Empirical study on the simultaneous relationship of ownership structure, capital structure and firm value using panel data from selected publicly listed firms in the Philippines

Date of Publication

2011

Document Type

Bachelor's Thesis

Degree Name

Bachelor of Science in Commerce Major in Management of Financial Institutions

Subject Categories

Finance and Financial Management

College

Ramon V. Del Rosario College of Business

Department/Unit

Financial Management

Thesis Adviser

Junette A. Perez

Defense Panel Chair

Kashmirr Ibanez

Defense Panel Member

Carmelita Clerigo
John Paolo Rivera

Abstract/Summary

Firm value, if not the most, is one of the major aspects investors take a look at when considering which firms to invest. In many literatures, an important determinant of firm value is capital structure, recognized as a celebrated topic in corporate finance, focusing on financing structure and decisions. Additionally, how firms choose to finance their operations is also heavily dependent on the ones who have control and influence over the firm this is where ownership structure comes in. Suggesting that ownership concentration and/or corporate governance is a major determinant for capital sructure. Subsequently, ownership structure is also affected by other factors. The objective of this study is to look at the relationship of firm value, capital structure ad ownership structure of selected Philippine public listed companies. The period 2000-2010 was selected in this study, whihc reflected the post Asian financial crisis period. Using data gathered from Philippine Stock Exchange (PSE), Securities Exchange Commission

(SEC), Technistock and Osiris and applying simultaneous econometrics modeling and panel data approach, this study infers that ownership structure is positively correlated with capital structure and capital structure decreases firm value. Most exogenous variables used in the study exhausted significant results.

Abstract Format

html

Language

English

Format

Print

Accession Number

TU21684

Shelf Location

Archives, The Learning Commons, 12F, Henry Sy Sr. Hall

Physical Description

117 leaves : illustrations (some color)

Keywords

Industrial management; Business enterprises--Philippines

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