Is leverage a substitute or outcome for governance? Evidence from financial crises
Yazarlar (2)
Doç. Dr. Hasan TEKİN Karabük Üniversitesi, Türkiye
Ali Yavuz Polat
Abdullah Gül Üniversitesi, Türkiye
Abdullah Gül Üniversitesi, Türkiye
| Makale Türü | Özgün Makale (SSCI, AHCI, SCI, SCI-Exp dergilerinde yayınlanan tam makale) | ||
| Dergi Adı | International Journal of Emerging Markets (SSCI) (Q1) | ||
| Dergi ISSN | 1746-8809 Dergi Bilgileri (2023) | ||
| Dergi Tarandığı Indeksler | SSCI | ||
| Makale Dili | İngilizce | Basım Tarihi | 03-2023 |
| Kabul Tarihi | – | Yayınlanma Tarihi | 01-06-2021 |
| Cilt / Sayı / Sayfa | 18 / 4 / 1007–1030 | DOI | 10.1108/IJOEM-03-2020-0297 |
| Makale Linki | http://dx.doi.org/10.1108/ijoem-03-2020-0297 | ||
| UAK Araştırma Alanları |
Finansal Piyasalar ve Kurumlar
Uluslararası Finans
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| Özet |
| Purpose The authors investigate the impact of governance on the leverage of East Asian firms in the financial crisis context, in order to understand the puzzle whether debt acts as a substitute for governance or an outcome of the governance mechanism. Design/methodology/approach The authors use 86,030 firm-years and the country-level governance data from eight East Asian countries over the period 1996–2017. The authors employ the fixed effects (FE) model, in the main analysis and the weighted least squares model, as a robustness check in order to compare the two competing hypotheses of agency theory, substitute and outcome models. Findings The authors’ results show that debt acts as a substitute for governance before the GFC, but during and after the GFC the picture changes. Namely, debt acts as an outcome of the governance mechanism … |
| Anahtar Kelimeler |
BM Sürdürülebilir Kalkınma Amaçları
| Atıf Sayıları | |
| Google Scholar | 25 |