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Article: How Do Board Reforms Affect Debt Financing Costs Around the World?

TitleHow Do Board Reforms Affect Debt Financing Costs Around the World?
Authors
Zhao, HLin, CWei, L
Issue Date2022
Citation
Journal of Financial and Quantitative Analysis, 2022, Forthcoming How to Cite?
DOI: http://dx.doi.org/10.1017/S0022109022000801
AbstractIn this study, we examine the effect of worldwide board reforms on the cost of debt financing. We document an increase of loan spread after a country initiates the reform. The increase is larger among firms that are more exposed to shareholder-debtholder conflicts. The results suggest that board reforms empower shareholders at the cost of debtholders. However, we also find that, while the reform component related to board independence leads to the increase in the cost of debt, the component related to audit committee independence helps decrease the cost.
Persistent Identifierhttp://hdl.handle.net/10722/316843
ISI Accession Number ID
WOS:000876650200001

 

DC FieldValueLanguage
dc.contributor.authorZhao, H-
dc.contributor.authorLin, C-
dc.contributor.authorWei, L-
dc.date.accessioned2022-09-16T07:24:19Z-
dc.date.available2022-09-16T07:24:19Z-
dc.date.issued2022-
dc.identifier.citationJournal of Financial and Quantitative Analysis, 2022, Forthcoming-
dc.identifier.urihttp://hdl.handle.net/10722/316843-
dc.description.abstractIn this study, we examine the effect of worldwide board reforms on the cost of debt financing. We document an increase of loan spread after a country initiates the reform. The increase is larger among firms that are more exposed to shareholder-debtholder conflicts. The results suggest that board reforms empower shareholders at the cost of debtholders. However, we also find that, while the reform component related to board independence leads to the increase in the cost of debt, the component related to audit committee independence helps decrease the cost.-
dc.languageeng-
dc.relation.ispartofJournal of Financial and Quantitative Analysis-
dc.titleHow Do Board Reforms Affect Debt Financing Costs Around the World?-
dc.typeArticle-
dc.identifier.emailLin, C: chenlin1@hku.hk-
dc.identifier.authorityLin, C=rp01808-
dc.identifier.doi10.1017/S0022109022000801-
dc.identifier.hkuros336455-
dc.identifier.volumeForthcoming-
dc.identifier.isiWOS:000876650200001-

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