品牌资本对债务期限结构的影响

IF 2.9 3区 管理学 Q2 BUSINESS, FINANCE
Tongxia Li , Chun Lu , James Routledge
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引用次数: 0

摘要

本研究探讨品牌资本是否与债务期限选择有关。对于1975年至2019年期间的美国上市公司,我们发现通过持续广告支出对品牌资本的投资与短期债务的使用呈正相关。结果与高品牌资本公司使用短期债务的假设是一致的,因为有益的信号效应。我们还发现,品牌资本对短期债务使用的积极影响在质量较高的企业和财务约束较低的企业中更为明显,这进一步支持了信号解释。最后,我们表明,品牌资本降低了使用长期债务为投资融资的程度,并增加了使用短期债务和股权为投资融资的程度。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Brand capital on debt maturity structure

This study examines whether brand capital is associated with debt maturity choice. For listed firms in the U.S. over the period from 1975 to 2019, we find that investment in brand capital through ongoing advertising outlays is positively related to the use of short-term debt. The result is consistent with the hypothesis that high brand capital firms use short-term debt because of beneficial signaling effects. We also find the positive effect of brand capital on the use of short-term debt is more pronounced for higher quality firms and firms with lower financial constraints, which provides further support for the signaling explanation. Finally, we show that brand capital decreases the extent to which investments are financed by using long-term debt and increases the extent to which investments are financed by using short-term debt and equity.

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来源期刊
CiteScore
6.00
自引率
3.00%
发文量
24
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