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Cited by 1,534

The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.

Managerial Entrenchment and Capital Structure Decisions

BERGER, PHILIP G., OFEK, ELI, YERMACK, DAVID L.·1997·The Journal of Finance
DOI 10.1111/j.1540-6261.1997.tb01115.x
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Abstract

We study associations between managerial entrenchment and firms' capital structures, with results generally suggesting that entrenched CEOs seek to avoid debt. In a cross‐sectional analysis, we find that leverage levels are lower when CEOs do not face pressure from either ownership and compensation incentives or active monitoring. In an analysis of leverage changes, we find that leverage increases in the aftermath of entrenchment‐reducing shocks to managerial security, including unsuccessful tender offers, involuntary CEO replacements, and the addition to the board of major stockholders.

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Metadata

Authors
BERGER, P. G., OFEK, E., & YERMACK, D. L.
Venue
The Journal of Finance
Publisher
Wiley
Published
1997-09
Volume
52
Issue
4
Pages
1411-1438
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/j.1540-6261.1997.tb01115.x
OpenAlex
W3124317644
Cited by
1,534
References
2
FWCI
60.60
Type
journal article
Language
en
Open access
closed

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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.