deeply. His results show that the longer the layers of pyramid structure, the stronger the leverage effect of pyramid … structure, as well as the ultimate controllers' motivation to expand debt financing will be. So the layers of pyramid structure … have a significantly positive effect on capital structure. However, the chains of pyramid structure have no significant …

deeply. His results show that the longer the layers of pyramid structure, the stronger the leverage effect of pyramid … structure, as well as the ultimate controllers' motivation to expand debt financing will be. So the layers of pyramid structure … have a significantly positive effect on capital structure. However, the chains of pyramid structure have no significant …

deeply. His results show that the longer the layers of pyramid structure, the stronger the "leverage effect" of pyramid … structure, as well as the ultimate controllers' motivation to expand debt financing will be. So the layers of pyramid structure … have a significantly positive effect on capital structure. However, the chains of pyramid structure have no significant …

This research seeks to examine the determinants of affiliation to pyramid structure of Malaysian public listed firms. A … motivation of the research comes from the phenomenon of pyramid structure causing divergence of ultimate owners’ actual ownership …, financial institution as second largest shareholder and stock liquidity. The key findings show that pyramid structure in …