When managers cannot commit: Capital structure under inalienable managerial entrenchment

作者：Thomas Catherine^*; Wang Yongxiang

来源：Economics Letters, 2011, 110(2): 107-109.

DOI：10.1016/j.econlet.2010.11.006

• Managerial entrenchment
• Commitment
• Debt
• Bankruptcy

When partially inalienable managerial entrenchment is introduced to Zwiebel's 1996 model of dynamic capital structure, anticipated debt renegotiation between a higher-type manager and the creditor reduces expected firm value. Only lower-type managers can issue debt to avoid shareholder takeover.

• 出版日期2011-2
• 单位江西财经大学