Managerial Entrenchment and Capital Structure Decisions
研究管理层固守（entrenchment）与企业资本结构的关系，发现固守的CEO倾向于避免债务；当管理层安全感降低时，杠杆率会上升。
We study associations between managerial entrenchment and firms’ capital structures, with results generally suggesting that entrenched CEOs seek to avoid debt. In a cross-sectional analysis, we find that leverage levels are lower when CEOs do not face pressure from either ownership and compensation incentives or active monitoring. In an analysis of leverage changes, we find that leverage increases in the aftermath of entrenchment-reducing shocks to managerial security, including unsuccessful tender offers, involuntary CEO replacements, and the addition to the board of major stockholders.