Corporate Governance And Capital Structure Dynamics
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Two Essays Of The Effects Of Corporate Governance On Capital Structure Dynamics
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Author :
language : en
Publisher:
Release Date : 2015
Two Essays Of The Effects Of Corporate Governance On Capital Structure Dynamics written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
Corporate Governance And Capital Structure Dynamics
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Author : Li-Kai (Connie) Liao
language : en
Publisher:
Release Date : 2016
Corporate Governance And Capital Structure Dynamics written by Li-Kai (Connie) Liao and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
Morellec, Nikolov, and Schürhoff (2012) predict that a self-interested manager prefers a leverage level that is lower than the shareholders' desired level, and effective corporate governance encourages timely capital structure rebalancing. In a U.S. sample during 1996-2008, we confirm that both a higher level of financial leverage and a faster speed of adjustment of leverage toward the shareholders' desired level are associated with a better corporate governance quality as defined by a more independent board featuring CEO-Chairman separation and greater presence of outside directors, coupled with larger institutional shareholding. In contrast, managerial incentive compensation on average discourages use of debt or adjustments toward the shareholders' desired level, consistent with its entrenchment effect. The effect of corporate governance on leverage adjustments is most pronounced when the initial leverage is between the manager's desired level and the shareholders' desired level where the interests of managers and shareholders conflict.
Corporate Governance And Capital Structure Dynamics
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Author : Erwan Morellec
language : en
Publisher:
Release Date : 2010
Corporate Governance And Capital Structure Dynamics written by Erwan Morellec and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with categories.
We develop a dynamic tradeoff model to examine the importance of manager-shareholder conflicts in capital structure choice. Using panel data on leverage choices and the model's predictions for different statistical moments of leverage, we show that while refinancing costs help explain the patterns observed in the data, their quantitative effects on debt choices are too small to explain financing decisions. We also show that by adding agency conflicts in the model and giving the manager control over the leverage decision, one can obtain capital structure dynamics consistent with the data. In particular, we find that the model needs an average agency cost of 1.5% of equity value to resolve the low-leverage puzzle and to explain the time series of observed leverage ratios. Our estimates also reveal that the variation in agency costs across firms is sizeable and that the levels of agency conflicts inferred from the data correlate with commonly used proxies for corporate governance.
Four Essays On Capital Structure Dynamics
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Author : Thao Nguyen Huu
language : en
Publisher:
Release Date : 2020
Four Essays On Capital Structure Dynamics written by Thao Nguyen Huu and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020 with Capital categories.
Essays On Voting Power Corporate Governance And Capital Structure
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Author : Yinghong Chen
language : en
Publisher:
Release Date : 2004
Essays On Voting Power Corporate Governance And Capital Structure written by Yinghong Chen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Corporate governance categories.
Corporate Governance Ownership Structure And Firm Performance
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Author : Hoang N. Pham
language : en
Publisher: Routledge
Release Date : 2022-01-25
Corporate Governance Ownership Structure And Firm Performance written by Hoang N. Pham and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-01-25 with Business & Economics categories.
The relationship between ownership structure and firm performance has been studied extensively in corporate finance and corporate governance literature. Nevertheless, the mediation (path) analysis to examine the issue can be adopted as a new approach to explain why and how ownership structure is related to firm performance and vice versa. This approach calls for full recognition of the roles of agency costs and corporate risk-taking as essential mediating variables in the bi-directional and mediated relationship between ownership structure and firm performance. Based on the agency theory, corporate risk management theory and accounting for the dynamic endogeneity in the ownership–performance relationship, this book develops two-mediator mediation models, including recursive and non-recursive mediation models, to investigate the ownership structure–firm performance relationship. It is demonstrated that agency costs and corporate risk-taking are the ‘missing links’ in the ownership structure–firm performance relationship. Hence, this book brings into attention the mediation and dynamic approach to this issue and enhances the knowledge of the mechanisms for improving firm’s financial performance. This book will be of interest to corporate finance, management and economics researchers and policy makers. Post-graduate research students in corporate governance and corporate finance will also find this book beneficial to the application of econometrics into multi-dimensional and complex issues of the firm, including ownership structure, agency problems, corporate risk management and financial performance.
Capital Structure Dynamics In Uk And Continental Europe
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Author : Gabrielle Wanzenried
language : en
Publisher:
Release Date : 2004
Capital Structure Dynamics In Uk And Continental Europe written by Gabrielle Wanzenried and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
This paper analyzes capital structure determinants of UK and continental European firms. Besides considering firm-specific characteristics, it looks at the impact of different corporate governance systems on the capital structure choice. The dynamic framework allows to analyze the adjustment processes taking place over time. Our data contain balance sheet and profit amp; loss account data of 167 European firms from 1988 to 1998. We use fixed erects and moving window regressions and find significant differences in the capital structure choice with respect to characteristics of the firms as well as of the considered corporate governance systems. Also, we find significant changes in the firm behavior over time.
Three Essays On Corporate Default Prediction
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Author : Ruwani Fernando
language : en
Publisher:
Release Date : 2019
Three Essays On Corporate Default Prediction written by Ruwani Fernando and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with Capital categories.
Complementarities In Corporate Governance
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Author : Ralph P. Heinrich
language : en
Publisher: Springer Science & Business Media
Release Date : 2002-06-04
Complementarities In Corporate Governance written by Ralph P. Heinrich and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002-06-04 with Business & Economics categories.
Corporate governance reform is currently on the agenda in the European Union, the United States, Japan and in emerging market economies. This book takes a fresh look at the reform debate by focusing on the trade-offs involved in reconciling the diverging interests of shareholders, creditors and managers. It shows how effective corporate governance systems exploit complementarities between the incentives generated by the capital structure, the ownership structure, investor monitoring, takeover threats, and management compensation to minimize the sum of all agency costs facing the public corporation. The book combines a general theoretical treatment with a detailed study of the institutions of corporate governance in Germany, Japan and the United States and a critical assessment of recent reforms.
Testing Static Trade Off Against Pecking Order Models Of Capital Structure
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Author : Lakshmi Shyam-Sunder
language : en
Publisher:
Release Date : 2023-07-18
Testing Static Trade Off Against Pecking Order Models Of Capital Structure written by Lakshmi Shyam-Sunder and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-07-18 with Business & Economics categories.