Chilean pension fund managers and corporate governance: The impact on corporate debt

被引：12

作者：

Jara, Mauricio ^{[1
]}

Lopez-Iturriaga, Felix ^{[2
]}

San Martin, Pablo ^{[3
]}

Saona, Paolo ^{[4
]}

Tenderini, Giannina ^{[5
]}

机构：

[1] Univ Chile, Sch Econ & Business, Business Dept, Santiago, Chile

[2] Univ Valladolid, Dept Econ Financiera & Contabilidad, Valladolid, Spain

[3] Univ Catolica Santisima Concepcion, Fac Ciencias Econ & Adm, Concepcion, Chile

[4] St Louis Univ, Richard A Chaifetz Sch Business, Madrid Campus, Madrid, Spain

[5] Univ Chile, Santiago, Chile

来源：

NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE | 2019年 / 48卷

关键词：

Pension Fund Managers (AFP); Cost of debt; Corporate finance; Institutional investors; Corporate governance; Chile; INSTITUTIONAL INVESTORS; CAPITAL STRUCTURE; OWNERSHIP CONCENTRATION; FINANCIAL CONSTRAINTS; LENDING RELATIONSHIPS; BUSINESS GROUPS; DETERMINANTS; MARKETS; COST; SHAREHOLDERS;

D O I：

10.1016/j.najef.2019.02.012

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

In this paper we analyse the relationship between the investment of Pension Fund Managers (AFPs) and the cost of corporate debt (public and private). Using a sample of 93 non-financial Chilean listed firms between 2009 and 2014, we find that AFPs increase the probability of issuing bonds. Moreover, in line with our crowding out hypothesis, we show that AFPs increase the cost of bank borrowing. In line with the monitoring view, we find that AFPs decrease bond yields. On average, our results suggest that AFPs improve corporate governance by influencing information disclosure and by reducing the intensity of lending relationships with banks.

引用

页码：321 / 337

页数：17

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