Creditor Control Rights and Board Independence
研究发现，信贷协议中的财务契约违约后，公司董事会独立董事数量增加约24%，其中多数新董事与债权人有联系。任命新董事的公司更可能发行新股、降低派息、运营风险和CEO现金薪酬。
ABSTRACT We find that the number of independent directors on corporate boards increases by approximately 24% following financial covenant violations in credit agreements. Most of these new directors have links to creditors. Firms that appoint new directors after violations are more likely to issue new equity, and to decrease payout, operational risk, and CEO cash compensation, than firms without such appointments. We conclude that a firm's board composition, governance, and policies are shaped by current and past credit agreements.