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Which factors affect the bond spread of Norwegian firms? : the empirical relation of board structure and characteristics of firms

机译:哪些因素影响挪威企业的债券利差? :董事会结构与企业特征的经验关系

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摘要

I intend to analyse to which extent the characteristics of firms and the structure of the board of directors is taken into account by creditors deciding when to invest in a corporate bond issue or not. The perception of creditors is extracted by analyzing how the corporate bonds spreadrelates to board independence, experience, diversity and size which may be considered to be important determinants of corporate governance and performance of the board. Technically, the results are documented using multiple regression models estimated by ordinary least squares on a dataset consisting of 1341 bonds. My findings include a negative relation of experience and a positive relation of board size to the corporate bond spread, while my findings are inconclusive with respect to board diversity and independence. In sum, these results explain how investors either explicitly or implicitly take into account the structure ofthe board before investing in corporate bonds. With regard to the firm, I document a relation of size, asset turnover and return volatility, while leverage seems unrelated to the spread.
机译:我打算分析债权人在何种程度上考虑公司的特征和董事会的结构,以决定何时投资于公司债券。通过分析公司债券如何与董事会独立性,经验,多样性和规模相关,可以提取出对债权人的理解,这可以被认为是决定公司治理和董事会绩效的重要因素。从技术上讲,使用由1341个键组成的数据集上的普通最小二乘估计的多元回归模型记录结果。我的发现包括经验的负相关和董事会规模与公司债券利差的正相关,而我的发现对于董事会的多样性和独立性尚无定论。总而言之,这些结果说明了投资者在投资公司债券之前如何明确或隐含考虑董事会的结构。关于公司,我记录了规模,资产周转率和收益波动率之间的关系,而杠杆似乎与利差无关。

著录项

  • 作者

    Gabrielsen Arnstein;

  • 作者单位
  • 年度 2010
  • 总页数
  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类

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