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：对企业债务的影响

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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经理（AFP）投资与企业债务成本（公共和私人）之间的关系。在2009年至2014年期间使用93个非金融智利上市公司的样本，我们发现AFP增加了发行债券的可能性。此外，符合我们挤出的假设，我们表明AFP增加了银行借款的成本。根据监测视图，我们发现AFP减少债券产量。我们的成绩平均建议，通过影响信息披露，并通过减少与银行的贷款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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原文格式 PDF
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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4. Corporate Pension Funding Status and the Market for Corporate Control: The Disciplinary Role of Pension Deficits in Mergers and Acquisitions [C] . SAIF-CAFR Third Shanghai Winter Finance conference. . 2010

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6. Impact of corporate governance mechanism on IFRS adoption: A comparative study of Saudi Arabia Oman and the United Arab Emirates [O] . Faozi A. Almaqtari, Abdulwahid A. Hashed, Mohd. Shamim 2021

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

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