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| Tekijä: | Lorca, C. Sanchez-Ballesta, J.P. Garcia-Meca, E. |
| Otsikko: | Board effectiveness and cost of debt |
| Lehti: | Journal of Business Ethics
2011 : JUN, VOL. 100:4, p. 613-631 |
| Asiasana: | capital costs board of directors decision making asymmetric information corporate governance chief executive officers capital markets risk analysis listed companies Spain |
| Kieli: | eng |
| Tiivistelmä: | Does the board of directors have an effect on cost of debt financing? This article presents an examination of a sample of Spanish listed companies during 2004-2007, providing some evidence on the question. The results indicate that two board characteristics - director ownership and board activity - seem to influence the risk assessment of debtholders resulting from their ability to reduce agency cost and information asymmetry. A non-linear relationship is also found between board size and cost of debt, implying that in certain levels the benefits of large boards may be outweighed by the effects of poorer communication and increased decision-making time. |
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