Purpose: The purpose of this paper is to investigate the relationship between corporate debt-like compensation and the value of excess cash holdings. Design/methodology/approach: The sample comprises 876 US firms covered by ExecuComp over the period 2006-2013. The authors apply the valuation...

Theoretical literature (Jensen and Meckling, 1976 and Edmans and Liu, 2011) argues that inside debt – pension benefits and deferred compensation – has debt-like payoffs, and can therefore curb executives' excessive risk-taking incentives created by equity holdings. We test this theory in the...

The current study investigates the determinants of going private (GP) in France. It contrasts a sample of 161 firms that went private between 1997 and 2009 with a propensity-score-matched sample of firms that remained public during the same period. The results indicate that, unlike for firms...

This paper investigates the impact of labor protection on corporate debt maturity structure. We hypothesize that stronger labor protection is conducive to a greater use of short-term debt maturity by firms. Using various country-level indicators as measures of labor protection, and a sample of...

We investigate corporate debt maturity structure in the MENA region and its firm and institutional determinants using a sample of 444 listed firms over the 2003-2011 period, or 3,717 firm-year observations. We find a very limited use of long-term debt by MENA firms; long-term debt represents...