Berger, Philip G; Ofek, Eli; Yermack, David L - In: Journal of Finance 52 (1997) 4, pp. 1411-38
The authors study associations between managerial entrenchment and firms' capital structures, with results generally suggesting that entrenched CEOs seek to avoid debt. In a cross-sectional analysis, they find that leverage levels are lower when CEOs do not face pressure from either ownership...