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Relationship Between Ownership Concentration and Firm Leverage in The Case of Thai Listed Firms |
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| รหัสดีโอไอ | |
| Creator | Jira Yammeesri |
| Title | Relationship Between Ownership Concentration and Firm Leverage in The Case of Thai Listed Firms |
| Contributor | Seung Hwan Kang |
| Publisher | University of the Thai Chamber of Commerce |
| Publication Year | 2567 |
| Journal Title | Journal of Family Business and Management Studies |
| Journal Vol. | 16 |
| Journal No. | 2 |
| Page no. | 39-54 |
| Keyword | Ownership Concentration, Leverage, Independent Directors, Profitability, Liquidity, Firm Size, Firm Age |
| URL Website | www.fbmsjournal.com |
| Website title | fbmsjournal |
| ISSN | 2821-9643(online) |
| Abstract | Purpose: The purpose of this research is to examine the relationship between ownership concentration and firm leverage. This study extends beyond linear analysis and explores the non-linear relationship between ownership concentration and firm leverage. Data and Methodology: This study utilizes data from non-financial companies listed on the Stock Exchange of Thailand for the years 2016 to 2017. Regression analysis is employed to investigate the relationship between ownership concentration and firm leverage. Additionally, the study explores the non-linear relationship between ownership concentration and firm leverage. It is important to note that the relationship between ownership concentration and firm leverage is influenced by various other factors, including independent directors, profitability, liquidity, firm size, and firm age. These factors are included in the study as control variables. Findings: The results indicate that ownership concentration is associated with a reduction in firm leverage, although this impact is not statistically significant.Furthermore, the study reveals a significant negative relationship between firm profitability, and liquidity with firm leverage. However, independent directors, firm age is found to have a negative and insignificant association with firm leverage. In contrast, firm size exhibits a positive and significant correlation with firm leverage. The non-linear relationship between ownership concentration and leverage is not found to be significant. |
