Impact of institutional ownership on leverage : evidence from Thailand

Name: Worapot Piriyanuntachai

keyword: Leverage

; Capital structure

; Institution

; Local institutional ownership

; Foreign institutional ownership

Abstract: This paper examines the impact of institutional ownership on leverage in the context of Thai listed firms. We find that institutional ownership is associated with less leverage. This indicate that institutions can substitute for debt in term of monitoring firms to alleviate agency problem. When we separate institutions into local and foreign, we find that foreign institutions are negatively relation with leverage. This study supports the global investors hypothesis. Since corporate governance of firms in Thailand is poor, foreign institutions, in this situation, have comparative advantage over local to substitute for leverage. Our result shed on light on the roles of monitoring firms of foreign institutional ownership

Thammasat University. Thammasat University Library

Address: BANGKOK

Email: preserv@tu.ac.th

Name: Sakkakom Maneenop

Role: advisor

Created: 2020

Modified: 2022-12-27

Issued: 2022-12-27

วิทยานิพนธ์/Thesis

application/pdf

DOI: 10.14457/TU.the.2020.486

eng

DegreeName: Master of Science

Level: Master's Degree

Descipline: Finance

Grantor: Thammasat University

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