Do Better Institutions Mitigate Agency Problems? Evidence from Corporate Finance Choices
利用非上市公司数据，研究法律规则和金融发展如何影响公司融资决策，发现良好的债权人保护有助于无形资产密集和收益波动大的企业获得贷款，且制度越完善，企业杠杆率和长期债务可得性越高。
This paper examines how firm characteristics, l ̂ gal rules, and financial development affect ccxponle finance decisions. In contrast to the existing literature, I use data on unlisted companies to show that institutions play an important role in determining the extent of agency problems. In particular, I find that in coutitiies with good creditor protection, it is easier for fiims investing in intangible assets to obtain loans. Tlie protection of creditor dghts is also important for ensuring access to long-term debt fiv firms q>erating in sectcn with highly volatile returns. Ceteris padbus, firms are more leveraged in countries where the stock maiket is less developed. Unlisted firms appear more indebted than listed compa-nies even after conirolling for firm characteristics such as {Hofitability, size, and the ability to provide collateral. Finally, institutions that &vor creditor rights and ensure stricter en-forcement not only are associated with higher leverage, but also with greater availability of long-term debt. i. introduction Financial development may spur economic growth by providing easier and cheaper access to external finance for finns with high growth potential. This pa-per investigates whether there are financial system characteristics and institutional arrangements that deal more effectively with maiket imperfections and, therefore, favor external funding. To this end, it examines whether corporate finance deci-sions differ across countries because of differences in legal rules and degree of financial market development. H e empirical literature on corporate finance has shown that financial deci-sions depend on firm attributes that proxy for the extrait of agency problems and asymmetric information, such as the availability of collateral (Tltman and Wessels * mariassunta.gianiiettiehhs.se, Depaitment of finance and SITE. Stockholm School of Eco-