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Family Ownership, Firm Performance and Capital Structure: Malaysian Evidence

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Using a sample of 631 listed companies on the main board of Bursa Malaysia in 2013, this study examine the relationship between family ownership structure with the capital structure as well as the moderating effect of firm’s value on the relationship between family ownership and capital structure. We found that family ownership has a significant relationship with the capital structure. This indicates that family owned companies prefer to issue more debt in acquiring more assets rather than issuing new equity of shares. Reasons for such action are not to dilute their percentage of ownership and to avoid putting their voting power at stake. However, moderation effect of firm performance has no significant relationship with capital structure. This implies that preferable source of financing by family owned companies is not influenced by the firm performance.
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Keywords: Capital Structure; Family Ownership; Firm Performance

Document Type: Research Article

Affiliations: Faculty of Accountancy, UiTM Selangor, Kampus Puncak Alam, 42300 Bandar Puncak Alam, Selangor, Malaysia

Publication date: November 1, 2017

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