Dynamic capital structure and political patronage: the case of Malaysia
This paper investigates the effect of political patronage on firms' capital structure. The evidence is from Malaysia, a country characterised by relationship-capitalism, and covers 1988 to 2009. Using a system GMM estimator we find firms set leverage targets and adjust towards them following de...
| Main Authors: | , , , |
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| Format: | Article |
| Published: |
Elsevier
2014
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| Subjects: | |
| Online Access: | https://eprints.nottingham.ac.uk/47146/ |