Do Better Institutions Mitigate Agency Problems? Evidence from Corporate Finance Choices

Working Papers from Banca Italia - Servizio di Studi

Abstract: This paper examines how firm characteristics, the legal system and financial development affect corporate finance decisions using a novel and unexpored data set containing balance sheet information for listed and unlisted companies. Contrary to the previous literature, by using data on unlisted companbies of small dimension, the paper shows that institutions play an important role in determining the extent of agency problems in corporate finance decisions.

Keywords: DEBT; CREDIT; ACCOUNTING (search for similar items in EconPapers)
JEL-codes: G32 O16 L14 (search for similar items in EconPapers)
Date: 2000
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Working Paper: Do Better Institutions Mitigate Agency Problems? Evidence from Corporate Finance Choices (2000)
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