Overall, we conclude that ownership structures and institutional development affect the capital structure decisions of different-sized firms in very similar ways, with the exception that small firms appear to benefit from the certifying role of foreign ownership in obtaining long-term debt financing.among institutional ownership, capital structure, and R&D investment for 336 listed IT firms from 2006 to 2009 by using OLS regression model. Empirical evidence shows that there is no significant relationship between institutional ownership and R&D investment. The finding suggests that institutional

Managerial Ownership, Capital Structure and Firm Value: Evidence from China’s Civilian-run Firms Abstract This paper examines the influence of managerial ownership on firm performance through capital-structure choices, using a sample of China’s civilian-run firms listed on the Chinese stock market between 2002 and 2007. Lev (1988) suggested that the institutional investors are more capable to monitor the firm performance as compared to individual investors, due to their access to various sources of firms' information. Crutchley, Jensen, Jahera and Raymond (1999) found that institutional ownership and firm capital structure positively related with each other ...