Revista: | BAR - Brazilian Administration Review |
Base de datos: | CLASE |
Número de sistema: | 000337260 |
ISSN: | 1807-7692 |
Autores: | Funchal, Bruno1 Galdi, Fernando Caio1 Lopes, Alexsandro Broedel2 |
Instituciones: | 1FUCAPE Business School, Vitoria, Espirito Santo. Brasil 2Universidade de Sao Paulo, Faculdade de Economia, Administracao e Contabilidade, Sao Paulo. Brasil |
Año: | 2008 |
Periodo: | Jul-Sep |
Volumen: | 5 |
Número: | 3 |
Paginación: | 245-259 |
País: | Brasil |
Idioma: | Inglés |
Tipo de documento: | Artículo |
Enfoque: | Analítico |
Resumen en inglés | This paper examines the relationship between corporate governance level and the bankruptcy law for such debt variables as firms’ cost of debt and amount (and variation) of debt. Our empirical results are consistent with the model's prediction. First, we find that the better the corporate governance, the lower the cost of debt. Second, we find that better corporate governance arrangements relate to firms with higher amounts of debt. Finally we find that better governance and harsher bankruptcy laws have a positive effect on debt. Moreover, this effect is stronger for firms with worse corporate governance, which indicates that the law works as a substitute for governance practices to protect creditors' interests |
Disciplinas: | Administración y contaduría, Economía |
Palabras clave: | Dirección y control, Planeación, Empresas, Gobernanza corporativa, Bancarrota, Deuda, Financiamiento, Ley de quiebras, Brasil |
Texto completo: | Texto completo (Ver PDF) |