Managerial ties and access to finance in weak institutional contexts: Does CEO duality matter?

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2021-07-19 DOI:10.1080/23322373.2021.1944714

Tahiru Azaaviele Liedong, Tazeeb S. Rajwani

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引用次数: 2

Abstract

ABSTRACT Though managerial ties are substitutes for the weak market-supporting institutions in developing and emerging countries, little is known about the contingent value of these ties in credit markets. In this study, we disintegrate managerial ties into political and financial ties, and examine their effect on access to finance. Using agency theory, we propose that political and financial ties reduce information asymmetry between firms, politicians and banks, culminating in increased access to bank loans for firms. We also propose that CEO duality, through its influence on corporate governance and information consolidation, strengthens (weakens) the effect of financial (political) ties on access to finance. Using survey data from Ghana, we found support for our propositions. Overall, this study shows that the value of managerial ties is contingent on CEO duality. It also suggests that CEO duality is a double-edged sword with corporate governance and information implications for credit access in developing economies.

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薄弱制度背景下的管理关系和融资渠道:CEO的双重身份重要吗?

摘要尽管管理层关系可以替代发展中国家和新兴国家薄弱的市场支持机构，但人们对这些关系在信贷市场中的或有价值知之甚少。在这项研究中，我们将管理联系分解为政治和金融联系，并考察它们对获得资金的影响。利用代理理论，我们提出政治和金融联系减少了企业、政治家和银行之间的信息不对称，最终增加了企业获得银行贷款的机会。我们还提出，CEO的双重性通过其对公司治理和信息整合的影响，加强（削弱）金融（政治）联系对融资渠道的影响。利用加纳的调查数据，我们发现我们的主张得到了支持。总体而言，本研究表明，管理层关系的价值取决于CEO的双重性。它还表明，CEO的双重性是一把双刃剑，对发展中经济体的信贷准入具有公司治理和信息影响。

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.