Corporate governance and leverage: Evidence from a natural experiment

被引：26

作者：

Arping, Stefan ^{[1
,2
]}

Sautner, Zacharias ^{[1
,3
]}

机构：

[1] Univ Amsterdam, Amsterdam Business Sch, NL-1018 WB Amsterdam, Netherlands

[2] Tinbergen Inst, Amsterdam, Netherlands

[3] Duisenberg Sch Finance, Amsterdam, Netherlands

来源：

FINANCE RESEARCH LETTERS | 2010年 / 7卷 / 02期

关键词：

Corporate governance; Corporate leverage; Financing policy; CAPITAL STRUCTURE; DEREGULATION;

D O I：

10.1016/j.frl.2010.02.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We argue that the recent corporate governance reform in the Netherlands provides a natural experiment to explore the impact of changes in corporate governance on financing policy. We find that, relative to a control sample of comparable firms outside the Netherlands. Dutch firms significantly reduced their leverage following the passage of the reform. Our findings are consistent with the view that corporate governance improvements reduce the value of debt as a disciplining device. (C) 2010 Elsevier Inc. All rights reserved.

引用

页码：127 / 134

页数：8

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