Pressede kreditorer tager greb om bestyrelsen

Et forskningspapir med titlen ”Unfriendly Creditors: Debt Covenants and Board Independence” viser, at finansielt stressede selskaber får øget andelen af uafhængige bestyrelsesmedlemmer, typisk som følge af, at kreditorer i forbindelse med brudte covenants, sætter sig mere på selskabet: ”We develop and test a theory of the relation between capital structure and the composition of the board of directors. Our model shows that board composition should become more management-unfriendly when a firm is close to financial distress. Empirical tests of this prediction indicate that the number of independent directors increases by roughly 30% following a loan covenant violation. The evidence suggests that board composition is an important channel through which creditors monitor borrowers.”