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    政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 >  Item 140.119/66691
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/66691


    Title: Corporate Governance and the Dynamics of Capital Structure: New Evidence
    Authors: 黃台心
    Chang, Ya-Kai;Chou, Robin K.;Huang, Tai-Hsin
    Contributors: 財管系
    Keywords: Corporate governance;Dynamic capital structure;Speed of capital structure adjustment
    Date: 2014-06
    Issue Date: 2014-06-13 14:25:51 (UTC+8)
    Abstract: The effects of corporate governance on optimal capital structure choices have been well documented, though without offering empirical evidence about the impact of corporate governance quality on the adjustment speed toward an optimal capital structure. This study simultaneously considers two effects of debt originating from agency theory—the takeover defense and the disciplinary effects of debt—on the speed of adjustment to the optimal capital structure. Corporate governance has a distinct effect on the speed of capital structure adjustment: weak governance firms that are underlevered tend to adjust slowly to the optimal capital structure, because the costs of the disciplinary role of debt outweigh the benefits of using debt as a takeover defense tool. Although overlevered weak governance firms also adjust slowly, they do so because they are reluctant to decrease their leverage toward the target level to deter potential raiders, especially if they face a serious takeover threat. Therefore, this study finds that both overlevered and underlevered firms with weak governance adjust slowly toward their target debt levels, though with different motivations.
    Relation: Journal of Banking and Finance, 48, 374-385
    Data Type: article
    DOI 連結: http://dx.doi.org/10.1016/j.jbankfin.2014.04.026
    DOI: 10.1016/j.jbankfin.2014.04.026
    Appears in Collections:[財務管理學系] 期刊論文

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