Distracted institutional shareholders and debt maturity

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2024-06-14 DOI:10.1111/jfir.12419

A. Cheung, Joye Khoo, Rui Wang

引用次数: 0

Abstract

We examine whether institutional shareholders’ distraction affects corporate debt maturity decisions. We find that firms with distracted shareholders are associated with lengthened debt maturity. The effect becomes stronger for firms with high information asymmetry or those with high levels of financial constraint. When distraction is high and debt maturity is low, firms hold more cash and use that cash in value‐destroying acquisitions. This supports the prevalence of agency problems when institutional shareholders are distracted. The impact of distraction is persistent and affects the debt maturity decision in the future. Our findings are robust to endogeneity and other concerns.

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机构股东分心和债务到期

我们研究了机构股东的分心是否会影响企业的债务期限决策。我们发现，股东分心的公司会延长债务期限。对于信息高度不对称或财务高度紧张的公司，这种影响会更大。当股东分心程度高而债务期限低时，公司会持有更多现金，并将现金用于破坏价值的收购。这支持了机构股东分心时代理问题普遍存在的观点。分心的影响是持续性的，会影响未来的债务到期决策。我们的研究结果不受内生性和其他问题的影响。

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

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.