语气复杂性和债务成本的回顾性数据来自美国

IF 1.9 Q2 BUSINESS, FINANCE

Review of Behavioral Finance Pub Date : 2022-10-28 DOI:10.1108/rbf-02-2022-0064

F. Bendriouch, Imad Jabbouri, Harit Satt, Zineb Jariri, M. M’hamdi

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引用次数: 0

摘要

目的探讨语气复杂性对美国人债务成本的影响。设计/方法/方法在2010年至2018年期间，对美国692家非金融上市公司进行了抽样调查。采用广义矩量方法(GMM)模型研究音调复杂度对债务成本的影响及其对债权人和用户的影响。研究结果表明，高音调的复杂性与更高的债务成本有关。在公司年度报告中使用更复杂的语气已被证明会影响债权人对风险的看法。原创性/价值本研究通过研究债权人如何利用年度报告的语气复杂性来评估信息不对称水平并相应地估计所需的收益率，从而追求创新。

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Tone complexity and the cost of debt retrospective data from the USA

PurposeThis paper explores the impact of tone complexity on the cost of debt in the USA.Design/methodology/approachA sampling from 692 publicly nonfinancial-traded companies in the USA is employed over the period between 2010 and 2018. Generalized methods of moments (GMM) model is implemented to examine the impact of tone complexity on the cost of debt and its implications upon creditors and users.FindingsThe findings show that high-tone complexity is associated with a greater cost of debt. The use of a more complex tone in a company's annual reports has been shown to influence creditors' perceptions of risk.Originality/valueThis research pursues innovation by examining how creditors can use the tone complexity of annual report to assess the level of information asymmetry and estimate the required rate of return accordingly.

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来源期刊

Review of Behavioral Finance BUSINESS, FINANCE-

CiteScore

4.70

自引率

5.00%

发文量

期刊介绍： Review of Behavioral Finance publishes high quality original peer-reviewed articles in the area of behavioural finance. The RBF focus is on Behavioural Finance but with a very broad lens looking at how the behavioural attributes of the decision makers influence the financial structure of a company, investors’ portfolios, and the functioning of financial markets. High quality empirical, experimental and/or theoretical research articles as well as well executed literature review articles are considered for publication in the journal.