How Do Board Reforms Affect Debt Financing Costs Around the World?

被引：6

作者：

Chiu, Hui ^{[1
,2
]}

Lin, Chen ^{[2
,3
]}

Wei, Lai ^{[4
]}

机构：

[1] Guangxi Univ, China ASEAN Res Inst, Nanning, Peoples R China

[2] Univ Hong Kong, Fac Business & Econ, Hong Kong, Peoples R China

[3] Tsinghua Univ, Sch Social Sci, Beijing, Peoples R China

[4] Lingnan Univ, Fac Business, Hong Kong, Peoples R China

来源：

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2023年 / 58卷 / 01期

关键词：

CORPORATE GOVERNANCE; INVESTOR PROTECTION; INFORMATION; AGENCY; FIRM; OWNERSHIP; COVENANTS; CONTRACTS; DIRECTORS; RIGHTS;

D O I：

10.1017/S0022109022000801

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

In this study, we examine the effect of worldwide board reforms on the cost of debt financing. We document an increase of loan spread after a country initiates the reform. The increase is larger among firms that are more exposed to shareholder-debtholder conflicts. The results suggest that board reforms empower shareholders at the cost of debtholders. However, we also find that, while the reform component related to board independence leads to the increase in the cost of debt, the component related to audit committee independence helps decrease the cost.

引用

页码：217 / 249

页数：33

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