Interactions between Corporate Governance, Bankruptcy Law and Firms' Debt Financing: the Brazilian Case
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| Formato: | Artículo científico |
| Lenguaje: | en |
| Publicado: |
Associação Nacional de Pós-Graduação e Pesquisa em Administração
2008
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| _version_ | 1876463859197280256 |
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| author | Bruno Funchal |
| author_facet | Bruno Funchal |
| contents | Interactions between Corporate Governance, Bankruptcy Law and Firms' Debt Financing: the Brazilian Case Bruno Funchal Fernando Caio Galdi Alexsandro Broedel Lopes Administración y Contabilidad Debt bankruptcy cost of debt corporate governance This paper examines the relationship between corporate governance level and the bankruptcy law for such debt variables as firmscost of debt and amount (and variation) of debt. Our empirical results are consistent with the models 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. 2008 artículo científico 1807-7692 https://www.redalyc.org/articulo.oa?id=84150305 en http://www.redalyc.org/revista.oa?id=841 BAR - Brazilian Administration Review application/pdf Associação Nacional de Pós-Graduação e Pesquisa em Administração BAR - Brazilian Administration Review (Brasil) Num.3 Vol.5 |
| format | Artículo científico |
| id | redalyc_84150305 |
| institution | Redalyc |
| language | en |
| publishDate | 2008 |
| publisher | Associação Nacional de Pós-Graduação e Pesquisa em Administração |
| spellingShingle | Interactions between Corporate Governance, Bankruptcy Law and Firms' Debt Financing: the Brazilian Case Bruno Funchal Administración y Contabilidad Debt bankruptcy cost of debt corporate governance Interactions between Corporate Governance, Bankruptcy Law and Firms' Debt Financing: the Brazilian Case Bruno Funchal Fernando Caio Galdi Alexsandro Broedel Lopes Administración y Contabilidad Debt bankruptcy cost of debt corporate governance This paper examines the relationship between corporate governance level and the bankruptcy law for such debt variables as firmscost of debt and amount (and variation) of debt. Our empirical results are consistent with the models 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. 2008 artículo científico 1807-7692 https://www.redalyc.org/articulo.oa?id=84150305 en http://www.redalyc.org/revista.oa?id=841 BAR - Brazilian Administration Review application/pdf Associação Nacional de Pós-Graduação e Pesquisa em Administração BAR - Brazilian Administration Review (Brasil) Num.3 Vol.5 |
| title | Interactions between Corporate Governance, Bankruptcy Law and Firms' Debt Financing: the Brazilian Case |
| topic | Administración y Contabilidad Debt bankruptcy cost of debt corporate governance |
| url | https://www.redalyc.org/articulo.oa?id=84150305 |