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  4. How regulation affects the relevance of bank-debt maturity as a control mechanism in developed countries
 
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How regulation affects the relevance of bank-debt maturity as a control mechanism in developed countries
Dr. San Martín-Mosqueira, Pablo 
Facultad de Ciencias Económicas y Administrativas 
Vallelado, Eleuterio
Saona, Paolo
10.3846/16111699.2016.1149878
Vilnius Gediminas Technical University
2017
Improvements in transparency at the country level have modified the relevance of bank debt maturity as a control mechanism. The novelty of this research is that we provide empirical evidence that the maturity of bank borrowing is contingent on the characteristics of the regulatory and the institutional setting about corporate governance. The main implication of our paper is that corporate governance rules have greater influence in civil-law countries than in common-law countries in promoting efficiency in the use of bank debt maturity. The value of this paper is that our results confirm that the implementation of similar regulations on transparency across countries with different legal systems favors the alignment of the role played by short-term bank debt in addressing asymmetric information, agency costs, and inefficient liquidation.
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Bank debt maturity
Transparency
Corporate governance
Regulation
Financial system
Panel data
Historial de mejoras
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