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Erscheinungsjahr: 
2012
Schriftenreihe/Nr.: 
Bank of Finland Research Discussion Papers No. 14/2012
Verlag: 
Bank of Finland, Helsinki
Zusammenfassung: 
We investigate the role of corporate boards in bank loan contracting. We find that when corporate boards are more independent, both price and nonprice loan terms (e.g., interest rates, collateral, covenants, and performance-pricing provisions) are more favorable, and syndicated loans comprise more lenders. In addition, board size, audit committee structure, and other board characteristics influence bank loan prices. However, they do not consistently affect all nonprice loan terms except for audit committee independence. Our study provides strong evidence that banks tend to recognize the benefits of board monitoring in mitigating information risk ex ante and controlling agency risk ex post, and they reward higher quality boards with more favorable loan contract terms.
JEL: 
G21
G34
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-952-462-799-3
Dokumentart: 
Working Paper

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