effect", as well as the ultimate owner’s motivation to expand debt financing. Thus the layers of pyramid structure have a …

& Investors Service Company (SBCR) assessment criteria, for their credit ratings, from 2010 to 2015. Practically, 3 debt ratios … negatively correlated with board size, profitability, growth opportunity, and non-debt tax shield. Credit rating is positively … non-debt tax shield is significantly correlated with leverage. The correlation coefficient between CEO duality and auditor …

(2009-2015). To address endogeneity between the interrelated variables of dividends and debt ratio, an endogeneity test is … data analysis. The findings of this study indicate positive associations between debt ratio and board size, board … support the active monitoring hypothesis, and debt acts as a complementary mechanism to mitigate agency issues, larger board …

approach to debt financing to minimize conflicts between managers and shareholders. Secondly, the positive and significant … external debt. Overall, the study underscores the importance of carefully considering board composition for optimal capital …

This paper investigates whether municipalities in Poland use their municipal companies to increase debt capacity beyond … the limitations imposed by the fiscal debt rules. The article presents corporate governance and agency problems on the … finance, in particular capital structure, and public finance - debt liabilities of municipalities. We analyse a sample of 2 …

Debt, and in particular, short-term debt have the potential to discipline managers. We examine the role of the board in … stronger boards will force the firm to hold more debt and more short-term debt. Employing a rich dataset of board …