Corporate Governance and Corporate Financing and Investment during the 2007‐2008 Financial Crisis

Tu Nguyen · Lily Nguyen · Xiangkang Yin

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Corporate Finance and Governance Banking stability, regulation, efficiency Financial Analysis and Corporate Governance

Abstract

We examine the impact of the 2007‐2008 financial crisis on nonfinancial firms’ financing and investment activities and the role of corporate governance in alleviating the adverse consequences of the external capital supply shock. Employing a difference‐in‐differences research design, we find that better governance mitigates the disruption caused by the bank credit supply shock to firms’ financing and investment activities. A variety of robustness tests suggest that our findings are unlikely to be driven by an endogeneity problem. We obtain similar results when we extend the sample period to include the delayed spillover from the banking sector to other capital market sectors.

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References

1984Corporate financing and investment decisions when firms have information that investors do not have 1997On Persistence in Mutual Fund Performance 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1980Agency Problems and the Theory of the Firm 1997Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?1984Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have 1995What Do We Know about Capital Structure? Some Evidence from International Data 2003Corporate Governance and Equity Prices

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