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Structure and determinants of financial covenants in leveraged buyouts - evidence from an economy with strong creditor rights

Achleitner, Ann-Kristin; Braun, Reiner; Tappeiner, Florian - 2009

We apply control rights theory to explain the structure and determinants of financial covenants in private equity backed leveraged buyouts. We analyze 130 German transactions from 2000 to 2008, covering about 40 percent of the LBO market during this period. We consider Germany to be a superior...

Persistent link: https://www.econbiz.de/10003919605

Corporate governance and leverage : evidence from a natural experiment

Arping, Stefan; Sautner, Zacharias - 2009

We argue that the recent corporate governance reform in the Netherlands provides a natural experiment to explore the impact of changes in corporate governance on financing policy. We find that, relative to a control sample of comparable firms outside the Netherlands, Dutch firms significantly...

Persistent link: https://www.econbiz.de/10011380020

Payoff Structure, External Corporate Governance and Financing Decision of Firms

Chang, Shih-Chung - 2018

In a three-period model with active and passive external corporate governance, this paper studies the endogenous decision of debt and equity financiers on the governance mode and intensity over their debtors, as well as how this may affect the funded firms' financing choice. We show that debt...

Persistent link: https://www.econbiz.de/10012909239

Private Benefits and Corporate Investment and Financing Decisions : The Case of Corporate Philanthropy

Masulis, Ronald W. - 2020

We find that corporate giving represents a private benefit of control that distorts corporate investment and financing …, corporate charitable contributions fall, while investment rises, suggesting suboptimal investment caused by managerial private …

Persistent link: https://www.econbiz.de/10012850683

A New Order of Financing Investments : Evidence from Acquisitions by India's Listed Firms

Jindal, Varun - 2019

We propose a new order of financing investments based on the considerations of control and financial constraints in a market with the presence of business groups. We base our analysis on a sample of acquisitions, one of the largest forms of investments, made by India's publicly listed firms from...

Persistent link: https://www.econbiz.de/10012898931

Investment and Financing Decisions of Private and Public Firms

Drobetz, Wolfgang - 2018

have a significantly higher investment-cash flow sensitivity than comparable private firms. These differences in investment … agency-based explanation, since differences in investment-cash flow sensitivities can only be observed for the unexpected …. Our study adds a new aspect to the ongoing debate on the effect of a stock market listing on a firm's investment decisions …

Persistent link: https://www.econbiz.de/10012936409

Firm size does matter : new evidence on the determinants of cash holdings

Magerakis, Efstathios; Gillas, Konstantinos Gkillas; … - In: Journal of risk and financial management : JRFM 13 (2020) 8/163, pp. 1-33

We study the financial determinants of cash holdings and discuss the importance of firm size in the post-crisis period. We employ panel data regression analysis on a sample of 6629 non-financial and non-utility listed companies in the United Kingdom from 2010 to 2018. We focus on the comparative...

Persistent link: https://www.econbiz.de/10012322361

Corporate finance and restructuring : evidence from Central and Eastern Europe

Köke, F. Jens; Salem, Tanja - 2000

suggests that there is room for creditors to fulfill their role in corporate governance. On the other hand, investment is …

Persistent link: https://www.econbiz.de/10011444618

Financing investment: the choice between bonds and bank loans

Morellec, Erwan; Valta, Philip; Zhdanov, Alexei - 2014

We build a model of investment and financing decisions to study the choice between bonds and bank loans in a firm …'s marginal financing decision and its effects on corporate investment. We show that firms with more growth options, higher … investment. We test these predictions using a sample of U.S. firms and present new evidence that supports our theory …

Persistent link: https://www.econbiz.de/10010258730

Corporate governance and its impact on firm risk

Alam, Abdullah; Ali Shah, Syed Zulfiqar - In: International journal of management, economics and … 2 (2013) 2, pp. 76-98

The aim of this research is to explore the relationship of corporate governance with firm risk. This study establishes a link between corporate governance variables and firm risk for a sample of 106 Pakistani firms over a time of six years (2005-2010). Based on the estimation results, family...

Persistent link: https://www.econbiz.de/10009753458

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