Corporate governance and cost of debt financing: Empirical evidence from Canada
作者: Hatem GhoumaHamdi Ben-NasrRuiqian Yan
作者单位: 1The Gerald Schwartz School of Business, St. Francis Xavier University, Nova Scotia, Canada
2College of Business and Economics, Qatar University, Doha, Qatar
刊名: Quarterly Review of Economics and Finance, 2018, Vol.67 , pp.138-148
来源数据库: Elsevier Journal
DOI: 10.1016/j.qref.2017.06.004
关键词: G34G38F34Corporate governanceBond yieldsBoard of directorsGlobe and Mail governance score
原始语种摘要: Abstract(#br)We explore the impact of the Globe and Mail corporate governance index on bond spreads in a sample of Canadian listed companies. The index is composed of four sub-indices—board composition/structure, board compensation, shareholder rights, and disclosure—assessing the quality of the firm’s governance. Our empirical findings point to a decrease in the bond spreads for an improvement of the overall quality of the corporate governance index. When we analyze the impact of each of the sub-indices, only the quality of the board composition/structure as well as the disclosure quality seems to matter to bondholders. We interpret our finding within the Canadian “comply or disclose” approach to governance where more responsibility is put on investors to assess and judge the quality of...
全文获取路径: Elsevier  (合作)

  • governance 统治方式
  • boards 照明灯板
  • financing 供给资金
  • disclosure 暴露
  • evidence 
  • corporate 法人的
  • quality 品质
  • adoption 采纳
  • empirical 经验的
  • agency 代办处