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Capital structure and political patronage: The case of Malaysia


Fraser, Donald R. and Zhang, Hao and Derashid, Chek (2005) Capital structure and political patronage: The case of Malaysia. Journal of Banking & Finance, 30 (4). pp. 1291-1308. ISSN 0378-4266

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Abstract

This paper extends prior work on the links between political patronage and capital structure in developing economies.Three proxies of political patronage are developed and applied to a group of Malaysian firms over a 10-year period.We find a positive and significant link between leverage and each of the three measures of political patronage.We also find evidence of an indirect link between political patronage and capital structure through firm size and profitability.

Item Type: Article
Uncontrolled Keywords: Capital structure; Political patronage; Malaysia
Subjects: H Social Sciences > HG Finance
H Social Sciences > HJ Public Finance
Divisions: College of Business
Depositing User: Prof. Madya Dr. Chek Derashid
Date Deposited: 21 Apr 2014 03:59
Last Modified: 21 Apr 2014 03:59
URI: http://repo.uum.edu.my/id/eprint/10658

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