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https://nbn-resolving.org/urn:nbn:de:0168-ssoar-251977

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Is the use of bank debt as a governance mechanism conditioned by the financial system? The cases of Chile and Spain

[journal article]

Saona, Paolo
Vallelado, Eleuterio

Abstract

We test whether the use of bank debt as a governance mechanism is conditioned by the financial system in which firms operate. Our results indicate that the legal and institutional environment determines the use of bank debt to finance growth opportunities. Firms use bank debt to finance their growth... view more

We test whether the use of bank debt as a governance mechanism is conditioned by the financial system in which firms operate. Our results indicate that the legal and institutional environment determines the use of bank debt to finance growth opportunities. Firms use bank debt to finance their growth opportunities when the country’s banking system contributes to solving agency and asymmetric information problems and avoiding information monopoly costs. The evolutionary process of the financial systems in each country means that market imperfections such as information asymmetry or agency costs can have a diverse influence on firms’ bank debt decisions.... view less

Classification
Financial Planning, Accountancy

Free Keywords
Bank debt; Financial system; Growth opportunities; Ownership structure

Document language
English

Publication Year
2010

Page/Pages
p. 1709-1726

Journal
Applied Economics, 42 (2010) 13

DOI
https://doi.org/10.1080/00036840701736065

Status
Postprint; peer reviewed

Licence
PEER Licence Agreement (applicable only to documents from PEER project)


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Home  |  Legal notices  |  Operational concept  |  Privacy policy
© 2007 - 2025 Social Science Open Access Repository (SSOAR).
Based on DSpace, Copyright (c) 2002-2022, DuraSpace. All rights reserved.