Date of Award
Summer 8-2019
Degree Type
Dissertation-Restricted
Degree Name
Ph.D.
Degree Program
Financial Economics
Department
Economics and Finance
Major Professor
M. Kabir Hassan
Second Advisor
Duygu Zirek
Third Advisor
Arja Turunen-Red
Fourth Advisor
Walter J. Lane
Fifth Advisor
J. Ronnie Davis
Abstract
The aim of this study is to investigate the influence of state ownership in Saudi firms listed in the stock market. The first chapter studies the influence of state ownership on financial constraint on investment. Some scholars believe state ownership has a negative effect on the firm value. However, by using two measures of financial constraint, the investment cash flow sensitivity and the Kaplan and Zingales financial constraints index, the finding indicates that the existent of government ownership decreases financial constraint in firms. Also, the results show that the higher government ownership percentage the less financial constraint in firms. The second chapter studies the influence of specific company factors and the government ownership factor on capital structure. The finding shows that tangibility of assets and size have a positive association with leverage. Leverage is negatively correlated with growth and profitably. Finally, the results suggest that government ownership affects the level of leverage negatively.
Recommended Citation
Alshuwaier, Sultan, "State Ownership, Financial Constraints, and the Determinants of Capital Structure" (2019). University of New Orleans Theses and Dissertations. 2661.
https://scholarworks.uno.edu/td/2661
Rights
The University of New Orleans and its agents retain the non-exclusive license to archive and make accessible this dissertation or thesis in whole or in part in all forms of media, now or hereafter known. The author retains all other ownership rights to the copyright of the thesis or dissertation.