External Governance and Debt Structure
Abstract
This paper examines how external governance pressure provided by both the product market and the market for corporate control affects the type of debt that firms issue. Consistent with a governance substitution effect, we find that (i) an exogenous increase in governance pressure from the product market has a significant negative impact on the use of bank financing over public debt issuance, and (ii) an exogenous decrease in governance pressure...
Paper Details
Title
External Governance and Debt Structure
Published Date
Jan 1, 2016
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