Séminaires de recherche

Stakeholder Orientation and the Cost of Debt: Evidence from a Natural Experiment

Finance

Intervenant : Kai Li
The University of British Columbia

18 mai 2017 - T025 - De 14h00 à 15h15


We examine the causal effect of stakeholder orientation on firms’ costs of debt. Our test exploits the staggered adoption of state-level constituency statutes, which allow directors to consider stakeholders’ interests when making business decisions. We find a significant drop in loan spreads for firms incorporated in states that adopted such statutes relative to firms incorporated elsewhere, and the effect is stronger when stakeholders’ interests are more likely to be ignored.
Our results are consistent with the view that incorporating stakeholders’ interests into corporate decision-making mitigates uncertainties in dealing with creditors, employees, customers, and suppliers, and thus lowering cost of debt.

Finance

Intervenant : Matthieu Bouvard
Desautels Faculty of Management

14 juin 2018 - De 14h00 à 15h15


Finance

Intervenant : Mikhail Simutin
Rotman School of Management

7 juin 2018 - De 14h00 à 15h15


Finance

Intervenant : Liyan Yang
Rotman School of Management

31 mai 2018 - De 14h00 à 15h15


Finance

Intervenant : Anton Lines
Columbia Business School

24 mai 2018 - De 14h00 à 15h15


Finance

Intervenant : Ian Martin
LSE

17 mai 2018 - De 14h00 à 15h15



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