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managers. So, strong corporate governance can substitute the maturity structure of debt, or vice versa, in terms of managerial … control. In this paper, we investigate the effect of internal board monitoring on firms' debt maturity structure. We … exogenously identify internal monitoring via board independence and estimate its real impact on maturity using Sarbanes – Oxley …
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Using the passage of the Sarbanes-Oxley Act and the associated change in listing standards as a natural experiment, we find that while board independence decreases the cost of debt when credit conditions are strong or leverage low, it increases the cost of debt when credit conditions are poor or...
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Chapter 1 Corporate Governance: An Introduction -- Chapter 2 Boards and Directors -- Chapter 3 Theoretical Perspectives of Corporate Governance -- Chapter 4 Internal Control, Financial Oversight and Risk Management -- Chapter 5 Global Corporate Governance Movement -- Chapter 6 Shareholders and...
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