Foundation ownership and creditor governance: Evidence from publicly listed companies

IF 5.4 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money Pub Date : 2024-03-28 DOI:10.1016/j.intfin.2024.101982

Bonnie Buchanan , Caglar Kaya

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引用次数: 0

Abstract

Foundation ownership represents an alternative corporate governance model to many conventional ownership structures. We examine the effect of foundation ownership on creditor governance. By utilizing an international sample of 411 publicly listed companies between 2003 and 2021, we document that foundation ownership leads to lower credit risk. This negative effect is robust across several different credit measures. Foundation-controlled companies also fare better than family-controlled and institutional investor-controlled companies. Specifically, foundation-controlled companies have better access to bank loans, with more favorable loan contracting conditions. Our results are supported by a series of robustness tests. The results also have policy implications as the European Commission recommends companies move away from a short-term focus.

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基金会所有权与债权人治理：上市公司的证据

基金会所有权是许多传统所有权结构之外的另一种公司治理模式。我们研究了基金会所有权对债权人治理的影响。通过利用 2003 年至 2021 年间 411 家上市公司的国际样本，我们发现基金会所有权会导致较低的信贷风险。这种负面影响在几种不同的信用衡量标准中都是稳健的。基金会控制的公司也优于家族控制和机构投资者控制的公司。具体来说，基金会控制的公司更容易获得银行贷款，贷款合同条件也更优惠。我们的结果得到了一系列稳健性检验的支持。随着欧盟委员会建议公司摒弃短期关注，这些结果也具有政策意义。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of International Financial Markets Institutions & Money Multiple-

CiteScore

6.60

自引率

10.00%

发文量

142

期刊介绍： International trade, financing and investments, and the related cash and credit transactions, have grown at an extremely rapid pace in recent years. The international monetary system has continued to evolve to accommodate the need for foreign-currency denominated transactions and in the process has provided opportunities for its ongoing observation and study. The purpose of the Journal of International Financial Markets, Institutions & Money is to publish rigorous, original articles dealing with the international aspects of financial markets, institutions and money. Theoretical/conceptual and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • International financial markets • International securities markets • Foreign exchange markets • Eurocurrency markets • International syndications • Term structures of Eurocurrency rates • Determination of exchange rates • Information, speculation and parity • Forward rates and swaps • International payment mechanisms • International commercial banking; • International investment banking • Central bank intervention • International monetary systems • Balance of payments.