2022 Fiscal Year Annual Research Report
Non-executive Employee Stock Ownership, Corporate Governance, and Debt Pricing
| Project/Area Number |
18K01676
|
|---|
| Research Institution | Hitotsubashi University |
|---|
Principal Investigator |
文 敏鳴 一橋大学, 大学院経営管理研究科, 教授 (30792931)
|
|---|
| Project Period (FY) |
2018-04-01 – 2023-03-31
|
| Keywords | non-executive ownership / loan pricing |
|---|
| Outline of Annual Research Achievements |
One paper derived from this project has been published in a refereed journal. Before the paper has been published, the paper has been presented in academic conferences and has received insightful comments for publication preparation. The published paper is titled " Non-executive ownership and private loan pricing" and is published in the Journal of Corporate Finance. This paper examines the link between non-executive employee ownership and the terms and pricing of corporate loans. Results show that the increase in employee stock ownership is associated with a decrease in loan spreads and one fewer restrictive loan covenant. Overall, the results from this paper underscore the importance of the level and structure of employee ownership for pricing corporate loans.
|
