Judicial efficiency, debt structure, and cost of debt

被引：0
|
作者：
Aguiar-Diaz, Inmaculada [1 ]
Mruk, Ewelina Monica [1 ]
Ruiz-Mallorqui, Maria Victoria [1 ]
机构：
[1] Las Palmas de Gran Canaria Univ, Campus Tafira, Las Palmas Gran Canaria 35017, Spain
来源：
MANAGERIAL AND DECISION ECONOMICS | 2024年 / 45卷 / 06期
关键词：
CAPITAL STRUCTURE; PRIVATE DEBT; BANK LOANS; FINANCIAL CONTRACTS; CREDITOR RIGHTS; PUBLIC DEBT; ENFORCEMENT; LAW; CHOICE; DETERMINANTS;
D O I：
10.1002/mde.4207
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
In the framework of law and finance literature, this study investigates the link between judicial efficiency and financial debt cost in 1487 non-financial firms across the euro zone from 2010 to 2021. Utilizing qualitative (rule of law) and quantitative (judicial proceeding length) indicators from the Worldwide Governance Indicators and Doing Business databases, our findings support the hypothesis that efficient justice lowers financial debt cost. Additionally, we observe a moderating effect of debt structure, specifically that private non-bank debt enhances the reduction impact of judicial efficiency on debt cost, unlike bank and corporate bonds debt.
引用
收藏
页码：3541 / 3563
页数：23
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