{"title":"所有权结构和董事会独立性对金砖国家债务成本的影响","authors":"Olga Kopyrina , Anastasia Stepanova","doi":"10.1016/j.ecosys.2023.101097","DOIUrl":null,"url":null,"abstract":"<div><p>Agency theory predicts that the default premium on debt is determined by the intensity of agency conflicts since they affect the risk of debtholders. This effect is especially important in emerging countries with high ownership concentration and low protection of minority owners. This paper presents an empirical analysis of the influence of ownership structure and board independence on the cost of debt in BRIC countries over the period 2007–2020. The main finding of the study is the presence of significant country-specific effects of ownership structure on the cost of debt measured with the G-spread on corporate bonds, as well as the absence of effects of board independence. According to our results, concentrated ownership and state ownership increase the cost of debt in Brazil and Russia, while decreasing it in China. We reveal that institutional investors help mitigate the risks of debtholders in China, while insider ownership decreases the default risk in Brazil.</p></div>","PeriodicalId":51505,"journal":{"name":"Economic Systems","volume":"47 2","pages":"Article 101097"},"PeriodicalIF":2.8000,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The influence of ownership structure and board independence on the cost of debt in BRIC countries\",\"authors\":\"Olga Kopyrina , Anastasia Stepanova\",\"doi\":\"10.1016/j.ecosys.2023.101097\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>Agency theory predicts that the default premium on debt is determined by the intensity of agency conflicts since they affect the risk of debtholders. This effect is especially important in emerging countries with high ownership concentration and low protection of minority owners. This paper presents an empirical analysis of the influence of ownership structure and board independence on the cost of debt in BRIC countries over the period 2007–2020. The main finding of the study is the presence of significant country-specific effects of ownership structure on the cost of debt measured with the G-spread on corporate bonds, as well as the absence of effects of board independence. According to our results, concentrated ownership and state ownership increase the cost of debt in Brazil and Russia, while decreasing it in China. We reveal that institutional investors help mitigate the risks of debtholders in China, while insider ownership decreases the default risk in Brazil.</p></div>\",\"PeriodicalId\":51505,\"journal\":{\"name\":\"Economic Systems\",\"volume\":\"47 2\",\"pages\":\"Article 101097\"},\"PeriodicalIF\":2.8000,\"publicationDate\":\"2023-06-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Economic Systems\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0939362523000262\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economic Systems","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0939362523000262","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
The influence of ownership structure and board independence on the cost of debt in BRIC countries
Agency theory predicts that the default premium on debt is determined by the intensity of agency conflicts since they affect the risk of debtholders. This effect is especially important in emerging countries with high ownership concentration and low protection of minority owners. This paper presents an empirical analysis of the influence of ownership structure and board independence on the cost of debt in BRIC countries over the period 2007–2020. The main finding of the study is the presence of significant country-specific effects of ownership structure on the cost of debt measured with the G-spread on corporate bonds, as well as the absence of effects of board independence. According to our results, concentrated ownership and state ownership increase the cost of debt in Brazil and Russia, while decreasing it in China. We reveal that institutional investors help mitigate the risks of debtholders in China, while insider ownership decreases the default risk in Brazil.
期刊介绍：
Economic Systems is a refereed journal for the analysis of causes and consequences of the significant institutional variety prevailing among developed, developing, and emerging economies, as well as attempts at and proposals for their reform. The journal is open to micro and macro contributions, theoretical as well as empirical, the latter to analyze related topics against the background of country or region-specific experiences. In this respect, Economic Systems retains its long standing interest in the emerging economies of Central and Eastern Europe and other former transition economies, but also encourages contributions that cover any part of the world, including Asia, Latin America, the Middle East, or Africa.
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