{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,9,27]],"date-time":"2026-09-27T04:04:41Z","timestamp":1790481881582,"version":"4.1.0"},"reference-count":122,"publisher":"Elsevier BV","license":[{"start":{"date-parts":[[2022,4,1]],"date-time":"2022-04-01T00:00:00Z","timestamp":1648771200000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.elsevier.com\/tdm\/userlicense\/1.0\/"},{"start":{"date-parts":[[2022,4,1]],"date-time":"2022-04-01T00:00:00Z","timestamp":1648771200000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/www.elsevier.com\/legal\/tdmrep-license"},{"start":{"date-parts":[[2022,4,1]],"date-time":"2022-04-01T00:00:00Z","timestamp":1648771200000},"content-version":"stm-asf","delay-in-days":0,"URL":"https:\/\/doi.org\/10.15223\/policy-017"},{"start":{"date-parts":[[2022,4,1]],"date-time":"2022-04-01T00:00:00Z","timestamp":1648771200000},"content-version":"stm-asf","delay-in-days":0,"URL":"https:\/\/doi.org\/10.15223\/policy-037"},{"start":{"date-parts":[[2022,4,1]],"date-time":"2022-04-01T00:00:00Z","timestamp":1648771200000},"content-version":"stm-asf","delay-in-days":0,"URL":"https:\/\/doi.org\/10.15223\/policy-012"},{"start":{"date-parts":[[2022,4,1]],"date-time":"2022-04-01T00:00:00Z","timestamp":1648771200000},"content-version":"stm-asf","delay-in-days":0,"URL":"https:\/\/doi.org\/10.15223\/policy-029"},{"start":{"date-parts":[[2022,4,1]],"date-time":"2022-04-01T00:00:00Z","timestamp":1648771200000},"content-version":"stm-asf","delay-in-days":0,"URL":"https:\/\/doi.org\/10.15223\/policy-004"}],"content-domain":{"domain":["elsevier.com","sciencedirect.com"],"crossmark-restriction":true},"short-container-title":["Research in International Business and Finance"],"published-print":{"date-parts":[[2022,4]]},"DOI":"10.1016\/j.ribaf.2021.101602","type":"journal-article","created":{"date-parts":[[2021,12,24]],"date-time":"2021-12-24T11:01:57Z","timestamp":1640343717000},"page":"101602","update-policy":"https:\/\/doi.org\/10.1016\/elsevier_cm_policy","source":"Crossref","is-referenced-by-count":21,"special_numbering":"C","title":["The market reaction to syndicated loan announcements before and during the COVID-19 pandemic and the role of corporate governance"],"prefix":"10.1016","volume":"60","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-8311-223X","authenticated-orcid":false,"given":"Ioannis","family":"Tampakoudis","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Athanasios","family":"Noulas","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-6570-1233","authenticated-orcid":false,"given":"Nikolaos","family":"Kiosses","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"78","reference":[{"key":"10.1016\/j.ribaf.2021.101602_bib0005","doi-asserted-by":"crossref","first-page":"235","DOI":"10.1111\/j.1468-0262.2006.00655.x","article-title":"Large sample properties of matching estimators for average treatment effects","volume":"74","author":"Abadie","year":"2006","journal-title":"Econometrica"},{"key":"10.1016\/j.ribaf.2021.101602_bib0010","doi-asserted-by":"crossref","first-page":"466","DOI":"10.1016\/j.jacceco.2011.08.001","article-title":"Nonprofit boards: size, performance and managerial incentives","volume":"53","author":"Aggarwal","year":"2012","journal-title":"J. Account. Econ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0015","doi-asserted-by":"crossref","DOI":"10.1016\/j.jbef.2020.100326","article-title":"Death and contagious infectious diseases: impact of the COVID-19 virus on stock market returns","volume":"27","author":"Al-Awadhi","year":"2020","journal-title":"J. Behav. Exp. Finance"},{"key":"10.1016\/j.ribaf.2021.101602_bib0020","doi-asserted-by":"crossref","first-page":"1445","DOI":"10.1016\/j.jcorpfin.2011.08.003","article-title":"Managerial compensation and the debt placement decision","volume":"17","author":"Albring","year":"2011","journal-title":"J. Corp. Financ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0025","doi-asserted-by":"crossref","first-page":"497","DOI":"10.1007\/s10551-013-1930-9","article-title":"Board age and gender diversity: a test of competing linear and curvilinear predictions","volume":"125","author":"Ali","year":"2014","journal-title":"J. Bus. Ethics"},{"key":"10.1016\/j.ribaf.2021.101602_bib0030","doi-asserted-by":"crossref","DOI":"10.1016\/j.jbef.2020.100341","article-title":"Coronavirus (COVID-19) \u2014 an epidemic or pandemic for financial markets","volume":"27","author":"Ali","year":"2020","journal-title":"J. Behav. Exp. Finance"},{"key":"10.1016\/j.ribaf.2021.101602_bib0035","doi-asserted-by":"crossref","first-page":"18","DOI":"10.1016\/j.jfineco.2019.01.006","article-title":"Entrusted loans: a close look at China\u2019s shadow banking system","volume":"133","author":"Allen","year":"2019","journal-title":"J. Financ. Econ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0040","doi-asserted-by":"crossref","first-page":"237","DOI":"10.1093\/rfs\/16.1.0237","article-title":"Managerial compensation and the market reaction to bank loans","volume":"16","author":"Almazan","year":"2003","journal-title":"Rev. Financ. Stud."},{"key":"10.1016\/j.ribaf.2021.101602_bib0045","doi-asserted-by":"crossref","first-page":"416","DOI":"10.1111\/eufm.12238","article-title":"Board diversity reforms: do they matter for EU bank performance?","volume":"26","author":"Arnaboldi","year":"2020","journal-title":"Eur. Financ. Manag."},{"key":"10.1016\/j.ribaf.2021.101602_bib0050","doi-asserted-by":"crossref","first-page":"420","DOI":"10.1108\/CG-01-2016-0018","article-title":"Corporate governance and firm performance in developing countries: evidence from India","volume":"16","author":"Arora","year":"2016","journal-title":"Corporate Governance (Bingley)"},{"key":"10.1016\/j.ribaf.2021.101602_bib0055","doi-asserted-by":"crossref","DOI":"10.1016\/j.jbef.2020.100371","article-title":"Economic impact of government interventions during the COVID-19 pandemic: international evidence from financial markets","volume":"27","author":"Ashraf","year":"2020","journal-title":"J. Behav. Exp. Finance"},{"key":"10.1016\/j.ribaf.2021.101602_bib0060","doi-asserted-by":"crossref","first-page":"742","DOI":"10.1093\/rapstu\/raaa008","article-title":"The unprecedented stock market reaction to COVID-19","volume":"10","author":"Baker","year":"2020","journal-title":"Rev. Asset Pricing Stud."},{"key":"10.1016\/j.ribaf.2021.101602_bib0065","doi-asserted-by":"crossref","first-page":"97","DOI":"10.1016\/j.jempfin.2013.10.011","article-title":"CEO compensation and future shareholder returns: evidence from the London Stock Exchange","volume":"27","author":"Balafas","year":"2014","journal-title":"J. Empir. Finance"},{"key":"10.1016\/j.ribaf.2021.101602_bib0070","doi-asserted-by":"crossref","first-page":"207","DOI":"10.1007\/s10551-010-0505-2","article-title":"The impact of board diversity and gender composition on corporate social responsibility and firm reputation","volume":"97","author":"Bear","year":"2010","journal-title":"J. Bus. Ethics"},{"key":"10.1016\/j.ribaf.2021.101602_bib0075","first-page":"1","article-title":"Corporate governance and control","volume":"1","author":"Becht","year":"2003"},{"key":"10.1016\/j.ribaf.2021.101602_bib0080","doi-asserted-by":"crossref","first-page":"2591","DOI":"10.1111\/j.1540-6261.2009.01512.x","article-title":"International stock return comovements","volume":"64","author":"Bekaert","year":"2009","journal-title":"J. Finance"},{"key":"10.1016\/j.ribaf.2021.101602_bib0085","doi-asserted-by":"crossref","first-page":"1581","DOI":"10.1080\/09603100902967561","article-title":"Board structure, ownership structure and firm performance: evidence from banking","volume":"19","author":"Belkhir","year":"2009","journal-title":"Appl. Financ. Econ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0090","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1016\/j.jfineco.2011.12.005","article-title":"The credit crisis around the globe: why did some banks perform better?","volume":"105","author":"Beltratti","year":"2012","journal-title":"J. financ. econ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0095","series-title":"Cross-Border Valuation: the International Cost of Equity Capital","author":"Bodnar","year":"2003"},{"key":"10.1016\/j.ribaf.2021.101602_bib0100","doi-asserted-by":"crossref","first-page":"105","DOI":"10.1057\/palgrave.abm.9200068","article-title":"Effects of board structure on firm performance: a comparison between Japan and Australia","volume":"3","author":"Bonn","year":"2004","journal-title":"Asian Bus. Manage."},{"key":"10.1016\/j.ribaf.2021.101602_bib0105","doi-asserted-by":"crossref","first-page":"66","DOI":"10.1016\/j.jfineco.2006.05.004","article-title":"The determinants of corporate board size and composition: an empirical analysis","volume":"85","author":"Boone","year":"2007","journal-title":"J. Financ. Econ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0110","doi-asserted-by":"crossref","first-page":"369","DOI":"10.1016\/j.jbankfin.2004.05.011","article-title":"Information content of bank loan announcements to Asian corporations during periods of economic uncertainty","volume":"29","author":"Boscaljon","year":"2005","journal-title":"J. Bank. Financ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0115","doi-asserted-by":"crossref","first-page":"1123","DOI":"10.1111\/j.1540-6261.2010.01563.x","article-title":"Executive compensation and the maturity structure of corporate debt","volume":"65","author":"Brockman","year":"2010","journal-title":"J. Financ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0120","doi-asserted-by":"crossref","first-page":"475","DOI":"10.1016\/j.jcorpfin.2008.06.002","article-title":"Are corporate governance and bank monitoring substitutes: evidence from the perceived value of bank loans","volume":"14","author":"Byers","year":"2008","journal-title":"J. Corp. Financ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0125","doi-asserted-by":"crossref","DOI":"10.1016\/j.jcorpfin.2020.101684","article-title":"Does debt concentration depend on the risk-taking incentives in CEO compensation?","volume":"64","author":"Castro","year":"2020","journal-title":"J. Corp. Financ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0130","doi-asserted-by":"crossref","first-page":"367","DOI":"10.1111\/corg.12071","article-title":"Corporate governance in microfinance institutions: board composition and the ability to face institutional voids","volume":"22","author":"Chakrabarty","year":"2014","journal-title":"Corp. Governance: Int. Rev."},{"key":"10.1016\/j.ribaf.2021.101602_bib0135","doi-asserted-by":"crossref","first-page":"217","DOI":"10.1016\/j.jcorpfin.2014.10.009","article-title":"Institutions, board structure, and corporate performance: evidence from Chinese firms","volume":"32","author":"Chen","year":"2015","journal-title":"J. Corp. Financ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0140","doi-asserted-by":"crossref","first-page":"143","DOI":"10.1016\/j.iref.2020.08.007","article-title":"How do independent directors view corporate social responsibility (CSR) during a stressful time? Evidence from the financial crisis","volume":"71","author":"Chintrakarn","year":"2021","journal-title":"Int. Rev. Econ. Financ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0145","doi-asserted-by":"crossref","first-page":"143","DOI":"10.1016\/j.iref.2016.10.010","article-title":"Strategic merger decisions across business cycles: evidence from bidders\u2019 time-varying appetite for operating leverage","volume":"47","author":"Chung","year":"2017","journal-title":"Int. Rev. Econ. Financ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0150","doi-asserted-by":"crossref","first-page":"431","DOI":"10.1016\/j.jfineco.2004.09.004","article-title":"Managerial incentives and risk-taking","volume":"79","author":"Coles","year":"2006","journal-title":"J. Financ. Econ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0155","doi-asserted-by":"crossref","first-page":"329","DOI":"10.1016\/j.jfineco.2006.08.008","article-title":"Boards: Does one size fit all?","volume":"87","author":"Coles","year":"2008","journal-title":"J. Financ. Econ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0160","doi-asserted-by":"crossref","DOI":"10.1016\/j.frl.2020.101607","article-title":"Safe haven or risky hazard? Bitcoin during the Covid-19 bear market","volume":"35","author":"Conlon","year":"2020","journal-title":"Financ. Res. Lett."},{"key":"10.1016\/j.ribaf.2021.101602_bib0165","doi-asserted-by":"crossref","DOI":"10.1016\/j.ribaf.2020.101248","article-title":"Are cryptocurrencies a safe haven for equity markets? An international perspective from the COVID-19 pandemic","volume":"54","author":"Conlon","year":"2020","journal-title":"Res. Int. Bus. Financ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0170","doi-asserted-by":"crossref","first-page":"1572","DOI":"10.5465\/amj.2013.0750","article-title":"Gender diversity and securities fraud","volume":"58","author":"Cumming","year":"2015","journal-title":"AMJ"},{"key":"10.1016\/j.ribaf.2021.101602_bib0175","doi-asserted-by":"crossref","first-page":"674","DOI":"10.2307\/256988","article-title":"Number of directors and financial performance: a meta-analysis","volume":"42","author":"Dalton","year":"1999","journal-title":"Acad. Manag. J."},{"key":"10.1016\/j.ribaf.2021.101602_bib0180","first-page":"20","article-title":"Toward a stewardship theory of management","volume":"22","author":"Davis","year":"1997","journal-title":"Acad. Manag. J."},{"key":"10.1016\/j.ribaf.2021.101602_bib0185","doi-asserted-by":"crossref","first-page":"145","DOI":"10.1007\/s10551-011-1112-6","article-title":"Gender diversity on european banks\u2019 boards of directors","volume":"109","author":"de Cabo","year":"2012","journal-title":"J. Bus. Ethics"},{"key":"10.1016\/j.ribaf.2021.101602_bib0190","first-page":"1636","article-title":"The effect of board characteristics on firm environmental performance","volume":"37","author":"de Villiers","year":"2011","journal-title":"J. Manag."},{"key":"10.1016\/j.ribaf.2021.101602_bib0195","doi-asserted-by":"crossref","DOI":"10.1016\/j.jaccpubpol.2020.106741","article-title":"Estimating the COVID-19 cash crunch: global evidence and policy","volume":"39","author":"De Vito","year":"2020","journal-title":"J. Acc. Public Policy"},{"key":"10.1016\/j.ribaf.2021.101602_bib0200","doi-asserted-by":"crossref","first-page":"21","DOI":"10.1111\/jifm.12124","article-title":"Influence of acquirer boards on M&A value creation: evidence from Continental Europe","volume":"32","author":"Defrancq","year":"2021","journal-title":"J. Int. Financ. Manag. Acc."},{"key":"10.1016\/j.ribaf.2021.101602_bib0205","first-page":"404","article-title":"Syndicated loans","volume":"9","author":"Dennis","year":"2000","journal-title":"J. Financ. Int."},{"key":"10.1016\/j.ribaf.2021.101602_bib0210","article-title":"Corporate immunity to the COVID-19 pandemic","author":"Ding","year":"2020","journal-title":"SSRN Electron. J."},{"key":"10.1016\/j.ribaf.2021.101602_bib0215","unstructured":"Directive 2006\/46\/EC. Amending Council Directives 78\/660\/EEC on the annual accounts of certain types of companies, 83\/349\/EEC on consolidated accounts, 86\/635\/EEC on the annual accounts and consolidated accounts of banks and other financial institutions and 91\/674\/EEC on the annual accounts and consolidated accounts of insurance undertakings. Available at: https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/HTML\/?uri=CELEX:32006L0046&from=EN (Assessed on 11 November 2021)."},{"key":"10.1016\/j.ribaf.2021.101602_bib0220","unstructured":"Directive 2007\/36\/EC. Exercise of certain rights of shareholders in listed companies. Available at: https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/HTML\/?uri=CELEX:32007L0036&from=EN (Assessed on 11 November 2021)."},{"key":"10.1016\/j.ribaf.2021.101602_bib0225","unstructured":"Directive 2013\/36\/EU. Access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002\/87\/EC and repealing Directives 2006\/48\/EC and 2006\/49\/EC. European Parliament, Council of the European Union. Available at: https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/?uri=celex%3A32013L0036 (Assessed on 11 November 2021)."},{"key":"10.1016\/j.ribaf.2021.101602_bib0230","unstructured":"Directive 2017\/828. Amending Directive 2007\/36\/EC as regards the encouragement of long-term shareholder engagement. Available at: https:\/\/eur-lex.europa.eu\/legal-content\/EN\/TXT\/HTML\/?uri=CELEX:32017L0828&from=EN (Assessed on 11 November 2021)."},{"key":"10.1016\/j.ribaf.2021.101602_bib0235","doi-asserted-by":"crossref","first-page":"35","DOI":"10.1016\/S0304-405X(98)00003-8","article-title":"Larger board size and decreasing firm value in small firms","volume":"48","author":"Eisenberg","year":"1998","journal-title":"J. Financ. Econ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0240","doi-asserted-by":"crossref","first-page":"115","DOI":"10.1016\/j.jbankfin.2015.01.014","article-title":"CEO entrenchment and corporate liquidity management","volume":"54","author":"Elyasiani","year":"2015","journal-title":"J. Bank. Financ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0245","series-title":"Modernising Company Law and Enhancing Corporate Governance in the European Union \u2013 a Plan to Move Forward","author":"European Commission","year":"2003"},{"key":"10.1016\/j.ribaf.2021.101602_bib0250","series-title":"Action Plan: European Company Law and Corporate Governance - a Modern Legal Framework for More Engaged Shareholders and Sustainable Companies","author":"European Commission","year":"2012"},{"key":"10.1016\/j.ribaf.2021.101602_bib0255","doi-asserted-by":"crossref","first-page":"301","DOI":"10.1086\/467037","article-title":"Separation of ownership and control","volume":"26","author":"Fama","year":"1983","journal-title":"J. Law Econ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0260","doi-asserted-by":"crossref","first-page":"98","DOI":"10.1016\/j.irfa.2016.12.002","article-title":"Board diversity and financial fragility: evidence from European banks","volume":"49","author":"Farag","year":"2017","journal-title":"Int. Rev. Financ. Anal."},{"key":"10.1016\/j.ribaf.2021.101602_bib0265","doi-asserted-by":"crossref","DOI":"10.1353\/mcb.2006.0071","article-title":"Do bank loan relationships still matter?","author":"Fields","year":"2006","journal-title":"J. Money, Credit, Bank."},{"key":"10.1016\/j.ribaf.2021.101602_bib0270","doi-asserted-by":"crossref","first-page":"335","DOI":"10.1016\/j.jmoneco.2007.11.004","article-title":"The pricing effect of certification on syndicated loans","volume":"55","author":"Focarelli","year":"2008","journal-title":"J. Monet. Econ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0275","doi-asserted-by":"crossref","DOI":"10.1016\/j.jbankfin.2020.105898","article-title":"Public-private co-lending: evidence from syndicated corporate loans","volume":"119","author":"Fotak","year":"2020","journal-title":"J. Bank. Finance"},{"key":"10.1016\/j.ribaf.2021.101602_bib0280","doi-asserted-by":"crossref","first-page":"247","DOI":"10.1016\/j.qref.2019.04.009","article-title":"Does the type of debt matter? Stock market perception in Europe","volume":"75","author":"Fung\u00e1\u010dov\u00e1","year":"2020","journal-title":"Q. Rev. Econ. Financ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0285","doi-asserted-by":"crossref","first-page":"165","DOI":"10.1111\/j.1467-629X.2012.00493.x","article-title":"The evolution of China\u2019s banking system: bank loan announcements 1996-2009","volume":"54","author":"Gan","year":"2014","journal-title":"Acc. Financ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0290","doi-asserted-by":"crossref","first-page":"1649","DOI":"10.1111\/j.1540-6261.2012.01769.x","article-title":"Are banks still special when there is a secondary market for loans?","volume":"67","author":"Gande","year":"2012","journal-title":"J. Financ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0295","doi-asserted-by":"crossref","first-page":"535","DOI":"10.1111\/jfir.12134","article-title":"An analysis of syndicated loan announcements during the global financial crisis","volume":"40","author":"Gasbarro","year":"2017","journal-title":"J. Financ. Res."},{"key":"10.1016\/j.ribaf.2021.101602_bib0300","doi-asserted-by":"crossref","first-page":"100","DOI":"10.1016\/j.intfin.2013.10.009","article-title":"Bank loans and borrower value during the global financial crisis: empirical evidence from France","volume":"28","author":"Godlewski","year":"2014","journal-title":"J. Int. Financ. Markets, Instit. Money"},{"key":"10.1016\/j.ribaf.2021.101602_bib0305","doi-asserted-by":"crossref","DOI":"10.1016\/j.frl.2020.101512","article-title":"COVID-19 and finance: agendas for future research","volume":"35","author":"Goodell","year":"2020","journal-title":"Financ. Res. Lett."},{"key":"10.1016\/j.ribaf.2021.101602_bib0310","article-title":"Co-movement of COVID-19 and Bitcoin: evidence from wavelet coherence analysis","author":"Goodell","year":"2020","journal-title":"Financ. Res. Lett."},{"key":"10.1016\/j.ribaf.2021.101602_bib0315","doi-asserted-by":"crossref","first-page":"44","DOI":"10.1016\/j.jfineco.2007.08.005","article-title":"Corporate misreporting and bank loan contracting","volume":"89","author":"Graham","year":"2008","journal-title":"J. Financ. Econ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0320","doi-asserted-by":"crossref","DOI":"10.1016\/j.jcorpfin.2019.101526","article-title":"Do board gender quotas affect firm value? Evidence from California senate Bill No. 826","volume":"60","author":"Greene","year":"2020","journal-title":"J. Corp. Financ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0325","doi-asserted-by":"crossref","DOI":"10.1093\/rfs\/hhv038","article-title":"Board structure and monitoring: new evidence from CEO turnovers","author":"Guo","year":"2015","journal-title":"Rev. Financ. Stud."},{"key":"10.1016\/j.ribaf.2021.101602_bib0330","first-page":"501","article-title":"How did COVID-19 affect firms\u2019 access to public capital markets?","volume":"9","author":"Halling","year":"2020","journal-title":"Rev. Financ. Stud."},{"key":"10.1016\/j.ribaf.2021.101602_bib0335","doi-asserted-by":"crossref","first-page":"641","DOI":"10.1007\/s10551-014-2343-0","article-title":"Board diversity and corporate social responsibility","volume":"132","author":"Harjoto","year":"2015","journal-title":"J. Bus. Ethics"},{"key":"10.1016\/j.ribaf.2021.101602_bib0340","doi-asserted-by":"crossref","first-page":"678","DOI":"10.2307\/2235027","article-title":"Corporate governance: some theory and implications","volume":"105","author":"Hart","year":"1995","journal-title":"Econ. J."},{"key":"10.1016\/j.ribaf.2021.101602_bib0345","article-title":"Bank lending during the COVID-19 pandemic","author":"Hasan","year":"2020","journal-title":"SSRN Electron. J."},{"key":"10.1016\/j.ribaf.2021.101602_bib0350","first-page":"1","article-title":"The impact of COVID-19 on stock markets","author":"He","year":"2020","journal-title":"Econ. Polit. Stud."},{"key":"10.1016\/j.ribaf.2021.101602_bib0355","series-title":"Boards of Directors as an Endogenously Determined Institution: a Survey of the Economic Literature (Working Paper No. 8161), Working Paper Series","author":"Hermalin","year":"2001"},{"key":"10.1016\/j.ribaf.2021.101602_bib0360","doi-asserted-by":"crossref","first-page":"93","DOI":"10.1016\/bs.hecg.2017.11.001","article-title":"Assessing managerial ability: implications for corporate governance","volume":"1","author":"Hermalin","year":"2017","journal-title":"Handb. Econ. Corp. Govern."},{"key":"10.1016\/j.ribaf.2021.101602_bib0365","doi-asserted-by":"crossref","first-page":"383","DOI":"10.5465\/amr.2003.10196729","article-title":"Boards of directors and firm performance: integrating agency and resource dependence perspectives","volume":"28","author":"Hillman","year":"2003","journal-title":"Acad. Manag. Rev."},{"key":"10.1016\/j.ribaf.2021.101602_bib0370","article-title":"CEO overconfidence and the COVID-19 pandemic","author":"Hu","year":"2020","journal-title":"SSRN Electron. J."},{"key":"10.1016\/j.ribaf.2021.101602_bib0375","doi-asserted-by":"crossref","first-page":"233","DOI":"10.1016\/j.intfin.2011.09.004","article-title":"When bank loans are bad news: evidence from market reactions to loan announcements under the risk of expropriation","volume":"22","author":"Huang","year":"2012","journal-title":"J. Int. Financ. Markets, Instit. Money"},{"key":"10.1016\/j.ribaf.2021.101602_bib0380","doi-asserted-by":"crossref","first-page":"411","DOI":"10.1007\/s10551-016-3099-5","article-title":"Corporate governance and sustainability performance: analysis of triple bottom line performance","volume":"149","author":"Hussain","year":"2018","journal-title":"J. Bus. Ethics"},{"key":"10.1016\/j.ribaf.2021.101602_bib0385","series-title":"World Economic Outlook, April 2020: The Great Lockdown","author":"IMF","year":"2020"},{"key":"10.1016\/j.ribaf.2021.101602_bib0390","first-page":"15","article-title":"Impact of the coronavirus pandemic crisis on the financial system in the eurozone","volume":"31","author":"Ito","year":"2020","journal-title":"J. Corp. Acc. Financ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0395","doi-asserted-by":"crossref","first-page":"831","DOI":"10.1111\/j.1540-6261.1993.tb04022.x","article-title":"The modern industrial revolution, exit, and the failure of internal control systems","volume":"48","author":"Jensen","year":"1993","journal-title":"J. Financ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0400","doi-asserted-by":"crossref","first-page":"305","DOI":"10.1016\/0304-405X(76)90026-X","article-title":"Theory of the firm: managerial behavior, agency costs and ownership structure","volume":"3","author":"Jensen","year":"1976","journal-title":"J. Financ. Econ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0405","doi-asserted-by":"crossref","first-page":"371","DOI":"10.1016\/S0378-4266(98)00005-3","article-title":"Corporate governance and board effectiveness","volume":"22","author":"John","year":"1998","journal-title":"J. Bank. Financ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0410","doi-asserted-by":"crossref","first-page":"533","DOI":"10.1016\/j.jfineco.2011.03.014","article-title":"Does geography matter? Firm location and corporate payout policy","volume":"101","author":"John","year":"2011","journal-title":"J. Financ. Econ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0415","doi-asserted-by":"crossref","first-page":"644","DOI":"10.1002\/ijfe.1808","article-title":"Dynamic relationship between corporate board structure and firm performance: evidence from Malaysia","volume":"26","author":"Khan","year":"2021","journal-title":"Int. J. Financ. Econ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0420","doi-asserted-by":"crossref","first-page":"267","DOI":"10.1257\/aer.p20161032","article-title":"Gender diversity on corporate boards: do women contribute unique skills?","volume":"106","author":"Kim","year":"2016","journal-title":"Am. Econ. Rev."},{"key":"10.1016\/j.ribaf.2021.101602_bib0425","first-page":"17","article-title":"Macroprudential policy and the revolving door of risk: lessons from leveraged lending guidance","volume":"34","author":"Kim","year":"2018","journal-title":"J. Financ. Int."},{"key":"10.1016\/j.ribaf.2021.101602_bib0430","first-page":"256","article-title":"CEO duality: a review and research agenda","volume":"40","author":"Krause","year":"2014","journal-title":"J. Manag."},{"key":"10.1016\/j.ribaf.2021.101602_bib0435","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1111\/0022-1082.00199","article-title":"Agency problems and dividend policies around the world","volume":"55","author":"La Porta","year":"2000","journal-title":"J. Financ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0440","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1016\/j.irfa.2017.07.005","article-title":"Director compensation incentives and acquisition performance","volume":"53","author":"Lahlou","year":"2017","journal-title":"Int. Rev. Financ. Anal."},{"key":"10.1016\/j.ribaf.2021.101602_bib0445","doi-asserted-by":"crossref","first-page":"332","DOI":"10.1016\/j.jfineco.2009.10.009","article-title":"The pecking order, debt capacity, and information asymmetry","volume":"95","author":"Leary","year":"2010","journal-title":"J. Financ. Econ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0450","article-title":"U.S. bank M&As in the post-Dodd\u2013Frank Act era: do they create value?","author":"Leledakis","year":"2020","journal-title":"J. Bank. Financ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0455","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1016\/j.jfs.2015.09.006","article-title":"Bank loan announcements and borrower stock returns before and during the recent financial crisis","volume":"21","author":"Li","year":"2015","journal-title":"J. Financ. Stabil."},{"key":"10.1016\/j.ribaf.2021.101602_bib0460","doi-asserted-by":"crossref","first-page":"472","DOI":"10.1093\/rcfs\/cfaa009","article-title":"Banks as lenders of first resort: evidence from the COVID-19 crisis","volume":"9","author":"Li","year":"2020","journal-title":"Rev. Corp. Financ. Stud."},{"key":"10.1016\/j.ribaf.2021.101602_bib0465","series-title":"Women on Bank Boards: Evidence from Gender Quotas around the World","author":"Liao","year":"2019"},{"key":"10.1016\/j.ribaf.2021.101602_bib0470","first-page":"59","article-title":"A modest proposal for improved corporate governance","volume":"48","author":"Lipton","year":"1992","journal-title":"Bus. Law."},{"key":"10.1016\/j.ribaf.2021.101602_bib0475","doi-asserted-by":"crossref","first-page":"70","DOI":"10.1016\/j.irfa.2011.11.002","article-title":"Corporate governance and firm value during the global financial crisis: evidence from China","volume":"21","author":"Liu","year":"2012","journal-title":"Int. Rev. Financ. Anal."},{"key":"10.1016\/j.ribaf.2021.101602_bib0480","doi-asserted-by":"crossref","first-page":"92","DOI":"10.1016\/j.bar.2018.04.001","article-title":"The market reaction to debt announcements: UK evidence surrounding the global financial crisis","volume":"51","author":"Marshall","year":"2019","journal-title":"Br. Acc. Rev."},{"key":"10.1016\/j.ribaf.2021.101602_bib0485","article-title":"COVID-19 and the March 2020 stock market crash. Evidence from S&P1500","author":"Mazur","year":"2020","journal-title":"Financ. Res. Lett."},{"key":"10.1016\/j.ribaf.2021.101602_bib0490","doi-asserted-by":"crossref","first-page":"81","DOI":"10.1111\/j.1755-053X.2007.tb00082.x","article-title":"Firm performance: do non-executive directors have minds of their own? Evidence from UK panel data","volume":"36","author":"Mura","year":"2007","journal-title":"Financ. Manag."},{"key":"10.1016\/j.ribaf.2021.101602_bib0495","series-title":"Handbook of the Economics of Finance","doi-asserted-by":"crossref","first-page":"211","DOI":"10.1016\/B978-0-44-453594-8.00004-5","article-title":"Executive compensation: where we are, and how we got there","author":"Murphy","year":"2013"},{"key":"10.1016\/j.ribaf.2021.101602_bib0500","doi-asserted-by":"crossref","DOI":"10.1016\/j.frl.2020.101717","article-title":"COVID-19 and investor behavior","volume":"37","author":"Ortmann","year":"2020","journal-title":"Financ. Res. Lett."},{"key":"10.1016\/j.ribaf.2021.101602_bib0505","doi-asserted-by":"crossref","first-page":"50","DOI":"10.1016\/j.jbankfin.2018.02.015","article-title":"The performance effects of gender diversity on bank boards","volume":"90","author":"Owen","year":"2018","journal-title":"J. Bank. Financ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0510","doi-asserted-by":"crossref","first-page":"260","DOI":"10.1111\/j.1468-036X.2009.00511.x","article-title":"CEO compensation and firm performance: an empirical investigation of UK panel data","volume":"17","author":"Ozkan","year":"2011","journal-title":"Eur. Financ. Manag."},{"key":"10.1016\/j.ribaf.2021.101602_bib0515","doi-asserted-by":"crossref","first-page":"791","DOI":"10.1093\/rapstu\/raaa015","article-title":"Mutual fund performance and flows during the COVID-19 crisis","volume":"10","author":"P\u00e1stor","year":"2020","journal-title":"Rev. Asset Pricing Stud."},{"key":"10.1016\/j.ribaf.2021.101602_bib0520","doi-asserted-by":"crossref","first-page":"349","DOI":"10.2307\/2391668","article-title":"Size, composition, and function of hospital boards of directors: a study of organization-environment linkage","volume":"18","author":"Pfeffer","year":"1973","journal-title":"Admin. Sci. Q."},{"key":"10.1016\/j.ribaf.2021.101602_bib0525","doi-asserted-by":"crossref","first-page":"298","DOI":"10.1016\/j.pacfin.2015.01.007","article-title":"Mergers and acquisitions: CEO duality, operating performance and stock returns in Vietnam","volume":"35","author":"Pham","year":"2015","journal-title":"Pacific-Basin Financ. J., Behav. Financ. Recent Dev. Capital Mark."},{"key":"10.1016\/j.ribaf.2021.101602_bib0530","doi-asserted-by":"crossref","first-page":"391","DOI":"10.1007\/s10551-010-0515-0","article-title":"The role of the board of directors in disseminating relevant information on greenhouse gases","volume":"97","author":"Prado-Lorenzo","year":"2010","journal-title":"J. Bus. Ethics"},{"key":"10.1016\/j.ribaf.2021.101602_bib0535","doi-asserted-by":"crossref","DOI":"10.1561\/0500000046","article-title":"Executive compensation","author":"Rau","year":"2015","journal-title":"Found. Trends Financ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0540","doi-asserted-by":"crossref","first-page":"155","DOI":"10.1002\/smj.4250120206","article-title":"CEO duality and organizational performance: a longitudinal analysis","volume":"12","author":"Rechner","year":"1991","journal-title":"Strat. Manag. J."},{"key":"10.1016\/j.ribaf.2021.101602_bib0545","doi-asserted-by":"crossref","first-page":"337","DOI":"10.1007\/s10551-015-2735-9","article-title":"Does board gender diversity influence financial performance? Evidence from Spain","volume":"141","author":"Reguera-Alvarado","year":"2017","journal-title":"J. Bus. Ethics"},{"key":"10.1016\/j.ribaf.2021.101602_bib0550","doi-asserted-by":"crossref","first-page":"761","DOI":"10.1002\/ijfe.1690","article-title":"Board diversity, corporate governance, corporate performance, and executive pay","volume":"24","author":"Sarhan","year":"2019","journal-title":"Int. J. Financ. Econ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0555","doi-asserted-by":"crossref","first-page":"349","DOI":"10.1016\/j.jfineco.2012.04.011","article-title":"What do boards really do? Evidence from minutes of board meetings","volume":"108","author":"Schwartz-Ziv","year":"2013","journal-title":"J. Financ. Econ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0560","doi-asserted-by":"crossref","DOI":"10.1016\/j.frl.2020.101669","article-title":"COVID-19\u2019s disasters are perilous than Global Financial Crisis: A rumor or fact?","volume":"36","author":"Shehzad","year":"2020","journal-title":"Financ. Res. Lett."},{"key":"10.1016\/j.ribaf.2021.101602_bib0565","doi-asserted-by":"crossref","first-page":"737","DOI":"10.1111\/j.1540-6261.1997.tb04820.x","article-title":"A survey of corporate governance","volume":"52","author":"Shleifer","year":"1997","journal-title":"J. Financ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0570","doi-asserted-by":"crossref","first-page":"26","DOI":"10.1016\/j.jcorpfin.2015.10.003","article-title":"Women on board: Does boardroom gender diversity affect firm risk?","volume":"36","author":"Sila","year":"2016","journal-title":"J. Corp. Finance"},{"key":"10.1016\/j.ribaf.2021.101602_bib0575","doi-asserted-by":"crossref","first-page":"538","DOI":"10.1016\/j.jbankfin.2015.04.032","article-title":"Corporate social responsibility and Eurozone corporate bonds: the moderating role of country sustainability","volume":"59","author":"Stellner","year":"2015","journal-title":"J. Bank. Financ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0580","doi-asserted-by":"crossref","first-page":"629","DOI":"10.1111\/j.1540-6261.2007.01219.x","article-title":"Information asymmetry and financing arrangements: evidence from syndicated loans","volume":"62","author":"Sufi","year":"2007","journal-title":"J. Financ."},{"key":"10.1016\/j.ribaf.2021.101602_bib0585","doi-asserted-by":"crossref","first-page":"2053","DOI":"10.1046\/j.1467-6486.2003.00411.x","article-title":"An empirical exploration of decision-making under agency controls and stewardship structure","volume":"40","author":"Tosi","year":"2003","journal-title":"J. Manag. Stud."},{"key":"10.1016\/j.ribaf.2021.101602_bib0590","series-title":"Corporate Governance: Principles, Policies, and Practices","author":"Tricker","year":"2015"},{"key":"10.1016\/j.ribaf.2021.101602_bib0595","doi-asserted-by":"crossref","first-page":"15","DOI":"10.1016\/j.mulfin.2014.08.001","article-title":"Country risk and the cost of equity in emerging markets","volume":"28","author":"Warnes","year":"2014","journal-title":"J. Multinatl. Financ. Manag."},{"key":"10.1016\/j.ribaf.2021.101602_bib0600","doi-asserted-by":"crossref","first-page":"2231","DOI":"10.1080\/1540496X.2020.1787151","article-title":"Which firm-specific characteristics affect the market reaction of Chinese listed companies to the COVID-19 pandemic?","volume":"56","author":"Xiong","year":"2020","journal-title":"Emerg. Mark. Financ. Trade"},{"key":"10.1016\/j.ribaf.2021.101602_bib0605","doi-asserted-by":"crossref","first-page":"515","DOI":"10.1007\/s10551-018-3918-y","article-title":"Female CEOs and core earnings quality: new evidence on the ethics versus risk-aversion puzzle","volume":"160","author":"Zalata","year":"2019","journal-title":"J. Bus. Ethics"},{"key":"10.1016\/j.ribaf.2021.101602_bib0610","doi-asserted-by":"crossref","first-page":"27","DOI":"10.1016\/j.jacceco.2007.06.002","article-title":"The contracting benefits of accounting conservatism to lenders and borrowers","volume":"45","author":"Zhang","year":"2008","journal-title":"J. Acc. Econ."}],"container-title":["Research in International Business and Finance"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/api.elsevier.com\/content\/article\/PII:S0275531921002233?httpAccept=text\/xml","content-type":"text\/xml","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/api.elsevier.com\/content\/article\/PII:S0275531921002233?httpAccept=text\/plain","content-type":"text\/plain","content-version":"vor","intended-application":"text-mining"}],"deposited":{"date-parts":[[2025,10,3]],"date-time":"2025-10-03T12:53:06Z","timestamp":1759495986000},"score":1,"resource":{"primary":{"URL":"https:\/\/linkinghub.elsevier.com\/retrieve\/pii\/S0275531921002233"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2022,4]]},"references-count":122,"alternative-id":["S0275531921002233"],"URL":"https:\/\/doi.org\/10.1016\/j.ribaf.2021.101602","relation":{},"ISSN":["0275-5319"],"issn-type":[{"value":"0275-5319","type":"print"}],"subject":[],"published":{"date-parts":[[2022,4]]},"assertion":[{"value":"Elsevier","name":"publisher","label":"This article is maintained by"},{"value":"The market reaction to syndicated loan announcements before and during the COVID-19 pandemic and the role of corporate governance","name":"articletitle","label":"Article Title"},{"value":"Research in International Business and Finance","name":"journaltitle","label":"Journal Title"},{"value":"https:\/\/doi.org\/10.1016\/j.ribaf.2021.101602","name":"articlelink","label":"CrossRef DOI link to publisher maintained version"},{"value":"article","name":"content_type","label":"Content Type"},{"value":"\u00a9 2021 Elsevier B.V. All rights reserved.","name":"copyright","label":"Copyright"}],"article-number":"101602"}}