We investigate the effect of board connections on the debt structure of private firms. Using a comprehensive panel data set from Italy, our empirical evidence indicates that independent directors who sit on multiple boards facilitate firms' access to external debt, mostly in the form of trade...

Political involvement in the operation of an enterprise, whether it is private or state owned, creates opportunities for interest groups to influence the allocation of resources. I analyze how the influence externality arising from the interest groups' lobby activities disables the Coase...