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Board monitoring and access to debt financing

In: Corporate Governance and Firm Performance

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  • Zhenyu Wu
  • Jess Chua

Abstract

Board monitoring should affect a firm's access to debt financing because it improves firm performance and the board is ultimately responsible for the firm's debt. In this study, we show empirically that access to debt financing indeed benefits in two ways from board monitoring: directly from the monitoring and indirectly from improvement in performance. The methodological challenge is in separating the two effects from each other and from those of other drivers of debt financing.

Suggested Citation

  • Zhenyu Wu & Jess Chua, 2009. "Board monitoring and access to debt financing," Advances in Financial Economics, in: Corporate Governance and Firm Performance, pages 119-137, Emerald Group Publishing Limited.
    • Handle: RePEc:eme:afeczz:s1569-3732(2009)0000013007
    DOI: 10.1108/S1569-3732(2009)0000013007
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