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Capital structure under collusion

Author

Listed:
  • Ferrés, Daniel
  • Ormazabal, Gaizka
  • Povel, Paul
  • Sertsios, Giorgo
Abstract
We analyze the financial leverage of firms that collude to soften product market competition by forming a cartel. We find that cartel firms have lower leverage during collusion periods. This is consistent with the idea that cartel firms strategically reduce leverage to make their cartels more stable, because high leverage makes deviations from a cartel agreement more attractive. Given that cartels have a large economic footprint, their study is also relevant for the capital structure literature, which has largely ignored the role of anti-competitive behavior.

Suggested Citation

  • Ferrés, Daniel & Ormazabal, Gaizka & Povel, Paul & Sertsios, Giorgo, 2021. "Capital structure under collusion," Journal of Financial Intermediation, Elsevier, vol. 45(C).
    • Handle: RePEc:eee:jfinin:v:45:y:2021:i:c:s1042957320300085
    DOI: 10.1016/j.jfi.2020.100854
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    More about this item

    Keywords

    Capital structure; Financial leverage; Collusion; Cartels;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L12 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Monopoly; Monopolization Strategies

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