Strategic Ownership Structure and the Cost of Debt
作者： Hadiye Aslan , Praveen Kumar
DOI: 10.1093/RFS/HHS062
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摘要: We theoretically and empirically address the endogeneity of corporate ownership structure cost debt, with a novel emphasis on role control concentration in postdefault firm restructuring. Control raises agency costs dominant shareholders trade off private benefits against higher borrowing choosing their stakes. Based our theoretical predictions, using an international sample syndicated loans unique dynamic data, we present new evidence firm- macro-level determinants debt. (JEL G21, G32)
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