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 : Xavier Gabaix

13 juin 2019 - T104 - De 14h00 à 15h15


Finance

Intervenant : Adriano Rampini

23 mai 2019 - T105 - De 14h00 à 15h15


Finance

Intervenant : Luke Taylor

16 mai 2019 - T105 - De 14h00 à 15h15


Finance

Intervenant : Jessica Jeffers

18 avril 2019 - T104 - De 14h00 à 15h15


Finance

Intervenant : Emil Verner

4 avril 2019 - T104 - De 14h00 à 15h15


Contacts  

Département Finance 

Campus HEC Paris
1, rue de la Libération
78351 Jouy-en-Josas cedex
France

Faculté  

Hugues LANGLOIS-BERTRAND

Finance (GREGHEC)

Voir le CV

4th Annual HEC Paris Workshop Preliminary Program “Banking, Finance, Macroeconomics and the Real Economy”  


JavaScriptSettings