Corporate Governance and Corporate Financing and Investment during the 2007‐2008 Financial Crisis
研究了2007-2008年金融危机对非金融企业融资和投资活动的影响，发现良好的公司治理能缓解外部资本供给冲击带来的负面后果，对理解危机期间企业行为有参考价值。
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 .