Corporate governance, credit rating and business cycles
Author(s) | Fan, Chunbo | |
Date Accessioned | 2015-04-03T13:27:32Z | |
Date Available | 2015-04-03T13:27:32Z | |
Publication Date | 2014 | |
Abstract | Corporate governance has the function of mitigating agency cost, through which it has impacts on shareholders and bondholders. Using a data sample of S&P; 1500 companies over the period of 1996-2011, I study the relationship between corporate governance and credit ratings controlling for the state of the business cycle. I find that in addition to mitigating agency cost, corporate governance also has a second function to promote decision efficiency and bondholders' demand for this function varies along the states of business cycles. More specifically, when the economy is in a recession where risk levels are relatively higher, bondholders demand more from corporate governance to mitigate agency cost, while in booms, the demand is higher for decision efficiency. | en_US |
Advisor | Butkiewicz, James L. | |
Degree | Ph.D. | |
Department | University of Delaware, Department of Economics | |
Unique Identifier | 906162110 | |
URL | http://udspace.udel.edu/handle/19716/16719 | |
Publisher | University of Delaware | en_US |
URI | http://search.proquest.com/docview/1622929085?accountid=10457 | |
dc.subject.lcsh | Corporate governance -- United States. | |
dc.subject.lcsh | Credit ratings -- United States. | |
dc.subject.lcsh | Business cycles -- United States. | |
dc.subject.lcsh | Bondholders -- United States. | |
Title | Corporate governance, credit rating and business cycles | en_US |
Type | Thesis | en_US |