Abstract
Prior evidence has documented that there is an association between ownership structure and firm value. This work extends the literature by examining a further link between ownership structure and capital structure. The present work examines the impact of profitability, asset composition, size, risk and growth opportunities on debt equity choice of Indian manufacturing firms. Contrary to the earlier documentation, ownership pattern is observed through promoters holding together with other control variables in order to find out the relationship between ownership pattern and leverage of a firm. The results are differing with the Trade off theory but at the same time agree with the Pecking order theory. Using regression analysis the results were found to be fairly different from the results of the developed countries in various aspects.
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