Arbeitspapier
Are firm- and country-specific governance substitutes? Evidence from financial contracts in emerging markets
We investigate how borrowers corporate governance influences bank loan contracting terms in emerging markets and how this relation varies across countries with different country-level governance. We find that borrowers with stronger corporate governance obtain favorable contracting terms with respect to loan amount, maturity, collateral requirements, and spread. Firm-level and country-level corporate governance are substitutes in writing and enforcing financial contracts. We also find that the distinctiveness of borrowers characteristics affect the relation between firm-level corporate governance and loan contracting terms. Our findings are robust, irrespective of types of regression methods and specifications.
- Sprache
-
Englisch
- ISBN
-
978-952-462-797-9
- Erschienen in
-
Series: Bank of Finland Research Discussion Papers ; No. 12/2012
Klassifikation
Wirtschaft
Financial Institutions and Services: General
Corporate Finance and Governance: General
Capital Budgeting; Fixed Investment and Inventory Studies; Capacity
Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance
Corporate Finance and Governance: Government Policy and Regulation
Financial Institutions and Services: General
Corporate Finance and Governance: General
Capital Budgeting; Fixed Investment and Inventory Studies; Capacity
Mergers; Acquisitions; Restructuring; Voting; Proxy Contests; Corporate Governance
Corporate Finance and Governance: Government Policy and Regulation
Ereignis
Geistige Schöpfung
(wer)
Francis, Bill
Hasan, Iftekhar
Song, Liang
Hasan, Iftekhar
Song, Liang
Ereignis
Veröffentlichung
(wer)
Bank of Finland
(wo)
Helsinki
(wann)
2012
- Handle
- Letzte Aktualisierung
-
20.09.2024, 08:22 MESZ
Objekttyp
- Arbeitspapier
Beteiligte
- Francis, Bill
- Hasan, Iftekhar
- Song, Liang
- Bank of Finland
Entstanden
- 2012
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