Showing 1 - 10 of 64
This study investigates whether financial analysts play a governance role in international debt markets by examining the link between analyst forecast characteristics and the cost of debt financing. Using a sample of 2,686 bond issues from 35 non-U.S. countries, we find statistically and...
Persistent link: https://www.econbiz.de/10010900797
We examine the influence of political rights on the implied cost of equity capital using a sample of firms from 44 countries. We find that firms' equity financing costs are lower when political rights are stronger. We further find that political institutions' direct impact on the cost of equity...
Persistent link: https://www.econbiz.de/10010906821
Using a large sample of 3,040 U.S. firms and 16,606 firm-year observations over the 1991-2010 period, we find strong evidence that firm internationalization is positively related to the firm’s corporate social responsibility (CSR) rating. This finding persists when we use alternative...
Persistent link: https://www.econbiz.de/10010900798
Using a large sample of 115,534 firm-year observations from 46 countries over the period 1992 to 2007, we investigate the impact of political institutions on firms’ growth. We find that high levels of political constraint spur firms’ growth and that this positive impact is more pronounced in...
Persistent link: https://www.econbiz.de/10010900800
We examine the effect of corporate social responsibility (CSR) on the cost of equity capital for a large sample of US firms. Using several approaches to estimate firms' ex ante cost of equity, we find that firms with better CSR scores exhibit cheaper equity financing. In particular, our findings...
Persistent link: https://www.econbiz.de/10009249293
For a large sample of 48 countries, we find robust evidence that strong creditor rights are associated with low long-term leverage across countries. We further find that strong creditor protection lowers long-term debt issuance, the extent to which investments are financed with long-term debt,...
Persistent link: https://www.econbiz.de/10010753539
We investigate the influence of national culture on corporate debt maturity choice. Based on the framework of Williamson, we argue that culture located in social embeddedness level can shape contracting environments by serving as an informal constraint that affects human actors’ incentives and...
Persistent link: https://www.econbiz.de/10010577958
This paper examines the relevance of institutional investors’ investment horizon, as reflected in the response of firm investment to internal cash flows. We argue that institutional investors with longer investment horizons have greater incentives and efficiencies to engage in effective...
Persistent link: https://www.econbiz.de/10010577983
Persistent link: https://www.econbiz.de/10005362555
Persistent link: https://www.econbiz.de/10005372440