The study looked at how owners' control affects a company's decision to borrow money in Singapore. Owners with a lot of control prefer using loans to grow the company and increase its value, rather than taking advantage of minority owners. Companies' borrowing choices are influenced by the group of owners, as well as their own characteristics and the rules they follow. Owners with less control tend to use loans instead of selling shares to protect themselves from being taken over. The study found that there is a specific level of control that leads to the most borrowing. Family-owned companies in Singapore tend to borrow less because they have most of their money tied up in the business.