Complex ownership, contract enforcement, creditor rights, and leverage. Issue 3 (4th May 2023)

• Record Type: Journal Article
• Authors: Shah, Muhammad Hashim; Zuoping, Xiao; Abdullah, Abdullah; Quresh, Shakir; Ahmad, Mushtaq; Ahmad, Muqeet
• Is Part Of: Asia-Pacific journal of accounting & economics. Volume 30:Issue 3(2023)
• Page Start: 780
• Page End: 803
• Publication Date: 2023-05-04
• Subjects: Control layers -- control chains -- judicial efficiency -- creditor legal rights -- leverage; Accounting -- Periodicals; Accounting -- Pacific Area -- Periodicals; Economics -- Periodicals; Pacific Area -- Economic conditions -- Periodicals; 657
• DOI: 10.1080/16081625.2021.2020668
• Languages: English
• ISSNs: 1608-1625

Abstract

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.