- Tytuł:
-
Kowenanty w warunkach emisji długu przez przedsiębiorstwa a ochrona obligatariuszy
Use of covenants in corporate debt and bondholders’ protection - Autorzy:
-
Piotr, Szczepankowski
Agata, Sierpińska-Sawicz - Powiązania:
- https://bibliotekanauki.pl/articles/7474062.pdf
- Data publikacji:
- 2019
- Wydawca:
- Kancelaria Sejmu. Biuro Analiz Sejmowych
- Tematy:
-
covenants
corporate bonds
sources of financing
agency conflict and costs - Opis:
- The article addresses the issue of obtaining capital for enterprises’ growth by issuing corporate bonds. Special attention is given to covenants, i.e. the issue conditions protecting investors’ rights and their capital employed. The study attempts to answer the questions whether covenants fully protect the interests of investors, limit or increase the agency conflict between managers, owners, and creditors, to what extent these events depend on the type and number of covenants, and how they can be monitored by issuers. The consequences of covenants application and the after-effects of their violation were preceded by a brief description of the role of debt securities in financing business entities. The authors claim that adequate covenants together with the close monitoring of financial situation of the issuer can enhance the protection of investors’ rights and lessen the number of violations of issue conditions.
- Źródło:
-
Studia BAS; 2019, 2(58); 127-152
2080-2404
2082-0658 - Pojawia się w:
- Studia BAS
- Dostawca treści:
- Biblioteka Nauki
Artykuł