Debt and Firms' Relationships: The Italian Evidence

被引：0
|
作者：
Claudio A. G. Piga
机构：
[1] University of Nottingham Business School,
来源：
Review of Industrial Organization | 2002年 / 20卷
关键词：
Capital structure; contract theory;
D O I：
暂无
中图分类号：
学科分类号：
摘要：
Theories that predict the strategic use of debt by players engaged in a verticalrelationship are tested using an empirical model of debt usage. It is found thatfirms selling mainly to other firms are characterised on average by a higherlevel of debt. No evidence supports the notion that buyers increase their leverageto commit themselves not to behave opportunistically towards their suppliers. Theresults in the paper also suggest that group organisation limits the incentive to usedebt strategically within the holding-subsidiaries relationship.
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页码：267 / 282
页数：15
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