The disciplinary role of leverage: evidence from East Asian cross-border acquirers’ returns
作者： Robert B. Durand , Elaine Laing , Minh Thao Ngo
DOI: 10.1016/J.FRL.2016.04.004
关键词:
摘要: Abstract We present evidence of an important disciplinary role for leverage in East Asian firms prior to making foreign acquisitions: as surpass optimal level, their excess levels expose shareholders agency costs which outweigh any benefits from the M&As. find effect is both common and code law countries.
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