haku: @author Jong, A. de / yhteensä: 11
viite: 9 / 11
| Tekijä: | Jong, A. de |
| Otsikko: | The disciplining role of leverage in Dutch firms |
| Lehti: | European Finance Review
2002 : VOL. 6:1, p. 31-62 |
| Asiasana: | Organizational culture Capital structure of companies Corporate governance Netherlands |
| Kieli: | eng |
| Tiivistelmä: | The authors investigate the role of leverage in disciplining overinvestment problems. They measure the relationships between leverage, Tobin's q and corporate governance characteristics for Dutch listed firms, and test for determinants of leverage from tax and bankruptcy theories. The results indicate that Dutch managers avoid the discipling role of debt, when they are most likely to overinvestment Leverage is mainly determined by tax advantages and bankruptcy costs. The results confirm also that the disciplinary role of leverage in Dutch firms is absent. |
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