We provide the first firm-level evidence of the relation between state ownership and debt structure. Using an international sample of newly privatized firms (NPFs) from 76 countries over the 1998–2017 period, we find that state ownership is associated with a more diversified debt structure....

Purpose: Study the impact of the heterogeneity of institutional investors, evident in their investment horizon, on firm credit ratings.Methodology/Approach: Use a large sample of U.S. firms over the period 1985 to 2006 (20,670 U.S. firm-year observations) to empirically investigate the...

Research on capital structure and product market interactions shows that high leverage is associated with substantial losses in market share due to unfavorable actions by customers and competitors. We examine whether corporate social responsibility (CSR) affects firms' interactions with...

Based on the social analysis framework of Williamson, we argue that national culture – especially the individualism/collectivism dimension – located in the social embeddedness level can guide behaviors and decisions in a country, including the choice of exchange rate regime. We argue that...

A key issue in the finance-growth nexus literature is endogeneity – economic growth may drive finance as well as finance driving growth. Some research addresses endogeneity using relatively exogenous shocks from U.S. bank geographic deregulation, often documenting favorable economic effects....

An extensive body of international business research examines how cross-country variations in legal institutions influence corporate finance practices. Building on this literature, as well as the literature on capital structure and product market interactions, we investigate the effect of an...