Chilean pension fund managers and corporate governance: The impact on corporate debt

Jara Mauricio; Lopez-Iturriaga Felix; San Martin Pablo; Saona Paolo; Tenderini Giannina

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Chilean pension fund managers and corporate governance: The impact on corporate debt

机译：智利养老基金经理和公司治理：对公司债务的影响

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In this paper we analyse the relationship between the investment of Pension Fund Managers (AFPs) and the cost of corporate debt (public and private). Using a sample of 93 non-financial Chilean listed firms between 2009 and 2014, we find that AFPs increase the probability of issuing bonds. Moreover, in line with our crowding out hypothesis, we show that AFPs increase the cost of bank borrowing. In line with the monitoring view, we find that AFPs decrease bond yields. On average, our results suggest that AFPs improve corporate governance by influencing information disclosure and by reducing the intensity of lending relationships with banks.

机译：在本文中，我们分析了养老基金管理人（AFP）的投资与公司债务成本（公共和私人）之间的关系。使用2009年至2014年期间智利93家非金融类上市公司的样本，我们发现AFP会增加发行债券的可能性。此外，根据我们的挤出假设，我们表明AFP会增加银行借贷成本。与监视视图一致，我们发现AFP会降低债券收益率。平均而言，我们的结果表明，AFP通过影响信息披露和减少与银行的借贷关系的强度来改善公司治理。

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来源
《The North American journal of economics and finance》 |2019年第4期|321-337|共17页
作者
Jara Mauricio; Lopez-Iturriaga Felix; San Martin Pablo; Saona Paolo; Tenderini Giannina;
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作者单位

Univ Chile, Sch Econ & Business, Business Dept, Santiago, Chile;

Univ Valladolid, Dept Econ Financiera & Contabilidad, Valladolid, Spain;

Univ Catolica Santisima Concepcion, Fac Ciencias Econ & Adm, Concepcion, Chile;

St Louis Univ, Richard A Chaifetz Sch Business, Madrid Campus, Madrid, Spain;

Univ Chile, Santiago, Chile;

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正文语种 eng
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关键词
Pension Fund Managers (AFP); Cost of debt; Corporate finance; Institutional investors; Corporate governance; Chile;

机译：养老基金经理（AFP）;债务费用;企业融资;机构投资者;公司治理;智利;

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Chilean pension fund managers and corporate governance: The impact on corporate debt

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