Leverage, investment and institutional environments: Evidence from emerging markets
研究了22个新兴经济体中企业杠杆对投资的影响，发现杠杆抑制投资，尤其对低增长企业、制度薄弱地区更明显，且大股东监督与杠杆监督互补。
Abstract We examine the link between investment and leverage internationally, bringing evidence from 22 emerging economies. We show a negative effect of leverage on investment that becomes stronger for low growth firms, in line with the overinvestment hypothesis. We further find that the monitoring effect of leverage on investment is stronger on firms operating in low regulatory quality and corrupt environments. Finally, we show that the monitoring effect induced by ownership concentration complements the monitoring effect of leverage on investment. Overall, our results suggest that the increased debt levels reported in emerging markets in recent years, act as a disciplinary tool against overinvestment, especially in countries with weak institutional environments.