Abstract:

Debt，and in particular, shortterm debt have the potential to discipline managersThis study examines the role of corporate board in making financing decisions that provide this disciplineSpecifically, we predict that stronger boards will force the firm to hold more debt and more shortterm debtEmploying a rich dataset of board characteristics and controlling for previously identified determinants of leverage and debt maturity, we model leverage and debt maturity as jointly endogenousWe find certain support for these hypotheses

Key words: corporate boards, leverage；debt maturity, listed companies