.... An association exists between chairman ownership and external FDs. Chairman characteristics Financing decisions Internal financing External financing Royal ownership GCC Since the study by Modigliani and Miller (1958) , many works have dealt with funding decisions, followed by numerous...

...Marc Berninger; Bruno Fiesenig; Dirk Schiereck Purpose The fundamental theory of Modigliani and Miller (1958) states that a firm's financing decisions are independent from the firm's value. Nevertheless, several empirical studies as well as theoretical approaches from the past decade impugn...