{"id":"https://openalex.org/W2155146386","doi":"https://doi.org/10.1023/a:1015082700388","title":"The Disciplining Role of Leverage in Dutch Firms","display_name":"The Disciplining Role of Leverage in Dutch Firms","publication_year":2002,"publication_date":"2002-04-01","ids":{"openalex":"https://openalex.org/W2155146386","doi":"https://doi.org/10.1023/a:1015082700388","mag":"2155146386"},"language":"en","primary_location":{"id":"doi:10.1023/a:1015082700388","doi":"https://doi.org/10.1023/a:1015082700388","is_oa":false,"landing_page_url":"https://doi.org/10.1023/a:1015082700388","pdf_url":null,"source":{"id":"https://openalex.org/S49857371","display_name":"European Finance Review","issn_l":"1382-6662","issn":["1382-6662","1573-692X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","cwts-core","fnege-1","poland-140"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Review of Finance","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5010030675","display_name":"Abe de Jong","orcid":"https://orcid.org/0000-0002-2809-5465","observed_orcids":["https://orcid.org/0000-0002-2809-5465"]},"institutions":[{"id":"https://openalex.org/I913958620","display_name":"Erasmus University Rotterdam","ror":"https://ror.org/057w15z03","country_code":"NL","type":"education","lineage":["https://openalex.org/I913958620"]}],"countries":["NL"],"is_corresponding":true,"raw_author_name":"Abe De Jong","raw_affiliation_strings":["Erasmus University Rotterdam, Department Financial Management, Rotterdam, the Netherlands"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Erasmus University Rotterdam, Department Financial Management, Rotterdam, the Netherlands","institution_ids":["https://openalex.org/I913958620"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5010030675"],"corresponding_institution_ids":["https://openalex.org/I913958620"],"apc_list":{"value":4487,"currency":"EUR","value_usd":5071},"apc_paid":null,"fwci":9.0103,"has_fulltext":true,"cited_by_count":54,"citation_normalized_percentile":{"value":0.9771518,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":98},"biblio":{"volume":"6","issue":"1","first_page":"31","last_page":"62"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9984999895095825,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9984999895095825,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12509","display_name":"Corporate Insolvency and Governance","score":0.00019999999494757503,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12123","display_name":"Financial Analysis and Corporate Governance","score":0.00019999999494757503,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/financial-leverage","display_name":"leverage","score":0.8149999976158142},{"id":"https://openalex.org/keywords/overinvestment","display_name":"overinvestment","score":0.8209999799728394},{"id":"https://openalex.org/keywords/tobin-s-q","display_name":"Tobin's Q","score":0.8700000047683716},{"id":"https://openalex.org/keywords/corporate-governance","display_name":"corporate governance","score":0.9120000004768372},{"id":"https://openalex.org/keywords/debt-discipline","display_name":"debt discipline","score":0.5609999895095825},{"id":"https://openalex.org/keywords/bankruptcy-costs","display_name":"bankruptcy costs","score":0.996999979019165},{"id":"https://openalex.org/keywords/agency-theory","display_name":"agency theory","score":0.8149999976158142},{"id":"https://openalex.org/keywords/dutch-firms","display_name":"Dutch companies","score":0.5770000219345093}],"concepts":[{"id":"https://openalex.org/C153083717","wikidata":"https://www.wikidata.org/wiki/Q6535263","display_name":"Leverage (statistics)","level":2,"score":0.8732776641845703},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.6064164638519287},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.5901306867599487},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5212733745574951},{"id":"https://openalex.org/C504631918","wikidata":"https://www.wikidata.org/wiki/Q152074","display_name":"Bankruptcy","level":2,"score":0.5096793174743652},{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.47506994009017944},{"id":"https://openalex.org/C36673458","wikidata":"https://www.wikidata.org/wiki/Q392896","display_name":"Agency cost","level":4,"score":0.458435595035553},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.42187952995300293},{"id":"https://openalex.org/C73116969","wikidata":"https://www.wikidata.org/wiki/Q16954906","display_name":"Debt-to-capital ratio","level":5,"score":0.4194737672805786},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3227423429489136},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.308724045753479},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.24293488264083862},{"id":"https://openalex.org/C120757647","wikidata":"https://www.wikidata.org/wiki/Q381136","display_name":"Shareholder","level":3,"score":0.18513968586921692},{"id":"https://openalex.org/C186027771","wikidata":"https://www.wikidata.org/wiki/Q4008379","display_name":"Valuation (finance)","level":2,"score":0.08930373191833496},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C124972522","wikidata":"https://www.wikidata.org/wiki/Q1303176","display_name":"Equity ratio","level":4,"score":0.0},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0},{"id":"https://openalex.org/C143801662","wikidata":"https://www.wikidata.org/wiki/Q5384683","display_name":"Equity capital markets","level":3,"score":0.0}],"mesh":[],"locations_count":6,"locations":[{"id":"doi:10.1023/a:1015082700388","doi":"https://doi.org/10.1023/a:1015082700388","is_oa":false,"landing_page_url":"https://doi.org/10.1023/a:1015082700388","pdf_url":null,"source":{"id":"https://openalex.org/S49857371","display_name":"European Finance Review","issn_l":"1382-6662","issn":["1382-6662","1573-692X"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","cwts-core","fnege-1","poland-140"],"host_organization":"https://openalex.org/P4310311648","host_organization_name":"Oxford University Press","host_organization_lineage":["https://openalex.org/P4310311648","https://openalex.org/P4310311647"],"host_organization_lineage_names":["Oxford University Press","University of Oxford"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Review of Finance","raw_type":"journal-article"},{"id":"pmh:oai:tilburguniversity.edu:openaire_cris_publications/f3dfd676-50c9-44e8-9eac-76c4b222ff64","doi":null,"is_oa":false,"landing_page_url":"https://research.tilburguniversity.edu/en/publications/f3dfd676-50c9-44e8-9eac-76c4b222ff64","pdf_url":null,"source":{"id":"https://openalex.org/S4306401490","display_name":"Research portal (Tilburg University)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I193700539","host_organization_name":"Tilburg University","host_organization_lineage":["https://openalex.org/I193700539"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"de Jong, A 2002, 'The disciplining role of leverage in Dutch firms', European Finance Review, vol. 6, no. 1, pp. 31-62.","raw_type":"info:eu-repo/semantics/article"},{"id":"pmh:oai:tilburguniversity.edu:openaire_cris_publications/940ddf9b-7e19-460c-be52-dd24c1bcf8f4","doi":null,"is_oa":false,"landing_page_url":"https://research.tilburguniversity.edu/en/publications/940ddf9b-7e19-460c-be52-dd24c1bcf8f4","pdf_url":null,"source":{"id":"https://openalex.org/S4306401490","display_name":"Research portal (Tilburg University)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I193700539","host_organization_name":"Tilburg University","host_organization_lineage":["https://openalex.org/I193700539"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"de Jong, A 2001 'The Disciplining Role of Leverage in Dutch Firms' CentER Discussion Paper, vol. 2001-48, Finance, Tilburg.","raw_type":"info:eu-repo/semantics/workingPaper"},{"id":"pmh:eur:oai:pure.eur.nl:publications/b5a77017-ddf8-416a-b378-e053b6b723b8","doi":null,"is_oa":false,"landing_page_url":"https://pure.eur.nl/en/publications/b5a77017-ddf8-416a-b378-e053b6b723b8","pdf_url":null,"source":{"id":"https://openalex.org/S4306401266","display_name":"EUR Research Repository (Erasmus University Rotterdam)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I913958620","host_organization_name":"Erasmus University Rotterdam","host_organization_lineage":["https://openalex.org/I913958620"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"European Finance Review, 6(2), 31 - 62. Oxford University Press","raw_type":"info:eu-repo/semantics/article"},{"id":"pmh:oai:RePEc:oup:revfin:v:6:y:2002:i:1:p:31-62.","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.1023/A:1015082700388","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"},{"id":"pmh:oai:pure.eur.nl:openaire_cris_publications/b5a77017-ddf8-416a-b378-e053b6b723b8","doi":null,"is_oa":false,"landing_page_url":"https://pure.eur.nl/en/publications/b5a77017-ddf8-416a-b378-e053b6b723b8","pdf_url":null,"source":{"id":"https://openalex.org/S4306401266","display_name":"EUR Research Repository (Erasmus University Rotterdam)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I913958620","host_organization_name":"Erasmus University Rotterdam","host_organization_lineage":["https://openalex.org/I913958620"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"de Jong, A 2002, 'The Disciplining Role of Leverage in Dutch Firms', European Finance Review, vol. 6, no. 2, pp. 31-62. https://doi.org/10.1023/A:1015082700388","raw_type":"info:eu-repo/semantics/article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":56,"referenced_works":["https://openalex.org/W102511656","https://openalex.org/W1504998075","https://openalex.org/W1519827326","https://openalex.org/W1537643427","https://openalex.org/W1539046123","https://openalex.org/W1546993880","https://openalex.org/W1587222246","https://openalex.org/W1588897709","https://openalex.org/W1606272114","https://openalex.org/W1973000271","https://openalex.org/W1979927021","https://openalex.org/W2000578291","https://openalex.org/W2020970716","https://openalex.org/W2023445141","https://openalex.org/W2046847749","https://openalex.org/W2050596915","https://openalex.org/W2063955807","https://openalex.org/W2072103208","https://openalex.org/W2074132263","https://openalex.org/W2084310832","https://openalex.org/W2085785781","https://openalex.org/W2094497863","https://openalex.org/W2095207770","https://openalex.org/W2115846503","https://openalex.org/W2115871647","https://openalex.org/W2120171561","https://openalex.org/W2122479412","https://openalex.org/W2124597406","https://openalex.org/W2135241016","https://openalex.org/W2141013059","https://openalex.org/W2153524047","https://openalex.org/W2155410644","https://openalex.org/W2156027511","https://openalex.org/W2158063224","https://openalex.org/W2169979030","https://openalex.org/W2299121507","https://openalex.org/W2341795385","https://openalex.org/W2501612751","https://openalex.org/W2738258782","https://openalex.org/W2747531703","https://openalex.org/W2752617332","https://openalex.org/W2890884722","https://openalex.org/W3023906401","https://openalex.org/W3121131820","https://openalex.org/W3121693921","https://openalex.org/W3122859634","https://openalex.org/W3123610737","https://openalex.org/W3124317644","https://openalex.org/W3124364840","https://openalex.org/W3125055135","https://openalex.org/W3125185801","https://openalex.org/W3125649628","https://openalex.org/W3125649736","https://openalex.org/W4213198135","https://openalex.org/W4239883852","https://openalex.org/W4285719527"],"related_works":["https://openalex.org/W204478441","https://openalex.org/W2065937094","https://openalex.org/W2847365777","https://openalex.org/W2158063224","https://openalex.org/W2153230931","https://openalex.org/W22231666","https://openalex.org/W1800229448","https://openalex.org/W3202422570","https://openalex.org/W2122791489","https://openalex.org/W2560152850"],"abstract_inverted_index":{"Abstract":[0],"In":[1,121],"this":[2,81],"study":[3],"we":[4,78,123],"investigate":[5],"the":[6,16,85,99,125,138,153],"role":[7,101,155],"of":[8,37,55,84,102,127,140,156],"leverage":[9,38,66,88,128,141,157],"in":[10,76,137,158],"disciplining":[11,100],"overinvestment":[12],"problems.":[13],"We":[14,70],"measure":[15],"relationships":[17],"between":[18,87,144],"leverage,":[19],"Tobin's":[20],"q":[21,47,58,90],"and":[22,41,67,89,118,147],"corporate":[23],"governance":[24,68],"characteristics":[25],"for":[26,35],"Dutch":[27,96,159],"listed":[28],"firms.":[29,149],"Besides,":[30],"our":[31],"empirical":[32],"analysis":[33],"tests":[34],"determinants":[36],"from":[39],"tax":[40,116],"bankruptcy":[42,119],"theories.":[43],"Representing":[44],"growth":[45],"opportunities,":[46],"is":[48,63,112,161],"expected":[49],"to":[50,109],"be":[51],"an":[52],"agency-based":[53],"determinant":[54],"leverage.":[56],"Simultaneously,":[57],"represents":[59],"firm":[60],"value,":[61],"which":[62,77],"determined":[64,114],"by":[65,115],"structures.":[69],"tes":[71],"a":[72,135],"structural":[73],"equations":[74],"model":[75],"deal":[79],"with":[80],"simultaneous":[82],"nature":[83],"relation":[86],".":[91],"Our":[92],"results":[93],"indicate":[94],"that":[95,152],"managers":[97],"avoid":[98],"debt,":[103],"when":[104],"they":[105],"are":[106],"most":[107],"likely":[108],"overinvest.":[110],"Leverage":[111],"mainly":[113],"advantages":[117],"costs.":[120],"addition,":[122],"test":[124],"impact":[126],"on":[129,142],"excess":[130],"investment.We":[131],"do":[132],"not":[133],"find":[134],"difference":[136],"influence":[139],"investment":[143],"potential":[145],"overinvestors":[146],"other":[148],"This":[150],"confirms":[151],"disciplinary":[154],"firms":[160],"absent.":[162],"JEL":[163],"classification":[164],"code:":[165],"G32":[166]},"counts_by_year":[{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":1},{"year":2022,"cited_by_count":3},{"year":2021,"cited_by_count":2},{"year":2020,"cited_by_count":3},{"year":2019,"cited_by_count":2},{"year":2018,"cited_by_count":2},{"year":2016,"cited_by_count":1},{"year":2015,"cited_by_count":3},{"year":2014,"cited_by_count":3},{"year":2013,"cited_by_count":3},{"year":2012,"cited_by_count":4}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2016-06-24T00:00:00"}
