The role of creditor rights on capital structure and product market interactions: International evidence
作者：
Sadok El Ghoul;Omrane Guedhami;Chuck C Y Kwok*;Ying Zheng
通讯作者：
Chuck C Y Kwok
作者机构：
University of Alberta, Edmonton, Canada
Moore School of Business, University of South Carolina, Columbia, USA
Moore School of Business, University of South Carolina, Columbia, USA
School of Business, Bryant University, Smithfield, USA
通讯机构：
Moore School of Business, University of South Carolina, Columbia, USA
语种：
英文
期刊：
Journal of International Business Studies
ISSN：
0047-2506
年：
2021
卷：
52
期：
1
页码：
121-147
基金类别：
Social Sciences and Humanities Research Council of CanadaSocial Sciences and Humanities Research Council of Canada (SSHRC)
摘要：
An extensive body of international business research examines how cross-country variations in legal institutions influence corporate finance practices. Building on this literature, as well as the literature on capital structure and product market interactions, we investigate the effect of an important dimension of legal institutions – creditor rights – on the product market performance of highly leveraged firms. Using a sample of 37,422 firms from 60 countries over the 1989–2016 period, we find that strong creditor protection benefits less leveraged firms, but adversely affects highly leveraged firms by increasing the adverse responses of customers, competitors, and em...
