Ownership and control in a double decision framework for raising capital
Muhammad Bhatti () and
Emerging Markets Review, 2019, vol. 41, issue C
•Shareholders control motives affect the choice of instrument raising funds.•Issuers' choice of instruments for raising fund is modeled using simultaneous eqn.•Higher ownership implies more debt financing as per ownership control hypothesis.•Control at the top level in the form of CEO-duality favor more debt financing.•Sukuk issuance relate to higher tangibility highlighting their risk-sharing feature.
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