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

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  • Jara, Mauricio
  • López-Iturriaga, Félix
  • San Martín, Pablo
  • Saona, Paolo
  • Tenderini, Giannina

Abstract

In 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.

Suggested Citation

  • Jara, Mauricio & López-Iturriaga, Félix & San Martín, Pablo & Saona, Paolo & Tenderini, Giannina, 2019. "Chilean pension fund managers and corporate governance: The impact on corporate debt," The North American Journal of Economics and Finance, Elsevier, vol. 48(C), pages 321-337.
    • Handle: RePEc:eee:ecofin:v:48:y:2019:i:c:p:321-337
    DOI: 10.1016/j.najef.2019.02.012
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    More about this item

    Keywords

    Pension Fund Managers (AFP); Cost of debt; Corporate finance; Institutional investors; Corporate governance; Chile;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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