Does good governance matter to debtholders? Evidence from the credit ratings of Japanese firms

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dc.contributor.author Aman, Hiroyuki en_US
dc.contributor.author Nguyen, Pascal en_US
dc.contributor.editor en_US
dc.date.accessioned 2013-11-03T17:05:55Z
dc.date.available 2013-11-03T17:05:55Z
dc.date.issued 2013 en_US
dc.identifier 2012001690 en_US
dc.identifier.citation Aman, Hiroyuki and Nguyen, Pascal 2013, 'Does good governance matter to debtholders? Evidence from the credit ratings of Japanese firms', Elsevier, vol. 29, no. 1, pp. 14-34. en_US
dc.identifier.issn 0275-5319 en_US
dc.identifier.other C1 en_US
dc.identifier.uri http://hdl.handle.net/10453/24067
dc.description.abstract Consistent with existing evidence based on US firms, we show that good governance is associated with higher credit ratings. The most significant variables are institutional ownership and disclosure quality. This finding suggests that active monitoring (by large shareholders) and lower information asymmetry (through better disclosures) mitigate agency conflicts and reduce the risk to debtholders. Credit ratings are also found to increase with board size, consistent with a moderation effect in large decision-making groups. As a rule, firms are expected to benefit from better governance by being able to access funding at a lower cost and in larger amounts. en_US
dc.language en_US
dc.publisher Elsevier en_US
dc.relation.isbasedon en_US
dc.title Does good governance matter to debtholders? Evidence from the credit ratings of Japanese firms en_US
dc.parent Research in International Business and Finance en_US
dc.journal.volume 29 en_US
dc.journal.number 1 en_US
dc.publocation Netherlands en_US
dc.identifier.startpage 14 en_US
dc.identifier.endpage 34 en_US
dc.cauo.name BUS.Finance en_US
dc.conference Verified OK en_US
dc.for 150303 en_US
dc.personcode 0000046624 en_US
dc.personcode 103857 en_US
dc.percentage 100 en_US
dc.classification.name Corporate Governance and Stakeholder Engagement en_US
dc.classification.type FOR-08 en_US
dc.edition en_US
dc.custom en_US
dc.date.activity en_US
dc.location.activity en_US
dc.description.keywords Credit rating; Cost of debt; Funding; Corporate governance; Monitoring; Disclosure en_US
dc.staffid 103857 en_US


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