Investment Decisions, Debt Renegotiation Friction, and Agency Conflicts

Kim Hwa-Sung

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Investment Decisions, Debt Renegotiation Friction, and Agency Conflicts

机译：投资决策，债务重新谈判摩擦和代理冲突

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This paper investigates how investment decisions are influenced by the possibility of debt renegotiation failure and shareholder-debtholder conflicts by extending the Sundaresan and Wang (2007) model. We find that the difference in investment thresholds due to agency conflicts decreases as shareholders' bargaining power increases. We also show that as the probability of renegotiation friction is lower, the investment threshold is lower, which is consistent with the empirical result of Favara et al. (2017).

机译：本文调查了通过扩展Sundaresan和Wang（2007）模型的债务重新协商失败和股东 - 剥离者冲突的影响程度的影响。我们发现，由于股东讨价还价的权力增加，由于代理冲突导致的投资门槛差异降低。我们还表明，随着重新滴定摩擦的可能性较低，投资阈值较低，这与Favara等人的经验结果一致。（2017）。

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《International review of finance》 |2020年第2期|493-504|共12页
作者
Kim Hwa-Sung;
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Kyung Hee Univ Sch Management 26 Kyungheedae Ro Seoul 02447 South Korea;

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Investment Decisions, Debt Renegotiation Friction, and Agency Conflicts

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