THE IMPACT OF MACROECONOMIC UNCERTAINTY ON FIRMS' CHANGES IN FINANCIAL LEVERAGE

CHRISTOPHER F. BAUM; ATREYA CHAKRABORTY; BOYAN LIU

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THE IMPACT OF MACROECONOMIC UNCERTAINTY ON FIRMS' CHANGES IN FINANCIAL LEVERAGE

机译：宏观经济不确定性对公司金融杠杆变化的影响

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We investigate the relationship between a firm's measures of corporate governance, macroeconomic uncertainty and changes in leverage. Recent research highlights the role of governance in financing decisions. Previous research also indicates that macroeconomic uncertainty affects a firm's ability to borrow. In this paper we investigate how both these channels of influence affects firms' financing decisions. Our findings show that macroeconomic uncertainty has an important role to play, both by itself and in interaction with a measure of corporate governance.

机译：我们调查了公司的公司治理措施，宏观经济不确定性和杠杆变化之间的关系。最近的研究强调了治理在财务决策中的作用。先前的研究还表明，宏观经济的不确定性会影响企业的借贷能力。在本文中，我们研究了这两种影响渠道如何影响企业的融资决策。我们的发现表明，宏观经济不确定性本身或与公司治理措施的相互作用都可以发挥重要作用。

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来源
《International journal of finance & economics》 |2010年第1期|22-30|共9页
作者
CHRISTOPHER F. BAUM; ATREYA CHAKRABORTY; BOYAN LIU;
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作者单位

Boston College, USA DIW Berlin, Germany Boston College, Chestnut Hill, MA, USA;

University of Massachusetts, Boston, USA;

Beihang University, Beijing, China;

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原文格式 PDF
正文语种 eng
中图分类
关键词
macroeconomic uncertainty; corporate governance; leverage; agency costs; interaction effects;

机译：宏观经济不确定性;公司治理;杠杆作用代理费用;互动效应;

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THE IMPACT OF MACROECONOMIC UNCERTAINTY ON FIRMS' CHANGES IN FINANCIAL LEVERAGE

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