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Zoekopdracht: faculteit: "FEB" en publicatiejaar: "2011"

AuteursA.W.A. Boot, A.V. Thakor
TitelManagerial autonomy, allocation of control rights, and optimal capital structure
TijdschriftThe Review of Financial Studies
Jaargang24
Jaar2011
Nummer10
Pagina's3434-3485
ISSN08939454
FaculteitFaculteit der Rechtsgeleerdheid
Faculteit Economie en Bedrijfskunde
Instituut/afd.FdR: Amsterdam Center for Law & Economics (ACLE)
FEB: Amsterdam Business School Research Institute (ABS-RI)
SamenvattingWe examine the design of control rights of external financiers, and how these interact with the firm's security issuance and capital structure when the firm's initial owners and managers may disagree with new investors over project choice. The first main result is an ex ante managerial preference for “soft” financial claims that maximize managerial project-choice autonomy, which is in contrast to agency theory. Second, a dynamic “pecking order” of cash, equity, and debt emerges. Additional results explain equity issuance at high prices, the drifting of leverage ratios with stock returns, cash hoarding, and debt usage without taxes, agency, or signaling.
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