Board monitoring and covenant restrictiveness in private debt contracts during the global financial crisis

• 主要な著者: Abu Bakar, Intan Suryani, Khan, Arifur, Mather, Paul R., Tanewski, George A.
• フォーマット: 論文
• 言語: English; English; English
• 出版事項: Blackwell Publishing 2020
• 主題: HJ Public Finance; HJ8003 Public credit. Debts. Loans. Claims
• オンライン･アクセス: http://irep.iium.edu.my/81638/19/81638_Board%20monitoring%20and%20covenant%20restrictiveness%20in%20private_new.pdf; http://irep.iium.edu.my/81638/2/81638_Board%20monitoring%20and%20covenant%20restrictiveness_SCOPUS.pdf; http://irep.iium.edu.my/81638/3/81638_Board%20monitoring%20and%20covenant%20restrictiveness_WOS.pdf; http://irep.iium.edu.my/81638/; https://onlinelibrary.wiley.com/doi/abs/10.1111/acfi.12357

We examine the association between board independence and restrictiveness of covenants in U.S. private debt contracts around the global financial crisis (GFC). We show that board independence is associated with less restrictive covenants suggesting lenders willingness to delegate some monitoring of...