文章基本信息

标题：Interactions between Corporate Governance, Bankruptcy Law and Firms' Debt Financing: the Brazilian Case
本地全文：下载
作者：Bruno Funchal ; Fernando Caio Galdi ; Alexsandro Broedel Lopes 等
期刊名称：BAR - Brazilian Administration Review
印刷版ISSN：1807-7692
电子版ISSN：1807-7692
出版年度：2008
卷号：5
期号：3
页码：245-259
语种：English
出版社：Associação Nacional de Pós-Graduação e Pesquisa em Administração
其他摘要：This paper examines the relationship between corporate governance level and the bankruptcy law for such debt variables as firms´ cost of debt and amount (and variation) of debt. Our empirical results are consistent with the model´s prediction. First, we find that the better the corporate governance, the lower the cost of debt. Second, we find that better corporate governance arrangements relate to firms with higher amounts of debt. Finally we find that better governance and harsher bankruptcy laws have a positive effect on debt. Moreover, this effect is stronger for firms with worse corporate governance, which indicates that the law works as a substitute for governance practices to protect creditors´ interests.
关键词：debt; cost of debt; corporate governance; bankruptcy