资源描述：
《Corporate Governance and Capital Structure Dynamics版本》由会员上传分享，免费在线阅读，更多相关内容在学术论文-天天文库。
1、THEJOURNALOFFINANCE•VOL.LXVII,NO.3•JUNE2012CorporateGovernanceandCapitalStructureDynamicsERWANMORELLEC,BORISNIKOLOV,andNORMANSCHURHOFF¨∗ABSTRACTWedevelopadynamictradeoffmodeltoexaminetheimportanceofmanagershareholderconflictsincapitalstructurechoice.Inthemodel,firmsfacetaxation,refinancingcost
2、s,andliquidationcosts.Managersownafractionofthefirmsequity,capturepartofthefreecashflowtoequityasprivatebenefits,andhavecontroloverfinancingdecisions.Usingdataonleveragechoicesandthemodelspredictionsfordifferentstatisticalmomentsofleverage,wefindthatagencycostsof1.5%ofeq-uityvalueonaveragearesuf
3、ficienttoresolvethelow-leveragepuzzleandtoexplainthedynamicsofleverageratios.Ourestimatesalsorevealthatagencycostsvarysignificantlyacrossfirmsandcorrelatewithcommonlyusedproxiesforcorporategovernance.ACENTRALTHEMEINfinancialeconomicsisthatincentiveconflictswithinthefirmleadtodistortionsincorporat
4、epolicychoicesandtolowercorporateperfor-mance.Becausedebtlimitsmanagerialflexibility(Jensen(1986)),aparticularfocusofthetheoreticalresearchhasbeenontheimportanceofmanagerialobjectivesincapitalstructurechoice.Aprevalentviewintheliteratureisthatself-interestedmanagersdonotmakecapitalstructured
5、ecisionsthatmaximizeshareholderwealth.Thecapitalstructureofafirmshouldthenbedeterminednotonlybymarketfrictionssuchastaxes,bankruptcycosts,orrefinancingcosts(asinFisher,Heinkel,andZechner(1989)),butalsobytheseverityofmanagershareholderconflicts.Althoughtheimpactofagencyconflictsonfi-nancingdecisi
6、onshasbeenwidelydiscussedforthreedecades,theliterature∗ErwanMorelleciswithEcolePolytechniqueFed´eraledeLausanne(EPFL),SwissFinance´Institute,andCEPR.BorisNikoloviswiththeWilliamE.SimonGraduateSchoolofBusinessAdministration,UniversityofRochester.NormanSchurhoffiswiththeFacultyofBusinessand¨E
7、conomicsatUniversityofLausanne,SwissFinanceInstitute,andCEPR.Wethankananony-mousreferee,theAssociateEditor,theEditor(CampbellHarvey),andDarrellDuffieformanyvaluablecommentsandJulienHugonnierforsuggestinganelegantapproachtothecalculationofconditionaldensit
