Effect of Corporate Governance on Bond Ratings and Yields: The Role of Institutional Investors and Outside Directors

By Sanjeev Bhojraj, Partha Pratim Sengupta. 2001

1,252 citations recorded by the source corpus.

Subfields: Accounting, Finance, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/cefad5b365912dbdd2b375297a2852cff520636a

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

1. Omrane Guedhami
2. Sadok El Ghoul
3. Valeri V. Nikolaev
4. Najah Attig
5. Christopher S. Armstrong
6. Narjess Boubakri
7. W. Guay
8. Daniel W. Collins

In Finance

1. Omrane Guedhami
2. Sadok El Ghoul
3. Valeri V. Nikolaev
4. W. Guay
5. Christopher S. Armstrong
6. M. Benlemlih
7. Najah Attig
8. Daniel W. Collins

In Strategy and Management

1. Omrane Guedhami
2. Sadok El Ghoul
3. Christopher S. Armstrong
4. Narjess Boubakri
5. Najah Attig
6. Bernard S. Black
7. W. Guay
8. M. Benlemlih

Citations in the corpus

• Predicting Firms' Corporate Governance Choices: Evidence from Korea (2006, background): “Alternatively, creditors could offer better terms to firms with improved governance (an investor pressure story; see Bhojraj and Sengupta, 2003).”
• Do Shareholders or Stakeholders Appropriate the Rents from Corporate Diversification? The Influence of Ownership Structure (2010, background): “Sell-offs can signal that a firm is poorly managed, thus increasing the threat of default and raising the cost of capital (Bhojraj & Sengupta, 2003; Brennan & Tamarowski, 2000).”
• Distribution of institutional ownership and corporate firm performance (2010, methodology): “nalysts-following, log of shares outstanding (Bhojraj and Sengupta, 2003), positive”
• Corporate Social Responsibility as a Conflict Between Shareholders (2010, neutral): “While small individual shareholders do not have much of an impact on a firm’s decision-making process, there is some evidence that institutions play a role in mitigating agency conflicts (e.g., Hartzell and Starks (2003) and Bhojraj and Sengupta (2003)).”
• Company reputation and the cost of equity capital (2014, neutral): “…companies (Shumway 2001), and institutional investor ownership (INSTOWN) because high institutional ownership is associated with a lower cost of capital (Bhojraj and Sengupta 2003) and because high reputation companies should attract more institutional investors due to their size (El-Gazza 1998).”
• The impact of corporate social responsibility on the cost of bank loans (2011, background): “Bhojraj and Sengupta (2003) find that institutional ownership is negatively associated with yields on public bonds. Roberts and Yuan (2009) document a negative non-linear relationship between institutional ownership and loan yield spreads because of the monitoring they provide.”