Shareholder litigation rights and the cost of debt: Evidence from derivative lawsuits

被引：79

作者：

Ni, Xiaoran ^{[1
,2
]}

Yin, Sirui ^{[3
]}

机构：

[1] Xiamen Univ, Dept Finance, Sch Econ, Xiamen 361005, Fujian, Peoples R China

[2] Xiamen Univ, Wang Yanan Inst Studies Econ WISE, Xiamen 361005, Fujian, Peoples R China

[3] Univ Arizona, Eller Coll Management, Dept Finance, Tucson, AZ 85721 USA

来源：

JOURNAL OF CORPORATE FINANCE | 2018年 / 48卷

关键词：

Shareholder litigation right; Universal demand law; Cost of debt; Corporate governance; CORPORATE GOVERNANCE; EMPIRICAL-ANALYSIS; PROPENSITY SCORE; AGENCY COSTS; RISK-TAKING; FINANCE; RESPONSES; BOARDS; MARKET; CAUSAL;

D O I：

10.1016/j.jcorpfin.2017.10.008

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Exploiting the staggered adoption of universal demand (UD) laws as exogenous shocks to filing derivative lawsuits, we find that weakened shareholder litigation rights cause a significant increase in the cost of debt. Deteriorated corporate governance, increased information asymmetry, and heightened managerial risk-taking are the underlying channels. Shareholders respond to weakened litigation rights by providing managers with less risk-taking incentives. Overall, our findings suggest that the shareholder litigation rights are important to debtholders. (C) 2017 Elsevier B.V. All rights reserved.

引用

页码：169 / 186

页数：18

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