An empirical test of the impact of ownership structure on leverage and investment of East Asian firms.

Dai Yi.Thesis (M.Phil.)--Chinese University of Hong Kong, 2003.Includes bibliographical references (leaves 79-82).Abstracts in English and Chinese.ABSTRACT --- p.iACKNOWLEDGEMENT --- p.iiiTABLE OF CONTENTS --- p.ivLIST OF TABLES --- p.viCHAPTERChapter ONE --- INTRODUCTION --- p.1BackgroundPurposeSummary of hypotheses and resultsOrganizationChapter TWO --- REVIEW OF THEORIES AND LITERATURE --- p.5The Literature on ownership structureTheoretical explanations for capital structureThe Literature on investment-cash flow sensitivitiesChapter summaryChapter THREE --- DATA COLLECTION --- p.15Sample selectionOwnership and control definitionPatterns of the East Asian Firm OwnershipCountry characteristic variablesChapter summaryChapter FOUR --- THE RELATIONSHIP BETWEEN OWNERSHIP STRUCTURES AND FIRM LEVERAGE --- p.23Rationale for the studyHypothesisDescription of regression variablesThe Heteroscedasticity problem and solutionRegression resultsAccounting for country effectsChapter summaryChapter FIVE --- THE RELATIONSHIP BETWEEN OWNERSHIP STRUCTURES AND INVESTMENT-CASH FLOW SENSITIVITY --- p.42Theoretical frameworkHypothesisRegression specificationSummary statisticsEmpirical findingsCountry characteristic controlChapter summaryChapter SIX --- CONCLUSION --- p.52TABLES --- p.54BIBLIOGRAPHY --- p.7