Chintrakarn, Pandej; Jiraporn, Pornsit; Singh, Manohar - In: Applied Economics Letters 21 (2014) 8, pp. 564-568
>et al.</italic> (2011) CEO pay slice (CPS) to gauge CEO power, we find that powerful CEOs view leverage negatively and avoid … high debt. However, CEOs appear to adopt sub-optimal leverage only when their power is sufficiently consolidated …. Relatively weak CEOs do not seem to avoid leverage. The effect of CEO power on capital structure decisions is thus nonmonotonic …