Chilean pension fund managers and corporate governance: The impact on corporate debt

dc.creatorJara, Mauricio
dc.creatorLópez Iturriaga, Félix
dc.creatorSan Martín, Pablo
dc.creatorSaona, Pablo
dc.creatorTenderini, Giannina
dc.date2020-06-06T04:24:40Z
dc.date2020-06-06T04:24:40Z
dc.date2019-04
dc.date.accessioned2022-10-18T12:07:09Z
dc.date.available2022-10-18T12:07:09Z
dc.identifierNorth American Journal of Economics and Finance, Volume 48, April 2019, pages: 321-337
dc.identifierhttp://repositoriodigital.ucsc.cl/handle/25022009/1790
dc.identifier.urihttps://repositorioslatinoamericanos.uchile.cl/handle/2250/4441424
dc.descriptionArtículo de publicación SCOPUS
dc.descriptionIn this paper we analyse the relationship between the investment of Pension Fund Managers (AFPs) and the cost of corporate debt (public and private). Using a sample of 93 non-financial Chilean listed firms between 2009 and 2014, we find that AFPs increase the probability of issuing bonds. Moreover, in line with our crowding out hypothesis, we show that AFPs increase the cost of bank borrowing. In line with the monitoring view, we find that AFPs decrease bond yields. On average, our results suggest that AFPs improve corporate governance by influencing information disclosure and by reducing the intensity of lending relationships with banks.
dc.languageen
dc.publisherNorth American Journal of Economics and Finance
dc.sourcehttps://doi.org/10.1016/j.najef.2019.02.012
dc.subjectPension Fund Managers (AFP)
dc.subjectCost of debt
dc.subjectCorporate finance
dc.subjectInstitutional investors
dc.subjectCorporate governance
dc.subjectChile
dc.titleChilean pension fund managers and corporate governance: The impact on corporate debt
dc.typeArtículos de revistas


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