Academic Journal
Exploring the third type of agency problem: an empirical study of the impact of debt suspension programmes on SMEs’ resource allocations
| العنوان: | Exploring the third type of agency problem: an empirical study of the impact of debt suspension programmes on SMEs’ resource allocations |
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| المؤلفون: | Savio, Riccardo, Castellaneta, Franceso, Vismara, Silvio, Zattoni, Alessandro |
| المساهمون: | Savio, Riccardo, Castellaneta, Franceso, Vismara, Silvio, Zattoni, Alessandro |
| بيانات النشر: | Wiley New York |
| سنة النشر: | 2024 |
| المجموعة: | Sapienza Università di Roma: CINECA IRIS |
| مصطلحات موضوعية: | corporate governance, agency problem, shareholder, stakeholder, resource allocation |
| الوصف: | This study explores the third type of agency problem concerning the tension between shareholders and stakeholders. It does so by analysing whether small and medium-sized enterprises (SMEs) eligible for a temporary debt suspension programme favour the short-term interests of their shareholders or stakeholders, or the firm's long-term competitiveness. Using information from an Italian debt moratorium programme aimed at alleviating the financial pressure on SMEs during the financial crisis, we built a rich database of 37,465 limited liability companies eligible for the programme between 2006 and 2015. We then used a difference-in-differences model to analyse the data. Our findings indicate that the debt suspension programme, designed to help eligible firms survive temporary financial constraints, did promote their long-term competitiveness. However, it also produced some undesirable consequences, such as benefiting shareholders in the short term at the expense of other key stakeholders. |
| نوع الوثيقة: | article in journal/newspaper |
| اللغة: | English |
| Relation: | info:eu-repo/semantics/altIdentifier/wos/WOS:001144263500001; firstpage:1; lastpage:15; numberofpages:15; journal:BRITISH JOURNAL OF MANAGEMENT; https://hdl.handle.net/11573/1700908; info:eu-repo/semantics/altIdentifier/scopus/2-s2.0-85182408361 |
| DOI: | 10.1111/1467-8551.12795 |
| الاتاحة: | https://hdl.handle.net/11573/1700908 https://doi.org/10.1111/1467-8551.12795 |
| Rights: | info:eu-repo/semantics/openAccess |
| رقم الانضمام: | edsbas.DE834025 |
| قاعدة البيانات: | BASE |
| DOI: | 10.1111/1467-8551.12795 |
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