OWNERSHIP STRUCTURE, PERFORMANCE AND CAPITAL STRUCTURE OF ROMANIAN FIRMS
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Authors:
• Gabriela BRENDEA, PhD, email: gabriela.brendea@econ.ubbcluj.ro, Afiliation: Department of Economics and Business Administration, Babes-Bolyai University, RomaniaPages:
• 1|9 -
Keywords: capital structure, ownership concentration, firm performance, panel data models
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Abstract:
This paper investigates how ownership concentration affects the performance and capital structure of Romanian listed firms during the period 2007 - 2011. We find that ownership concentration has no effect on firms’ performance, but has a positive effect on firms’ capital structure, when these firms have adjustment behaviour to the target capital structure. In addition, we found that debt ratio and firms’ size are the determinants of firms’ performance and firms’ performance, assets tangibility and ownership concentration are the determinants of firms’ capital structure.
