Creditors and dividend policy: Reputation building versus debt covenant
Agency problem between shareholders and creditors can be reduced by two mechanisms namely reputation-building and debt covenant. Prior studies document supporting evidence for both hypotheses with a positive relationship between creditor rights and dividend policy. However, they fail to test reputat...
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| Format: | Article |
| Language: | Spanish |
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Elsevier
2019-09-01
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| Series: | European Research on Management and Business Economics |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S2444883419300348 |