债权人保护、股东保护和全球债务融资成本

IF 2 4区管理学 Q3 BUSINESS

Australian Journal of Management Pub Date : 2022-03-04 DOI:10.1177/03128962221083375

T. Dao, Quoc Trung Tran, Thi Tuyet Mai Nguyen, Tran Sy Nguyen

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引用次数: 0

摘要

债务融资在企业财务决策中发挥着重要作用。因此，债务成本是企业融资中一个有趣的话题。通过对2003年至2016年30个国家153784次观察的样本，我们发现债权对债务成本有积极影响。此外，在债权人保护力度较大的国家，股东权利的影响较弱。JEL分类：G32、G34

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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Creditor protection, shareholder protection, and cost of debt financing around the world

Debt financing plays an important role in corporate financial decisions. Therefore, the cost of debt is an interesting topic in corporate finance. Using a sample of 153,784 observations across 30 countries from 2003 to 2016, we find that creditor rights positively affect the cost of debt. In addition, the effect of shareholder rights is weaker in countries with stronger creditor protection. JEL Classification: G32, G34

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来源期刊

Australian Journal of Management Multiple-

CiteScore

10.60

自引率

4.20%

发文量

期刊介绍： The objectives of the Australian Journal of Management are to encourage and publish research in the field of management. The terms management and research are both broadly defined. The former includes the management of firms, groups, industries, regulatory bodies, government, and other institutions. The latter encompasses both discipline- and problem-based research. Consistent with the policy, the Australian Journal of Management publishes research in accounting, applied economics, finance, industrial relations, political science, psychology, statistics, and other disciplines, provided the application is to management, as well as research in areas such as marketing, corporate strategy, operations management, organisation development, decision analysis, and other problem-focuses paradigms.