The disciplinary role of leverage: evidence from East Asian cross-border acquirers' returns

被引：8

作者：

Durand, Robert B. ^{[1
]}

Laing, Elaine ^{[2
]}

Minh Thao Ngo ^{[1
]}

机构：

[1] Curtin Univ, Curtin Business Sch, Sch Econ & Finance, Dept Finance & Banking, Bldg 402,Kent St, Bentley, WA 6102, Australia

[2] Trinity Coll Dublin, Trinity Business Sch, Coll Green, Dublin 2, Ireland

来源：

FINANCE RESEARCH LETTERS | 2016年 / 18卷

关键词：

Debt; Mergers; Acquisitions; Cross-border; CAPITAL STRUCTURE; CORPORATE GOVERNANCE; ACQUISITIONS; MERGERS; FIRMS; DETERMINANTS; DECISION; FINANCE; EVENT;

D O I：

10.1016/j.frl.2016.04.004

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We present evidence of an important disciplinary role for leverage in East Asian firms prior to making foreign acquisitions: as firms surpass an optimal leverage level, their excess leverage levels expose shareholders to agency costs which outweigh any benefits from the M&As. We find the disciplinary effect of leverage is present in both common and code law countries. (C) 2016 Elsevier Inc. All rights reserved.

引用

收藏

页码：83 / 88

页数：6

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