... as regressions with interaction terms. Findings The results show that, within pyramidal business groups, member firms with large control-ownership wedges are associated with less group debt allocation and a higher probability of having guaranteed debt. Originality/value To the best of my knowledge...

... the year 2012–2019. The authors employ propensity score matching to ascertain comparable firm attributes from business group and standalone firms. This process yields 280 firms (140 in each group) after controlling the firm heterogeneity between these two groups. All the models are estimated using fixed...