Plausibly Exogenous [1259] - Corporate Governance (07/14/2023)

LHS Variable
Financing policy

RHS Variable
Corporate governance

Source of Exogenous Variation
2003 passage of a new corporate governance code in the Netherlands (the “Tabaksblat Code”): starting from fiscal year 2004, listed companies whose registered office is in the Netherlands must refer to the code in their annual reports, and indicate to what extent they have complied with a set of corporate governance principles and best practice provisions

- Arping and Sautner (2010), “Corporate Governance and Leverage: Evidence from a Natural Experiment”