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| Tekijä: | Nini, G. Smith, D. C. Sufi, A. |
| Otsikko: | Creditor control rights and firm investment policy |
| Lehti: | Journal of Financial Economics
2009 : JUN, VOL 92:3, p. 400-420 |
| Asiasana: | investments capital expenditure finance credit borrowing |
| Kieli: | eng |
| Tiivistelmä: | The purpose of the article is to propose new evidence on interest conflict between creditors and borrowers. The authors claim that this conflict influences the firm's investment policy. Data on private credit agreements is examined, and the findings reveal that 32% of the agreements involve restrictions on the company's capital expenditures. The borrower's credit quality, interest rates, collateral requirements and financial covenants have an effect on the use of these restrictions. In addition, the restrictions on capital expenditures seem to reduce investments in the firm. |
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