Motivated by agency theory, we investigate the effect of board size on corporate outcomes. To address endogeneity, we exploit the variations in the director-age populations across the states in the U.S. We argue that firms with access to a larger pool of potential directors tend to have larger...

Grounded in agency theory, this study explores how capital structure is influenced by aggregate corporate governance quality. We employ broad-based governance measures that encompass multiple factors, including boards, audit quality, charter/bylaws, director quality, executive compensation,...

This study investigates how debt maturity structure is influenced by the strength of shareholder rights. The empirical evidence reveals an inverse relation between the strength of shareholder rights and debt maturity. We contend that managers of firms with weak shareholder rights eschew choosing...