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Is the use of bank debt as a governance mechanism conditioned by the financial system? The cases of Chile and Spain
[Zeitschriftenartikel]
Abstract We test whether the use of bank debt as a governance mechanism is conditioned by the financial system in which firms operate. Our results indicate that the legal and institutional environment determines the use of bank debt to finance growth opportunities. Firms use bank debt to finance their growth... mehr
We test whether the use of bank debt as a governance mechanism is conditioned by the financial system in which firms operate. Our results indicate that the legal and institutional environment determines the use of bank debt to finance growth opportunities. Firms use bank debt to finance their growth opportunities when the country’s banking system contributes to solving agency and asymmetric information problems and avoiding information monopoly costs. The evolutionary process of the financial systems in each country means that market imperfections such as information asymmetry or agency costs can have a diverse influence on firms’ bank debt decisions.... weniger
Klassifikation
Finanzwirtschaft, Rechnungswesen
Freie Schlagwörter
Bank debt; Financial system; Growth opportunities; Ownership structure
Sprache Dokument
Englisch
Publikationsjahr
2010
Seitenangabe
S. 1709-1726
Zeitschriftentitel
Applied Economics, 42 (2010) 13
DOI
https://doi.org/10.1080/00036840701736065
Status
Postprint; begutachtet (peer reviewed)
Lizenz
PEER Licence Agreement (applicable only to documents from PEER project)