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حسابداری و مالی::
دام
We suggest that these results reflect the idea that contracting parties design accounting rules for performance covenants to enhance their efficacy as ―tripwires‖.
Tripwire covenants that transfer control rights to lenders following poor performance emerge endogenously as part of the optimal contract between lenders and borrowers in the presence of agency problems.
, Dewatripont and Tirole, 1994) shows that the role of tripwire covenants is to facilitate timely creditor invention in borrowers' operations when borrower performance is expected to deteriorate.
This result also supports Christensen and Nikolaev (2012), who argue that, unlike capital covenants that rarely get violated, the role of performance covenants is to serve as tripwires and allocate decision rights to lenders when borrower performance starts deteriorating.
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