29 Pindado and de La Torre, 2008. “Financial Decisions as Determinants

7/23/2019 29 Pindado and de La Torre, 2008. Financial Decisions as Determinants

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8/64

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9/64

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10/64

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11/64

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12/64

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13/64

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45001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451

45001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451


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4500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145001451450014514500145145007fffd9}}}}}\pard\sb0\sl-240{\bkmkstart Pg1}{\bkmkend Pg1}\par\pard\qj \li3188\sb0\sl-220\slmult0 \par\pard\qj\li3188\ri2986\sb219\sl-220\slmult0 \up0 \expndtw-5\charscalex100 \ul0\nosupersub\cf11\f12\fs16 The current issue and full text archive of this journal is available at \up0 \expndtw-5\charsca

lex100 www.emeraldinsight.com/0307-4358.htm\par\pard\sect\sectd\sbknone\cols2\colno1\colw2264\colsr60\colno2\colw7956\colsr160\ql \li391\sb0\sl-299\slmult0 \par\pard\ql \li391\sb175\sl-299\slmult0 \up0 \expndtw-6\charscalex100 \ul0\nosupersub\cf1\f2\fs26 MF\par\pard\ql \li391\sb1\sl-274\slmult0 \up0 \expndtw-11\charscalex97 34,12\par\pard\ql \li391\sb0\sl-299\slmult0 \par\pard\ql \li391\sb0\sl-299\slmult0 \par\pard\ql \li391\sb235\sl-299\slmult0 \up0 \expndtw0\charscalex118 868\par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0\par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql

\li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0

\par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql\li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb0\sl-138\slmult0 \par\pard\ql \li391\sb41\sl-138\slmult0 \up0 \expndtw-1\ch


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arscalex100 \ul0\nosupersub\cf2\f3\fs12 Managerial Finance\par\pard\ql \li391\sb1\sl-138\slmult0 \up0 \expndtw-3\charscalex100 Vol. 34 No. 12, 2008\par\pard\ql\li391\sb2\sl-138\slmult0 \up0 \expndtw-3\charscalex100 pp. 868-885\par\pard\ql\li391\sb1\sl-138\slmult0 \up0 \expndtw0\charscalex100 \ul0\nosupersub\cf3\f4\fs12 # Emerald Group Publishing Limited\par\pard\ql \li391\sb1\sl-138\slmult0 \up0\expndtw-5\charscalex97 \ul0\nosupersub\cf2\f3\fs12 0307-4358\par\pard\ql \li391\sb2\sl-138\slmult0 \up0 \expndtw-4\charscalex100 DOI 10.1108/03074350810915824\par\pard\column \ql \li1196\sb429\sl-506\slmult0 \up0 \expndtw0\charscalex116 \ul0\nosupersub\cf4\f5\fs44 Financial decisions as\par\pard\ql \li693\sb1\sl-422\slmult0 \up0 \expndtw0\charscalex116 determinants of ownership\par\pard\ql \li2533\sb4\sl-438\slmult0 \up0 \expndtw0\charscalex120 structure\par\pard\ql \li20\sb58\sl-368\slmult0 \up0 \expndtw0\charscalex112 \ul0\nosupersub\cf5\f6\fs32 Evidence from Spanish family controlled firms\par\pard\ql \li1437\sb88\sl-299\slmult0 \up0 \expndtw0\charscalex100 \ul0\nosupersub\cf1\f2\fs26 Julio Pindado and Chabela de la Torre\par\pard\ql \li63\sb1\sl-226\slmult0 \up0 \expndtw-9\charscalex100 \ul0\nosupersub\cf6\f7\fs22 Dpt. Administracion y Economia de la Empresa, Universidad de Salamanca,\par\pard\ql \li2678\sb3\sl-239\slmult0 \up0 \expndtw-10\charscalex94 Salamanca, Spain\par\pard\ql \li20\sb88\sl-218\slmult0 \up0 \expndtw0\charscalex118 \ul0\nosupersub\cf7\f8\fs19 Abstract\par\pard\qj \li20\ri981\sb45\sl-189\slmult0 \up0 \expndtw0\charscalex100 \ul0\nosupersub\cf8\f9\fs17 Purpose - The aim of this paper is to analyse how financial decisions influence corporate ownership \up0 \expndtw0\charscalex100 structure of Spanish family and non-family controlled firms.\par\pard\qj \li20\ri980\sb2\sl-189\slmult0 \up0 \expndtw0\charscalex106 Design/methodology/approach - The authors derived two models in

line with financial theory, \up0 \expndtw0\charscalex102 which have then been estimated by using a sample of Spanish companies. Panel data methodology \up0 \expndtw0\charscalex102 and estimation by the generalized method of moments allow the unobservable heterogeneity to be \up0 \expndtw-1\charscalex100 eliminated andthe endogeneity problem controlled.\par\pard\qj \li20\ri980\sb1\sl-189\slmult0\up0 \expndtw0\charscalex108 Findings - The main findings are as follows. First, increases in debt lead outside owners and \up0 \expndtw0\charscalex103 managers to limit the risk they bear by reducing their holdings. Such reductions are also found in \up0 \expndtw0\charscalex100 family controlled firms. Second, both outside owners and managers are encouraged to increase their \up0 \expndtw0\charscalex103 stakes in the firm in view of higher dividends. This reaction is also observed in family controlled \up0 \expndtw0\charscalex103 firms, and it is evenstronger in the managers of family controlled firms. Third, outside owners in \u

p0 \expndtw0\charscalex100 non-family firms increase their holdings when a new investment project is undertaken, whereas the \up0 \expndtw0\charscalex104 reaction of family controlled firms is the opposite. The expected positive effect of investment on \up0 \expndtw0\charscalex100 insider ownership is only observed infamily controlled firms.\par\pard\qj \li20\ri981\sb2\sl-189\slmult0 \up0 \expndtw0\charscalex106 Practical implications - When analysing the determinants of corporate ownership structure, the \up0 \expndtw0\charscalex100 analysis should becontrolled for family ownership.\par\pard\qj \li20\ri981\sb1\sl-189\slmult0 \up0\expndtw0\charscalex102 Originality/value - Overall, this paper contributes tothe strand of literature on the determinants of \up0 \expndtw0\charscalex100 corporate ownership structure in two ways: first, by focusing on the roleplayed by financial \up0 \expndtw-1\charscalex100 decisions; and second, by accounting for family control.\par\pard\qj \li20\ri1555\sb31\sl-189\slmult0 \up0 \

expndtw0\charscalex102 Keywords Family firms, Public ownership, Private ownership, Spain, Corporate finances, \up0 \expndtw-2\charscalex100 Decision making\par\pard\ql \li20\sb26\sl-195\slmult0 \up0 \expndtw0\charscalex109 Paper type Research paper\par\pard\ql \li2324\sb0\sl-230\slmult0 \par\pard\ql \li20\sb6\sl-230\slmult0 \up0 \expndtw0\charscalex115 \ul0\nosupersub\cf9\f10\fs20 1. Introduction\par\pard\qj \li20\ri980\sb0\sl-219\slmult0 \up0 \expndtw0\charscalex100 There islittle empirical evidence on financial decisions as determinants of corporate \up0 \expndtw-2\charscalex100 ownership structure. However, there are some theoretical and empirical works pointing \up0 \expndtw-1\charscalex100 out that this effect may be relevant. It is worth highlighting several papers that support \up0


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ence a firm\u8217?s levels of \line \up0 \expndtw-1\charscalex100 outside and inside ownership concentration. Second, we shed light on the relevance of \line \up0 \expndtw0\charscalex102 family control regarding the relationship between financial decisions and corporate \line \up0 \expndtw-1\charscalex100 ownership structure by focusing on the Spanish case, which is highly representative of \line\up0 \expndtw0\charscalex105 this ownership pattern. In fact, in ownership literature there is growing interest in \line \up0 \expndtw0\charscalex100 analysingthe consequences of firms\u8217? ultimate ownership (see, for instance, La Porta\line \up0 \expndtw-1\charscalex100 \ul0\nosupersub\cf10\f11\fs20 et al.\ul0\nosupersub\cf9\f10\fs20 , 1999; Claessens\ul0\nosupersub\cf10\f11\fs20 et al.\ul0\nosupersub\cf9\f10\fs20 , 2000; Faccio and Lang, 2002). This has motivated us to \line \up0 \expndtw-3\charscalex100 account for family control in Spanish firms since, as Faccio and Lang (2002) document, \line \up0 \expndtw0\charscalex103family controlled firms are the most important category in Spain (55.79 per centof \line \up0 \expndtw-4\charscalex100 Spanish firms in their sample are familycontrolled).\par\pard\qj \li1190\ri144\sb1\sl-221\slmult0\fi239 \up0 \expndtw-2\charscalex100 Consequently, the aim of this paper is to analyse financial decisions as determinants \line \up0 \expndtw-2\charscalex100 of corporate ownershipstructure in family and non-family controlled Spanish firms. To \line \up0 \expndtw-1\charscalex100 achieve this goal, we specify two models in line with financial theory, the first \line \up0 \expndtw-2\charscalex100 explaining ownership concentration and the second explaining insider ownership. Both \line \up0 \expndtw-1\charscalex100 models are then extended to account for the family effect. These models are estimated \line \up0 \expndtw-2\charscalex100 by usi

ng panel data methodology in order to eliminate unobservable heterogeneity, and\line \up0 \expndtw0\charscalex106 we also control for the endogeneity problem by using the generalized method of \line \up0 \expndtw-6\charscalex100 moments (GMM).\par\pard\qj \li1190\ri142\sb1\sl-221\slmult0\fi239 \up0 \expndtw-1\charscalex100 According to our results, the following conclusions are reached. First, both outside \line \up0 \expndtw0\charscalex104 owners and managers in non-familyfirms tend to reduce their holdings when debt \line \up0 \expndtw-1\charscalex100 increases, as a consequence of their risk aversion. This reaction is also observed in the \line \up0 \expndtw0\charscalex102 outside owners of family controlled firms, and it is even stronger in their managers. \line \up0 \expndtw0\charscalex103 Second, higher dividends encourage outside owners and managers to increase their \line \up0 \expndtw-1\charscalex100 stakes in the firm, regardless of the nature of its control (family vs non-family). Third, \line \up0 \expndtw-1\ch

arscalex100 the levels of ownership concentration in non-family firms are higher when new \line \up0 \expndtw0\charscalex100 investments are undertaken, whereas families reduce their holdings in view of higher \line \up0 \expndtw0\charscalex100 investment levels. The expected positive effect of investment oninsider ownership is\par\pard\column \ql \li8459\sb0\sl-299\slmult0 \par\pard\ql \li8459\sb0\sl-299\slmult0 \par\pard\ql \li8459\sb0\sl-299\slmult0 \par\pard\ql \li8459\sb0\sl-299\slmult0 \par\pard\ql \li20\sb128\sl-299\slmult0 \up0 \expndtw-1\charscalex100 \ul0\nosupersub\cf1\f2\fs26 Corporate debt\par\pard\ql \li509\sb1\sl-274\slmult0 \up0 \expndtw-2\charscalex100 ownership\par\pard\ql \li648\sb2\sl-278\slmult0 \up0 \expndtw0\charscalex102 structure\par\pard\ql \li9570\sb0\sl-299\slmult0 \par\pard\ql \li1131\sb254\sl-299\slmult0 \up0 \expndtw0\charscalex118 869

{\shp {\*\shpinst\shpleft8226\shptop3355\shpright10040\shpbottom3395\shpfhdr0\shpbxpage\shpbypage\shpwr3\shpwrk0\shpfblwtxt1\shpz4\shplid0{\sp{\sn shapeType}{\sv 0}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn geoRight}{\sv 1814}}{\sp{\sn geoBottom}{\sv 40}}{\sp{\sn pVerticies}{\sv 8;4;(0,40);(1814,40);(1814,0);(0,0)}}{\sp{\sn pSegmentInfo}{\sv 2;10;16384;45824;1;45824;1;45824;1;45824;24577;32768}}{\sp{\sn fFillOK}{\sv 1}}{\sp{\sn fFilled}{\sv 1}}{\sp{\sn fillColor}{\sv 0}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn lineType}{\sv 0}}{\sp{\sn fArrowheadsOK}{\sv 1}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn lineColor}{\sv 0}}


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}}

{\shp {\*\shpinst\shpleft1190\shptop1238\shpright10034\shpbottom1258\shpfhdr0\shpbxpage\shpbypage\shpwr3\shpwrk0\shpfblwtxt1\shpz137\shplid1{\sp{\sn shapeType}{\sv 0}}{\sp{\sn fFlipH}{\sv 0}}{\sp{\sn fFlipV}{\sv 0}}{\sp{\sn geoRight}{\sv 8844}}{\sp{\sn geoBottom}{\sv 20}}{\sp{\sn pVerticies}{\sv 8;4;(0,20);(8844,20);(8844,0);(0,0)}}{\sp{\sn pSegmentInfo}{\sv 2;10;16384;45824;1;45824;1;45824;1;45824;24577;32768}}{\sp{\sn fFillOK}{\sv 1}}{\sp{\sn fFilled}{\sv 1}}{\sp{\sn fillColor}{\sv 0}}{\sp{\sn fLine}{\sv 0}}{\sp{\sn lineType}{\sv 0}}{\sp{\sn fArrowheadsOK}{\sv 1}}{\sp{\sn fBehindDocument}{\sv 1}}{\sp{\sn lineColor}{\sv 0}}}}\par\pard\sect\sectd\fs24\paperw10420\paperh13600\pard\sb0\sl-240{\bkmkstart Pg3}{\bkmkend Pg3}\par\pard\sect\sectd\sbknone\cols2\colno1\colw2164\colsr160\colno2\colw7956\colsr160\ql \li391\sb0\sl-299\slmult0 \par\pard\ql \li391\sb0\sl-299\slmult0 \par\pard\ql \li391\sb0\sl-299\slmult0 \par\pard\ql \li391\sb0\sl-299\slmult0 \par\pard\ql \li391\sb128\sl-299\slmult0 \up0 \expndtw-6\charscalex100 \ul0\nosupersub\cf1\f2\fs26 MF\par\pard\ql \li391\sb1\sl-274\slmult0 \up0 \expndtw-11\charscalex97 34,12\par\pard\ql \li391\sb0\sl-299\slmult0 \par\pard\ql \li391\sb0\sl-299\slmult0 \par\pard\ql \li391\sb235\sl-299\slmult0 \up0 \expndtw0\charscalex118 870\par\pard\column \ql \li2324\sb0\sl-230\slmult0 \par\pard\ql \li2324\sb0\sl-230\slmult0 \par\pard\ql \li2324\sb0\sl-230\slmult0 \par\pard\ql \li2324\sb0\sl-230\slmult0 \par\pard\ql \li2324\sb0\sl-230\slmult0 \par\pard\ql \li20\sb189\sl-230\slmult0 \up0 \expndtw0\charscalex100 \ul0\nosupersub\cf9\f10\fs20

only found in family controlled firms, whereas managers of non-family firms do not\par\pard\qj \li20\ri980\sb0\sl-221\slmult0 \up0 \expndtw-2\charscalex100 seemto react to new investments. Finally, outside holdings do not depend on the firm\u8217?s \up0 \expndtw0\charscalex103 free cash flow and investment opportunities, whereas managers choose their stakes \up0 \expndtw-3\charscalex100 accordingto these two characteristics.\par\pard\qj \li20\ri980\sb0\sl-221\slmult0\fi239\up0 \expndtw0\charscalex100 The paper is organized as follows. We first discussthe main theoretical arguments \up0 \expndtw-1\charscalex100 supporting the relations between ownership and financial decisions in order to present \up0 \expndtw0\charscalex100 our models. We then describe the data set and the results fromthe statistical analysis. \up0 \expndtw0\charscalex100 We comment on the estimation method before discussing the results of the regression \up0 \expndtw-3\charscalex100 analysis. Finally, we present our main conclusions.\par\pard\ql \li232

4\sb0\sl-230\slmult0 \par\pard\ql \li20\sb1\sl-230\slmult0 \up0 \expndtw0\charscalex116 2. Theory, hypotheses and models\par\pard\qj \li20\ri981\sb0\sl-221\slmult0 \up0 \expndtw-1\charscalex100 The main purpose of this paper is to study howfinancial decisions influence corporate \up0 \expndtw0\charscalex103 ownershipstructure. In this way, we analyse the effect of the three major financial \up0\expndtw-3\charscalex100 decisions \up0 \expndtw0\charscalex102 (i.e. debt, dividends and investment) on a firm\u8217?s outside and inside\par\pard\qj\li20\ri981\sb0\sl-221\slmult0 \up0 \expndtw0\charscalex102 shareholdings. Infact, financial theory suggests that ownership patterns differ \up0 \expndtw0\charscalex103 between outside and inside shareholders, which has led us todifferentiate between \up0 \expndtw-3\charscalex100 these two ownership dimensions.\par\pard\qj \li20\ri980\sb1\sl-221\slmult0\fi239 \up0 \expndtw-1\charscalex100 Let us first look at what financial theory tells us about the relationship b

etween the \up0 \expndtw0\charscalex106 level of a firm\u8217?s ownership concentration and its debt, dividends and investment \up0 \expndtw-3\charscalex100 policies. As Demsetz and Villalonga (2001) indicate, if the firm\u8217?s debt provides some of \up0 \expndtw0\charscalex105 the monitoring of managers that otherwise would have come from a concentrated \up0 \expndtw-2\charscalex100 ownership,then higher leverage could be associated with lower levels of concentration. \up0 \expndtw0\charscalex100 Therefore, this substitution hypothesis points to a negative relationship between debt \up0 \expndtw0\charscalex100 and ownership concentration. Furthermore, a risk-based argument reinforces this \up0 \expndtw-1\charscalex100 prediction in that the desire of individual outside owners to


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diversify their portfolios is \up0 \expndtw-2\charscalex100 likely to be stronger when the risk they bear with their investments is high.\par\pard\qj \li20\ri979\sb1\sl-221\slmult0\fi239 \up0 \expndtw-1\charscalex100 Regarding dividends, Shleifer and Vishny (1986) justify the existence of a positive \line \up0 \expndtw0\charscalex100 relation between ownership concentration and dividends based ontax concerns, since \line \up0 \expndtw0\charscalex100 large shareholders are usually other companies for which the received dividends are \line \up0 \expndtw0\charscalex100 tax deductable. In this way, dividend payments can be seen as a way of encouraging \line \up0 \expndtw-1\charscalex100 the possession of higher stakes in the firm, as shown in Allen\ul0\nosupersub\cf10\f11\fs20 et al.\ul0\nosupersub\cf9\f10\fs20 (2000). Consistent \line \up0 \expndtw0\charscalex100 with this tax-based argument, we expect dividends to positively influence the levelof \line \up0 \expndtw0\charscalex100 ownership concentration in Spanish firms,where large shareholders are usually other \line \up0 \expndtw-3\charscalex100companies.\par\pard\qj \li20\ri980\sb1\sl-221\slmult0\fi239 \up0 \expndtw-2\charscalex100 Finally, investment may also be considered as a determinant of corporate ownership \up0 \expndtw-1\charscalex100 structure. The inverse of this causality has been widely accepted in financial literature, \up0 \expndtw-1\charscalex100 since investment is one of the major ways through which ownership structureaffects a \up0 \expndtw0\charscalex100 firm\u8217?s value. As Jensen and Meckling (1976) assert, managers\u8217? natural tendency is to \up0 \expndtw-1\charscalex100 allocate the firm\u8217?s resources in their own best interests, which mayconflict with value \up0 \expndtw0\charscalex100 maximization. Since higher investment leads to greater opportunities for managerial \up0 \expndtw0\charscalex1

00 discretion, stronger monitoring by concentrated ownership should be needed inorder \up0 \expndtw0\charscalex105 to control for such discretion. Therefore, we expect a positive effect of the firm\u8217?s \up0 \expndtw-4\charscalex100 investment on its level of ownership concentration.\par\pard\qj \li20\ri980\sb1\sl-221\slmult0\fi239 \up0 \expndtw0\charscalex100 The influence of financial decisions on a firm\u8217?s inside shareholdings has also been \line \up0 \expndtw-2\charscalex100 documented in the literature. Stulz (1988) argues that higher leverage allows managers \line \up0 \expndtw0\charscalex103 to control more voting rights for a given stake in the firm, so that increments in the \line \up0 \expndtw0\charscalex108 debt-to-capital ratio beyond a certain point lead managers to reduce their \line \up0 \expndtw-2\charscalex100 shareholdings. Moreover, since the firm\u8217?s shares become riskier as more debt is issued, \line \up0 \expndtw-2\charscalex100 managers are likely to own smaller shareholdings whe

n their firm\u8217?s debt rises, because

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p{\sn fBehindDocument}{\sv 1}}{\sp{\sn lineColor}{\sv 0}}}}\par\pard\sect\sectd\fs24\paperw10420\paperh13600\pard\sb0\sl-240{\bkmkstart Pg4}{\bkmkend Pg4}\par\pard\sect\sectd\sbknone\cols2\colno1\colw8299\colsr160\colno2\colw1821\colsr160\ql \li1190\sb0\sl-230\slmult0 \par\pard\ql \li1190\sb0\sl-230\slmult0 \par\pard\ql \li1190\sb0\sl-230\slmult0 \par\pard\ql \li1190\sb0\sl-230\slmult0 \par\pard\ql \li1190\sb0\sl-230\slmult0 \par\pard\ql \li1190\sb189\sl-230\slmult0 \up0 \expndtw0\charscalex100 \ul0\nosupersub\cf9\f10\fs20 of their risk aversion and limited wealth. It is also widely accepted in financial\par\pard\qj \li1190\ri142\sb1\sl-226\slmult0 \up0 \expndtw0\charscalex104literature that debt constrains managers since they must meet interest paymentsor \up0 \expndtw0\charscalex102 face the likelihood of losing their jobs in caseof bankruptcy ( Jensen, 1986). Debt \up0 \expndtw0\charscalex100 financing thus limits the private benefits that managers can obtain through the misuse \up0\expndtw-1\charscalex100 of their dominant position and, consequently, the incentives to entrench through share \up0 \expndtw-2\charscalex100 ownership diminish. These arguments lead us to expect a negative effect of leverage on \up0 \expndtw-1\charscalex100 the firm\u8217?s level of insider ownership, such as the onefound in Denis and Sarin (1999) \up0 \expndtw-8\charscalex100 and Holderness\ul0\nosupersub\cf10\f11\fs20 et al.\ul0\nosupersub\cf9\f10\fs20 (1999).\par\pard\qj \li1190\ri143\sb2\sl-226\slmult0\fi239 \up0 \expndtw-1\charscalex100 Concerning the dividend decision, Jensen (1986) points to dividend payments as an \line\up0 \expndtw-2\charscalex100 alternative to debt as a way of eliminating a firm\u8217?s free cash flow and, consequently, as \line \up0 \expndtw-1\charscalex100 a potential deterrent to managers\u8217? consumption of perquisites. If manage

rs offset their \line \up0 \expndtw0\charscalex106 lower potential of shirking by increasing liquidity through share ownership, then \line \up0 \expndtw-1\charscalex100 higher dividends will lead to higher insider ownership levels, and a positive relation is \line \up0 \expndtw-2\charscalex100 thus expected.\par\pard\ql \li1190\ri141\sb2\sl-226\slmult0\fi239\tx1429 \up0 \expndtw0\charscalex102 Regarding the investment decision, the abovementioned argument applied to the \line\up0 \expndtw-2\charscalex100 level of ownership concentration can be extendedhere by means of the convergence of \line \up0 \expndtw0\charscalex100 interesthypothesis. According to this hypothesis, the higher the insider equity \line \up0 \expndtw0\charscalex100 ownership, the more likely it is that the conflicts between managers and shareholders \line \up0 \expndtw0\charscalex100 will be resolved, and the more efficient their investment decisions will be. Therefore, \line \up0 \expndtw0\charscalex103 Himmelberg\ul0\nosupersub\cf10\f11\fs20

et al.\ul0\nosupersub\cf9\f10\fs20 (1999) propose that investment should positively affect insider \line \up0 \expndtw0\charscalex105 ownership, since higher investment leads to greater opportunities for managerial \line \up0 \expndtw-3\charscalex100 discretion, which can be controlled by means of increases in insider ownership. \line\tab \up0 \expndtw-2\charscalex100 To test these expected relations between ownership and financial decisions, we have \line \up0 \expndtw-2\charscalex100 specified two separate models: one explaining the level of ownership concentration, the \line \up0 \expndtw-1\charscalex100 other explaining thefirm\u8217?s insider ownership. Specifically, the models to be tested are \line\up0 \expndtw-5\charscalex100 as follows:\par\pard\ql \li2110\sb217\sl-230\slmult0\tx3253\tx6125 \up0 \expndtw-8\charscalex92 OC\ul0\sub\cf13\f14\fs21 it\ul0\nosupersub\cf14\f15\fs20 \up0 \expndtw-7\charscalex100 \ul0\nosupersub\cf15\f16\fs14 0\ul0\nosupersub\cf14\f15\fs20 \tab \up0 \expndtw-3\charscalex100 \ul0\n

osupersub\cf15\f16\fs14 1\ul0\nosupersub\cf10\f11\fs20 D\ul0\nosupersub\cf13\f14\fs14 it\ul0\super\cf14\f15\fs29 \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf15\f16\fs14 2\ul0\nosupersub\cf9\f10\fs20 DIV\ul0\nosupersub\cf13\f14\fs14 it\ul0\super\cf14\f15\fs29 \up0 \expndtw-7\charscalex100 \ul0\nosupersub\cf15\f16\fs14 3\ul0\nosupersub\cf9\f10\fs20 INV\ul0\nosupersub\cf13\f14\fs14 it\ul0\super\cf14\f15\fs29 \up0 \expndtw0\charscalex113 \ul0\nosupersub\cf15\f16\fs14 4\ul0\nosupersub\cf14\f15\fs20 \tab \up0 \expndtw-8\charscalex93 \ul0\nosupersub\cf15\f16\fs14 5\ul0\nosupersub\cf9\f10\fs20 IOD\ul0\nosupersub\cf13\f14\fs14 it\ul0\super\cf14\f15\fs29 \ul0\nosupersub\cf9\f10\fs20 IO\ul0\nosupersub\cf13\f14\fs14 it\par\pard\ql \li2695\sb69\sl-230\slmult0\tx7760 \up0 \expndtw0\charscalex


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107 \ul0\nosupersub\cf14\f15\fs20 \ul0\sub\cf15\f16\fs21 6\ul0\nosupersub\cf9\f10\fs20 FCF\ul0\sub\cf13\f14\fs21 it\ul0\nosupersub\cf14\f15\fs20 \up0 \expndtw-4\charscalex100 \ul0\nosupersub\cf15\f16\fs14 7\ul0\nosupersub\cf10\f11\fs20Q\ul0\nosupersub\cf13\f14\fs14 it\ul0\super\cf14\f15\fs29 \up0 \expndtw-1\charscalex100 \ul0\nosupersub\cf15\f16\fs14 8\ul0\nosupersub\cf9\f10\fs20 SI\ul0\nosupersub\cf13\f14\fs14 it\ul0\super\cf14\f15\fs29 "\ul0\nosupersub\cf13\f14\fs14 it\tab \up0 \expndtw-8\charscalex82 \ul0\nosupersub\cf14\f15\fs20 \ul0\nosupersub\cf9\f10\fs20 1a\ul0\nosupersub\cf14\f15\fs20 \par\pard\ql \li2162\sb68\sl-230\slmult0\tx2837\tx3282\tx3953\tx6213 \up0 \expndtw-8\charscalex94 \ul0\nosupersub\cf9\f10\fs20 IO\ul0\sub\cf13\f14\fs21 it\ul0\nosupersub\cf14\f15\fs20 \tab \up0 \expndtw-7\charscalex100 \ul0\nosupersub\cf15\f16\fs14 0\ul0\nosupersub\cf14\f15\fs20 \tab \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf15\f16\fs14 1\ul0\nosupersub\cf10\f11\fs20 D\ul0\nosupersub\cf13\f14\fs14 it\ul0\super\cf14\f15\fs29 \tab \up0 \expndtw-3\charscalex100 \ul0\nosupersub\cf15\f16\fs14 2\ul0\nosupersub\cf9\f10\fs20 DIV\ul0\nosupersub\cf13\f14\fs14 it\ul0\super\cf14\f15\fs29 \up0 \expndtw-7\charscalex100 \ul0\nosupersub\cf15\f16\fs14 3\ul0\nosupersub\cf9\f10\fs20 INV\ul0\nosupersub\cf13\f14\fs14 it\ul0\super\cf14\f15\fs29 \up0\expndtw0\charscalex113 \ul0\nosupersub\cf15\f

29 Pindado and de La Torre, 2008. “Financial Decisions as Determinants

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Transcript of 29 Pindado and de La Torre, 2008. “Financial Decisions as Determinants