Acta Metallurgica Sinica(English letters) ›› 2011, Vol. 13 ›› Issue (1): 71-79.

• 经济与哲学 • 上一篇    下一篇



  1. 1 北京邮电大学 经济管理学院,北京100876;2 东北师范大学 经济学院,吉林 长春130024
  • 收稿日期:2010-11-16 出版日期:2011-02-28 发布日期:2011-02-28

Corporate Boards and the Leverage and Debt Maturity Choices

  1. 1School of Economics and Management, Beijing University of Posts and Telecommunications,
    Beijing 100876, China;2School of Economy, Northeast Normal University, Changchun  130024,China
  • Received:2010-11-16 Online:2011-02-28 Published:2011-02-28



关键词: 董事会, 债务杠杆, 债务期限, 上市公司


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