期刊名称:Bank of Finland Research Discussion Papers (früher: Bank of Finland Discussion Papers)
印刷版ISSN:0785-3572
电子版ISSN:1456-6184
出版年度:2012
卷号:2012
出版社:Suomen Pankki = Bank of Finland
摘要:We investigate how borrowers’ corporate governance influences bank loan contracting terms in emerging markets and how this relation varies across countries with different country-level governance. We find that borrowers with stronger corporate governance obtain favorable contracting terms with respect to loan amount, maturity, collateral requirements, and spread. Firm-level and country-level corporate governance are substitutes in writing and enforcing financial contracts. We also find that the distinctiveness of borrowers’ characteristics affect the relation between firm-level corporate governance and loan contracting terms. Our findings are robust, irrespective of types of regression methods and specifications.