haku: @author Choate, G. M. / yhteensä: 1
viite: 1 / 1
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| Tekijä: | Choate, G. M. |
| Otsikko: | The governance problem, asset specifity and corporate financing decisions |
| Lehti: | Journal of Economic Behavior and Organization
1997 : MAY, Vol. 33:1, p 75-90 |
| Asiasana: | CORPORATE FINANCE FINANCIAL LEADERSHIP CAPITAL STRUCTURE OF COMPANIES |
| Kieli: | eng |
| Tiivistelmä: | This paper illuminates the importance of comparative governance costs of debt and equity finance for a business firm. Managers of the firm must decide whether to operate or liquidate the firm and a governance structure is needed to enforce a decision in the interests of the firm's investors. In the presence of risk and some degree of asset specify, an optimal debt/equity financing mix is derived that minimizes governance costs to investors. The resulting model yields predictions fully consistent with extant empirical evidence and calls into question the conventional view of how firms manage capital structure. |
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