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We trace the relationship between firm performance and corporate governance in microfinance institutions (MFI …
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Banks play a role in the corporate governance of firms as well as acting as debt financiers around the world. Universal …
Persistent link: https://www.econbiz.de/10003867057
We investigate the effects of bank control over borrower firms whether by representation on boards of directors or by the holding of shares through bank asset management divisions. Using a large sample of syndicated loans, we find that banks are more likely to act as lead arrangers in loans when...
Persistent link: https://www.econbiz.de/10013107885
Using a sample of 8,232 firms from 81 countries, we investigate the effect of government ownership on financial constraint and the effect of financial constraint on corporate performance. In addition, we address the moderating role of country-level corruption on those two relationships. Results...
Persistent link: https://www.econbiz.de/10012943354
the microfinance sector. The authors then examine the structure of the microfinance industry, (a) NGOs, cooperatives and … followed by an examination of the recurring issues and growing risks in the microfinance industry. The authors conclude with a …
Persistent link: https://www.econbiz.de/10012564719
microfinance struggle to become financially self-sufficient and to achieve their social objectives of servicing with quality the … poorest clientele possible. The issue of corporate governance has therefore been of increasing interest for microfinance as it … constitutes governance in relation to microfinance; (ii) identify the reasons why it is of such high importance for the industry …
Persistent link: https://www.econbiz.de/10013069027
In this study, we examine the effect of worldwide board reforms on the cost of debt financing. We find an overall increase in loan spreads in countries that initiate board reforms versus those without the reforms, which suggests that board reforms strengthen the power of shareholders at the cost...
Persistent link: https://www.econbiz.de/10012843957
Does the structure of corporate boards affect bondholder agency risk? Using mandatory board reforms, I show that firms that transition to independent boards experience economically significant reductions in payout, financing, and event risk covenants in their bond contracts. This effect is not...
Persistent link: https://www.econbiz.de/10012848340