment hypothesis. The chapter further explores the potential non-linear relationships between ownership structure and capital structure decisions. Chapter 3 presents the econometric analysis of the relationship between ownership structure and capital structure, including a detailed description of the sample selection, variable definitions, and the multivariate regression models employed. The results are presented and discussed in terms of their theoretical implications, examining the influence of management ownership, external block holders, and their interaction on capital structure decisions. Chapter 3 also addresses the robustness of the findings, testing for potential issues like multicollinearity, heteroskedasticity, and non-normality in the data. It explores alternative variable definitions and the impact of excluding specific observations on the main conclusions.Schlüsselwörter (Keywords)
The core of this thesis revolves around the intersection of ownership structure and capital structure. The key concepts explored are: agency costs, management ownership, external block holders, incentive alignment, signaling, corporate control, debt financing, equity financing, and multivariate regression analysis. The thesis aims to contribute to the understanding of how different ownership structures impact capital structure decisions, ultimately influencing firm performance and value creation.
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- Christian Funke (Autor:in), 2004, Ownership Structure as a Determinant of Capital Structure - An Empirical Study of DAX Companeis, München, GRIN Verlag, https://www.grin.com/document/185965
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