Complex ownership, contract enforcement, creditor rights, and leverage

Muhammad Hashim Shah, Xiao Zuoping, Abdullah Abdullah, Shakir Quresh, Mushtaq Ahmad and Muqeet Ahmad

Asia-Pacific Journal of Accounting & Economics, 2023, vol. 30, issue 3, 780-803

Abstract: This study examines the moderating effect of judicial efficiency and creditor rights on the relationship between internal pyramid structure and leverage. The results suggest that the effect of the vertical and horizontal pyramid structures on leverage is positive and significant. We find that the impact of the pyramid’s vertical structure on leverage is more substantial than that of the horizontal structure. The results also reveal that judicial efficiency and creditor rights weaken the association between a complex ownership structure and leverage.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:taf:raaexx:v:30:y:2023:i:3:p:780-803

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DOI: 10.1080/16081625.2021.2020668

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Asia-Pacific Journal of Accounting & Economics is currently edited by Yin-Wong Cheung, Hong Hwang, Jeong-Bon Kim, Shu-Hsing Li and Suresh Radhakrishnan

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