When opaque firms borrow: The role of investor sentiment

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-06-07 DOI:10.1016/j.irfa.2025.104410

Elena Ferrer , Nuria Suárez

引用次数: 0

Abstract

We examine the effect of firm opacity on debt growth and how investor sentiment shapes this relationship. Using an international sample of firms during 2005–2019, we find that firm opacity negatively influences the growth in both bank and total debt ratios. This relationship is more relevant during periods of high investor sentiment. The role of investor sentiment is more prominent for firms with a lower proportion of bank ownership. The joint effect of firm opacity and investor sentiment is more relevant in countries with more developed institutions and greater creditor rights protection. Our results hold after addressing potential endogeneity concerns and additional tests.

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不透明公司何时借款：投资者情绪的作用

我们研究了企业不透明度对债务增长的影响，以及投资者情绪如何塑造这种关系。使用2005-2019年的国际企业样本，我们发现企业不透明度对银行和总负债率的增长都产生了负面影响。这种关系在投资者情绪高涨的时期更为相关。对于银行持股比例较低的公司，投资者情绪的作用更为突出。企业不透明度和投资者情绪的共同影响，在机构更发达、债权人保护力度更大的国家更为重要。在解决潜在的内生性问题和额外的测试后，我们的结果成立。

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

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.