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Board Effectiveness and Cost of Debt

Journal of business ethics, 2011-06, Vol.100 (4), p.613-631 [Peer Reviewed Journal]

2011 Springer ;Springer Science+Business Media B.V. 2010 ;Springer Science+Business Media B.V. 2011 ;ISSN: 0167-4544 ;EISSN: 1573-0697 ;DOI: 10.1007/s10551-010-0699-3 ;CODEN: JBUEDJ

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Title:
Board Effectiveness and Cost of Debt
Author: Lorca, Carmen ; Sánchez-Ballesta, Juan Pedro ; García-Meca, Emma
Subjects: Asymmetric information ; Audit committees ; Audits ; Benefits ; Board of Directors ; Boards of directors ; Business ; Business and Management ; Business Ethics ; Business structures ; Capital markets ; Chief executive officers ; Committees ; Communication ; Corporate debt ; Corporate governance ; Cost ; Cost control ; Cost efficiency ; cost of debt ; Costs ; Debt ; Debt financing ; Decision making ; Directors ; Economic costs ; Education ; Ethics ; Hypotheses ; Management ; Ownership ; Philosophy ; Professional ethics ; Quality of Life Research ; Risk management ; Size ; Stockholders ; Studies ; Variable costs
Is Part Of: Journal of business ethics, 2011-06, Vol.100 (4), p.613-631
Description: Does the board of directors influence cost of debt financing? This study of a sample of Spanish listed companies during the period 2004-2007 provides some evidence about the question. The results suggest that two board attributes - director ownership and board activity - appear to influence in the risk assessment of debtholders because of their ability to reduce agency cost and information asymmetry. We also find a non-linear relationship between board size and cost of debt, suggesting that from certain levels the benefits of large boards may be outweighed by the cost of poorer communication and increased decision-making time.
Publisher: Dordrecht: Springer
Language: English
Identifier: ISSN: 0167-4544
EISSN: 1573-0697
DOI: 10.1007/s10551-010-0699-3
CODEN: JBUEDJ
Source: ProQuest One Psychology
Alma/SFX Local Collection
RePEc
ProQuest Central

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Board Effectiveness and Cost of Debt

2011 Springer ;Springer Science+Business Media B.V. 2010 ;Springer Science+Business Media B.V. 2011 ;ISSN: 0167-4544 ;EISSN: 1573-0697 ;DOI: 10.1007/s10551-010-0699-3 ;CODEN: JBUEDJ

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