The Impact of the Agency Environment on Management’s Long-Term Focus

• Main Authors: HUANG, Sterling Zhenrui, NG, Jeffrey Tee Yong, ROYCHOWDHURY, Sugata, SLETTEN, Ewa
• 格式: text
• 語言: English
• 出版: Institutional Knowledge at Singapore Management University 2015
• 主題: Agency Environment; Credit Lyonnais; Fiduciary Duties; Investment; Earning Goals; Shareholder Clientele; Accounting; Corporate Finance
• 在線閱讀: https://ink.library.smu.edu.sg/soa_research/1421; https://ink.library.smu.edu.sg/cgi/viewcontent.cgi?article=2420&context=soa_research

The 1991 Credit Lyonnais court ruling expanded the fiduciary duties of managers towards debtholders in near-insolvent Delaware firms. Differences-in-differences tests reveal that innovation efficiency increased among all Delaware firms following the ruling. Further, Delaware firms close to (far from...