• 제목/요약/키워드: Anti-Takeover Provision

검색결과 1건 처리시간 0.014초

부채특성이 경영권방어수단과 타인자본비용 간의 관계에 미치는 영향 (The Effect of Debt Characteristics on the Relationship between Anti-Takeover Provision and the Cost of Debt)

  • 이아영;김성혜
    • 아태비즈니스연구
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    • 제14권3호
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    • pp.205-219
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    • 2023
  • Purpose - This study examines the effect of corporate debt characteristics on the relationship between anti-takeover provision and the cost of debt. Design/methodology/approach - The study analyzes a sample of non-financial firms listed on the stock market with December fiscal year-end from 2011 to 2018. Debt default risk (debt size, liquidity ratio, interest coverage ratio, loss occurrence) and the issuance of bonds are utilized as measures of corporate debt characteristics. Findings - First, it is observed that creditors of firms with anti-takeover provision demand higher returns as the debt default risk of these firms increases. Second, for firms issuing bonds, it is found that bondholders in companies with anti-takeover provision also seek higher returns. Research implications or Originality - This study contributes by demonstrating that the effect of anti-takeover provision on creditors can vary depending on corporate debt characteristics. Particularly, the study highlights the importance of a firm's debt default risk and creditor distinction (bondholders vs. regular creditors) as significant factors that may influence perceptions of anti-takeover provision.