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Organization Capital and the Cost of Equity Financing in Medium-Sized Manufacturing Firms
Attig, Najah - 2017
We examine the effects of organization capital — evident in management quality practices — on firms' implied cost of equity. We show that superior management practices decrease firms' cost of equity capital. This novel finding, robust to a battery of sensitivity analyses and to endogeneity...
Persistent link: https://www.econbiz.de/10012956213
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Firm Reputation and the Cost of Debt Capital
Anginer, Deniz - 2019
We examine the relation between firm reputation and the cost of debt financing. We posit that corporate reputation … magazine's survey of company reputation while controlling for the impact of firm-level variables, we find an inverse relation … between a company's reputation and its bond (bank loan) credit spreads. We also find that firms with high reputation face less …
Persistent link: https://www.econbiz.de/10012905872
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Firm Reputation and the Cost of Debt Capital
Anginer, Deniz - 2017
We examine the relation between firm reputation and the cost of debt financing. We posit that corporate reputation … magazine's survey of company reputation, we find an inverse relation between a company's reputation and its bond credit spreads …. We also find that firms with high reputation face less stringent covenants. Further testing shows that bad reputation is …
Persistent link: https://www.econbiz.de/10012975361
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Corporate Opacity and Cost of Debt for Family Firms
Ma, Liangbo - 2016
This paper uses a sample of Chinese firms to examine the impact of corporate opacity on the relationship between family control and firms' cost of debt. We find that family control is associated with a lower cost of debt on average, and a negative impact exists mainly in firms with relatively...
Persistent link: https://www.econbiz.de/10013003884
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Information Asymmetry, Relationship Banking and Financing Costs of SME's
Fidrmuc, Jarko - 2016
We focus on the determinants and potentially associated benefits of relationship banking. Based on existing literature and the unique role intangible assets might play regarding asymmetric information, we derive three testable predictions. Using rich data on firm-bank relationships in Germany,...
Persistent link: https://www.econbiz.de/10013005257
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Zinsschranke, Unternehmensbewertung und APV Ansatz - eine Anmerkung zum Beitrag von Förster/Stöckl/Brenken (ZfB 2009, S. 985 ff.)
Arnold, Sven; Lahmann, Alexander; Schwetzler, Bernd - 2011 - Version vom 09.06.2010
The German "Zinsschranke" limits the tax deductability of interest expenses. Recently, in this journal Förster et al. have developed a model to incorporate this tax regulation into the calculation of the tax shield in corporate valuation. Our paper critically comments on this proposal. --...
Persistent link: https://www.econbiz.de/10008986956
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The Commitment Role of Equity Financing
Fahn, Matthias - 2014
Existing theories of a firm's optimal capital structure seem to fail in explaining why many healthy and profitable firms rely heavily on equity financing, even though benefits associated with debt (like tax shields) appear to be high and the bankruptcy risk low. This holds in particular for...
Persistent link: https://www.econbiz.de/10013051377
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External financing and earnings management : evidence in Vietnam
Phuong Bui; Hai Ngo; Nguyen Khuong Vinh; Nguyen Thanh Liem - In: Cogent economics & finance 10 (2022) 1, pp. 1-16
This paper investigates the effect of external financing on earnings management in Vietnam, a bank-dominated economy. Using a sample of 494 listed non-financial firms from 2009 to 2018, we find that external financing is positively related to earnings management, implying that firms have...
Persistent link: https://www.econbiz.de/10014500393
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Fostering the use of intangibles to strengthen SME access to finance
Brassell, Martin; Boschmans, Kris - 2018
The document sets out how intangible assets can be relevant for SMEs to obtain external funding; the challenges and opportunities in this area; and the rationale for policy intervention. It provides some policy trends from a selected group of countries and concludes with some issues to be...
Persistent link: https://www.econbiz.de/10011996473
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Underwriting syndicates and the cost of debt : evidence from Chinese corporate bonds
Yang, Shenggang; Gong, Xun; Xu, Si - In: Emerging markets finance & trade : a journal of the … 53 (2017) 2, pp. 471-491
Persistent link: https://www.econbiz.de/10011764268