Manager Characteristics and Capital Structure: Theory and Evidence

被引：27

作者：

Bhagat, Sanjai ^{[1
]}

Bolton, Brian ^{[2
]}

Subramanian, Ajay ^{[3
]}

机构：

[1] Univ Colorado, Leeds Sch Business, Boulder, CO 80309 USA

[2] Portland State Univ, Sch Business Adm, Portland, OR 97207 USA

[3] Georgia State Univ, Robinson Coll Business, Atlanta, GA 30303 USA

来源：

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2011年 / 46卷 / 06期

关键词：

INSTRUMENTAL VARIABLES; SPECIFICATION; TESTS; BANKRUPTCY; DECISIONS; MODEL;

D O I：

10.1017/S0022109011000482

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate the effects of manager characteristics on capital structure in a structural model. We implement the manager's optimal contracts through financial securities that lead to a dynamic capital structure, which reflects the effects of taxes, bankruptcy costs, and manager-shareholder agency conflicts. Long-term debt declines with the manager's ability, inside equity stake, and the firm's long-term risk, but increases with its short-term risk. Short-term debt declines with the manager's ability, increases with her equity ownership, and declines with short-term risk. We show support for these implications in our empirical analysis.

引用

页码：1581 / 1627

页数：47

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