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Article

Корпоративное управление и политика финансирования компаний: обзор исследований

Экономическая политика. 2015. Т. 10. № 6. С. 160-170.

Corporate governance is one of the crucial characteristics of the firm, which provides not only investor’s protection, but also significantly affects all decisions taken by the firm, including financing policy. Results of studies on developed capital markets show that strong corporate governance provides more favorable terms of financing. In addition, on emerging markets due to information asymmetry, lower development of legal system and investors’ protection rights, corporate governance is also important as efficient way to resolve agency conflicts. The paper contributes to the literature by reviewing and analyzing research papers on the corporate governance mechanisms and financing policy. Results confirm that the corporate governance matter for debt-to-equity choice: firms with better corporate governance tend to have higher leverages. A high-level corporate governance also results in a greater speed of adjustment to target financial leverage as firms with strong corporate governance can access financing on more favorable terms