社会资本与债务成本：来自中国首席执行官网络中心性的证据

IF 5.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review Pub Date : 2024-04-05 DOI:10.1016/j.ememar.2024.101131

Yiping Chen , Yuan George Shan , Jimin Wang , Xinxin Yang , Junru Zhang

{"title":"社会资本与债务成本：来自中国首席执行官网络中心性的证据","authors":"Yiping Chen , Yuan George Shan , Jimin Wang , Xinxin Yang , Junru Zhang","doi":"10.1016/j.ememar.2024.101131","DOIUrl":null,"url":null,"abstract":"<div><p>Using a unique dataset comprising 6313 firm-year observations for Chinese listed firms between 2008 and 2017, we investigate the impact of CEO social capital on cost of debt. Our results show that CEO social capital is negatively related to cost of debt, and the impact of CEO social capital in environments with a low degree of marketization or social trust is more pronounced than in environments with a high degree of marketization or social trust. Moreover, our results reveal that two potential mechanisms, discretionary accruals and information disclosure quality, mediate the impact of CEO social capital on cost of debt.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"60 ","pages":"Article 101131"},"PeriodicalIF":5.6000,"publicationDate":"2024-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1566014124000268/pdfft?md5=d28bc0c3dfafe1c0806decd781af1b85&pid=1-s2.0-S1566014124000268-main.pdf","citationCount":"0","resultStr":"{\"title\":\"Social capital and cost of debt: Evidence from Chinese CEO network centrality\",\"authors\":\"Yiping Chen , Yuan George Shan , Jimin Wang , Xinxin Yang , Junru Zhang\",\"doi\":\"10.1016/j.ememar.2024.101131\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>Using a unique dataset comprising 6313 firm-year observations for Chinese listed firms between 2008 and 2017, we investigate the impact of CEO social capital on cost of debt. Our results show that CEO social capital is negatively related to cost of debt, and the impact of CEO social capital in environments with a low degree of marketization or social trust is more pronounced than in environments with a high degree of marketization or social trust. Moreover, our results reveal that two potential mechanisms, discretionary accruals and information disclosure quality, mediate the impact of CEO social capital on cost of debt.</p></div>\",\"PeriodicalId\":47886,\"journal\":{\"name\":\"Emerging Markets Review\",\"volume\":\"60 \",\"pages\":\"Article 101131\"},\"PeriodicalIF\":5.6000,\"publicationDate\":\"2024-04-05\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://www.sciencedirect.com/science/article/pii/S1566014124000268/pdfft?md5=d28bc0c3dfafe1c0806decd781af1b85&pid=1-s2.0-S1566014124000268-main.pdf\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Emerging Markets Review\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1566014124000268\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Emerging Markets Review","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1566014124000268","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

我们利用 2008 年至 2017 年间由 6313 个公司年度观测数据组成的独特数据集，研究了 CEO 社会资本对债务成本的影响。我们的研究结果表明，CEO 社会资本与债务成本负相关，而且在市场化程度或社会信任度较低的环境中，CEO 社会资本的影响比在市场化程度或社会信任度较高的环境中更为明显。此外，我们的研究结果表明，全权应计制和信息披露质量这两种潜在机制可以调节 CEO 社会资本对债务成本的影响。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Social capital and cost of debt: Evidence from Chinese CEO network centrality

Using a unique dataset comprising 6313 firm-year observations for Chinese listed firms between 2008 and 2017, we investigate the impact of CEO social capital on cost of debt. Our results show that CEO social capital is negatively related to cost of debt, and the impact of CEO social capital in environments with a low degree of marketization or social trust is more pronounced than in environments with a high degree of marketization or social trust. Moreover, our results reveal that two potential mechanisms, discretionary accruals and information disclosure quality, mediate the impact of CEO social capital on cost of debt.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.