FRINK Linked Data Fragments server

Matches in SemOpenAlex for { <https://semopenalex.org/work/W2562363896> ?p ?o ?g. }

• W2562363896 endingPage "254" @default.
• W2562363896 startingPage "236" @default.
• W2562363896 abstract "Abstract Manuscript type Empirical Research Question/Issue This study investigates the interplay between country‐level governance quality and the capital structure choice at the firm level in Brazil and Chile. We examine the association between a firm's ownership concentration and its debt maturity structure and whether country‐level governance quality influences this association. Research Findings/Insights Using a large firm‐level dataset from Brazil and Chile for the period 2008–2013, we find a positive association between low ownership concentration and debt maturity. However, this association becomes negative when the largest shareholder has high ownership concentration. This result suggests that long‐term debt and ownership concentration act as substitute monitoring mechanisms. Moreover, debt maturity is inversely related to our aggregated index of country‐level governance quality, suggesting that in countries with governance systems that effectively protect debt holders, firms with high benefits of control (high ownership concentration) will use debt with shorter repayment periods in order to benefit from frequent monitoring by debt holders. Overall, our results support the view that financial markets tend to pressure firms with high benefits of control or greater agency conflict to make a tradeoff between the benefits of control and the cost and maturity structure of debt financing. Theoretical/Academic Implications This study contributes to the research on comparative corporate governance and capital structure. We also respond to recent calls to bridge the gap between under‐ and over‐socialized views of corporate governance by examining the interplay between firm‐ and country‐level governance variables. Our findings suggest a substitution effect between monitoring by equity holders and by debt holders, and that country‐level governance quality exerts a disciplinary influence over a firm's choice of debt maturity structure. Practitioner/Policy Implications Investors seeking to enter emerging markets such as Brazil and Chile can benefit from considering national governance factors that enhance debt holders’ external monitoring effectiveness. Because our findings show the importance of considering and improving the quality of country‐level governance, they are also useful for policy makers aiming to reform corporate governance practices in emerging markets." @default.
• W2562363896 created "2017-01-06" @default.
• W2562363896 creator A5035967702 @default.
• W2562363896 creator A5066477509 @default.
• W2562363896 creator A5073777454 @default.
• W2562363896 date "2017-02-23" @default.
• W2562363896 modified "2023-10-07" @default.
• W2562363896 title "Country‐level governance quality, ownership concentration, and debt maturity: A comparative study of Brazil and Chile" @default.
• W2562363896 cites W115021420 @default.
• W2562363896 cites W1494252048 @default.
• W2562363896 cites W1550582364 @default.
• W2562363896 cites W1557594066 @default.
• W2562363896 cites W1587618508 @default.
• W2562363896 cites W1841749289 @default.
• W2562363896 cites W1853778880 @default.
• W2562363896 cites W1883953524 @default.
• W2562363896 cites W1910832905 @default.
• W2562363896 cites W1964457448 @default.
• W2562363896 cites W1973897309 @default.
• W2562363896 cites W1973968415 @default.
• W2562363896 cites W1975703787 @default.
• W2562363896 cites W1976134241 @default.
• W2562363896 cites W1991795148 @default.
• W2562363896 cites W1997204120 @default.
• W2562363896 cites W2001672374 @default.
• W2562363896 cites W2004369248 @default.
• W2562363896 cites W2004527891 @default.
• W2562363896 cites W2014716706 @default.
• W2562363896 cites W2019848216 @default.
• W2562363896 cites W2023841042 @default.
• W2562363896 cites W2028387372 @default.
• W2562363896 cites W2035554302 @default.
• W2562363896 cites W2049131632 @default.
• W2562363896 cites W2053440299 @default.
• W2562363896 cites W2053515171 @default.
• W2562363896 cites W2069594414 @default.
• W2562363896 cites W2069985282 @default.
• W2562363896 cites W2073216789 @default.
• W2562363896 cites W2074648283 @default.
• W2562363896 cites W2076285528 @default.
• W2562363896 cites W2087178224 @default.
• W2562363896 cites W2089596717 @default.
• W2562363896 cites W2091246868 @default.
• W2562363896 cites W2092778692 @default.
• W2562363896 cites W2099724718 @default.
• W2562363896 cites W2116817240 @default.
• W2562363896 cites W2118148274 @default.
• W2562363896 cites W2120744852 @default.
• W2562363896 cites W2122296244 @default.
• W2562363896 cites W2125720994 @default.
• W2562363896 cites W2127839771 @default.
• W2562363896 cites W2128107798 @default.
• W2562363896 cites W2129123189 @default.
• W2562363896 cites W2133640915 @default.
• W2562363896 cites W2138313379 @default.
• W2562363896 cites W2144688440 @default.
• W2562363896 cites W2146880834 @default.
• W2562363896 cites W2157995897 @default.
• W2562363896 cites W2162012454 @default.
• W2562363896 cites W2168489384 @default.
• W2562363896 cites W2170838722 @default.
• W2562363896 cites W2188524377 @default.
• W2562363896 cites W2234397921 @default.
• W2562363896 cites W2241255958 @default.
• W2562363896 cites W2752617332 @default.
• W2562363896 cites W3023634873 @default.
• W2562363896 cites W3121332075 @default.
• W2562363896 cites W3121351830 @default.
• W2562363896 cites W3121403162 @default.
• W2562363896 cites W3121577857 @default.
• W2562363896 cites W3121645643 @default.
• W2562363896 cites W3121693921 @default.
• W2562363896 cites W3121759882 @default.
• W2562363896 cites W3121933403 @default.
• W2562363896 cites W3122209911 @default.
• W2562363896 cites W3122348931 @default.
• W2562363896 cites W3122547505 @default.
• W2562363896 cites W3122756704 @default.
• W2562363896 cites W3123091495 @default.
• W2562363896 cites W3123200913 @default.
• W2562363896 cites W3123207098 @default.
• W2562363896 cites W3123531656 @default.
• W2562363896 cites W3123717902 @default.
• W2562363896 cites W3123748565 @default.
• W2562363896 cites W3123878168 @default.
• W2562363896 cites W3124114405 @default.
• W2562363896 cites W3124284666 @default.
• W2562363896 cites W3124536211 @default.
• W2562363896 cites W3124737349 @default.
• W2562363896 cites W3124747412 @default.
• W2562363896 cites W3124928762 @default.
• W2562363896 cites W3125092888 @default.
• W2562363896 cites W3125147207 @default.
• W2562363896 cites W3125469707 @default.
• W2562363896 cites W3125701181 @default.
• W2562363896 cites W3125822680 @default.
• W2562363896 cites W3125939327 @default.
• W2562363896 cites W3126027997 @default.

• next