| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w17387 |
| 来源ID | Working Paper 17387 |
| Corporate Governance, Debt, and Investment Policy during the Great Depression | |
| John R. Graham; Sonali Hazarika; Krishnamoorthy Narasimhan | |
| 发表日期 | 2011-09-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | We study a period of severe disequilibrium to investigate whether board characteristics are related to corporate investment, debt usage, and firm value. During the 1930-1938 Depression era, when the corporate sector was shocked by an unprecedented downturn, we document a relation between board characteristics and firm performance that varies in economically sensible ways: Complex firms (that would benefit more from board advice) exhibit a positive relation between board size and firm value, and simple firms exhibit a negative relation between board size and firm value. Moreover, simple firms with large boards do not downsize adequately in response to the severe economic contraction: they invest more (or shrink less) and use more debt during the 1930s. We document similar effects for the number of outside directors on the board. Finally, we also find that companies with properly aligned governance structures are more likely to replace the company president following poor performance. |
| 主题 | Financial Economics ; Corporate Finance |
| URL | https://www.nber.org/papers/w17387 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/575061 |
| 推荐引用方式 GB/T 7714 | John R. Graham,Sonali Hazarika,Krishnamoorthy Narasimhan. Corporate Governance, Debt, and Investment Policy during the Great Depression. 2011. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w17387.pdf（194KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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