Societal secrecy and corporate debt financing choice

IF 6.1 2区经济学 Q1 BUSINESS, FINANCE

Journal of International Financial Markets Institutions & Money Pub Date : 2025-06-09 DOI:10.1016/j.intfin.2025.102179

Cephas Simon Peter Dak-Adzaklo , Solomon Wise Dodzidenu Adza , Joseph Maxwell Asamoah , Pascar Tagwan Tah

引用次数: 0

Abstract

We investigate the impact of societal secrecy on corporate debt financing decisions. Based a sample of 30,680 firms across 34 countries, we find robust evidence that societal secrecy is positively associated with bank debt financing and negatively associated with public debt financing. This finding is robust to a wide variety of sensitivity tests and to addressing endogeneity concerns. Cross-sectional analyses show that strong shareholder rights protection and the degree of internationalization moderate the relation between societal secrecy and debt choice. Additional analyses reveal that societal secrecy influences the choice of debt financing through three channels: information asymmetry, proprietary cost information, and information production cost. Our study sheds light on societal secrecy as a potential explanation for the variations in public debt market development across countries.

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社会保密与企业债务融资选择

我们研究了社会保密对公司债务融资决策的影响。基于34个国家30,680家公司的样本，我们发现强有力的证据表明，社会保密与银行债务融资呈正相关，与公共债务融资负相关。这一发现是稳健的各种敏感性测试和解决内生性问题。横断面分析表明，强大的股东权利保护和国际化程度调节了社会保密与债务选择之间的关系。进一步的分析表明，社会保密性通过三个渠道影响债务融资选择：信息不对称、专有成本信息和信息生产成本。我们的研究揭示了社会保密作为各国公共债务市场发展差异的潜在解释。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of International Financial Markets Institutions & Money Multiple-

CiteScore

6.60

自引率

10.00%

发文量

142

期刊介绍： International trade, financing and investments, and the related cash and credit transactions, have grown at an extremely rapid pace in recent years. The international monetary system has continued to evolve to accommodate the need for foreign-currency denominated transactions and in the process has provided opportunities for its ongoing observation and study. The purpose of the Journal of International Financial Markets, Institutions & Money is to publish rigorous, original articles dealing with the international aspects of financial markets, institutions and money. Theoretical/conceptual and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • International financial markets • International securities markets • Foreign exchange markets • Eurocurrency markets • International syndications • Term structures of Eurocurrency rates • Determination of exchange rates • Information, speculation and parity • Forward rates and swaps • International payment mechanisms • International commercial banking; • International investment banking • Central bank intervention • International monetary systems • Balance of payments.