interactions between corporate governance, bankruptcy law and firms debt financing: the brazilian case

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ID: 141817
2008
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Abstract
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.
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funchal2008bar:interactions Use this key to autocite in the manuscript while using SciMatic Manuscript Manager or Thesis Manager
Authors ;Bruno Funchal;Fernando Caio Galdi;Alexsandro Broedel Lopes
Journal journal of crystal and molecular structure
Year 2008
DOI
DOI not found
URL
http://www.anpad.org.br/periodicos/arq_pdf/a_763.pdf
Keywords
corporate governance debt

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