Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/86961
Authors: 
Arping, Stefan
Sautner, Zacharias
Year of Publication: 
2010
Series/Report no.: 
Tinbergen Institute Discussion Paper 10-019/2
Abstract: 
We argue that the recent corporate governance reform in the Netherlands provides a natural experiment to explore the impact of changes in corporate governance on financing policy. We find that, relative to a control sample of comparable firms outside the Netherlands, Dutch firms significantly reduced their leverage following the passage of the reform. Our findings are consistent with the view that corporate governance improvements reduce the value of debt as a disciplining device.
Subjects: 
Corporate Governance
Corporate Leverage
Financing Policy
JEL: 
G32
G34
Document Type: 
Working Paper

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