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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/72731

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题名:	Corporate Governance and the Dynamics of Capital Structure: New Evidence
作者:	周冠男 Chang, Yakai;Chou, Robin K.;Huang, Tai-Hsin
贡献者:	財管系
关键词:	Corporate governance;Dynamic capital structure;Speed of capital structure adjustment
日期:	2014-04
上传时间:	2015-01-08 18:08:06 (UTC+8)
摘要:	The effects of corporate governance on optimal capital structure choices have been well documented, though without offering empirical evidence about the impact of corporate governance quality on the adjustment speed toward an optimal capital structure. This study simultaneously considers two effects of debt originating from agency theory—the takeover defense and the disciplinary effects of debt—on the speed of adjustment to the optimal capital structure. Corporate governance has a distinct effect on the speed of capital structure adjustment: weak governance firms that are underlevered tend to adjust slowly to the optimal capital structure, because the costs of the disciplinary role of debt outweigh the benefits of using debt as a takeover defense tool. Although overlevered weak governance firms also adjust slowly, they do so because they are reluctant to decrease their leverage toward the target level to deter potential raiders, especially if they face a serious takeover threat. Therefore, this study finds that both overlevered and underlevered firms with weak governance adjust slowly toward their target debt levels, though with different motivations.
關聯:	Journal of Banking & Finance, 48, 374-385
数据类型:	article
DOI 連結:	http://dx.doi.org/http://dx.doi.org/10.1016/j.jbankfin.2014.04.026
DOI:	10.1016/j.jbankfin.2014.04.026
显示于类别:	[財務管理學系] 期刊論文

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