The Adverse Effect of Information on Governance and Leverage
研究了内部信息系统如何影响企业的杠杆和治理选择：信息系统降低治理成本，但加剧企业与投资者间的信息不对称，导致企业通过增加杠杆来传递信号，反而可能削弱治理激励并降低效率。
We study the effect that internal information systems have on a firm’s leverage and corporate governance choices. Information systems lower governance costs by facilitating more targeted interventions. But they also generate asymmetric information between firms and their investors. As a result, firms may attempt to signal their superior quality by assuming more leverage. In some circumstances, this can reduce governance incentives and result in inferior outcomes. Investors anticipate this effect, and it renders information systems inefficient. The online appendix is available at https://doi.org/10.1287/mnsc.2016.2599 . This paper was accepted by Amit Seru, finance.