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
相关论文
共 50 条
  • [41] Media Coverage and the Cost of Debt
    Gao, Haoyu
    Wang, Junbo
    Wang, Yanchu
    Wu, Chunchi
    Dong, Xi
    [J]. JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 2020, 55 (02) : 429 - 471
  • [42] CEO incentives and the cost of debt
    Shaw K.W.
    [J]. Review of Quantitative Finance and Accounting, 2012, 38 (3) : 323 - 346
  • [43] The Opportunity Cost of Debt Aversiont
    Martinez-Marquina, Alejandro
    Shi, Mike
    [J]. AMERICAN ECONOMIC REVIEW, 2024, 114 (04): : 1140 - 1172
  • [44] Capital Controls and the Cost of Debt
    Andreasen, Eugenia
    Schindler, Martin
    Valenzuela, Patricio
    [J]. IMF ECONOMIC REVIEW, 2019, 67 (02) : 288 - 314
  • [45] ESG scores and cost of debt
    Apergis, Nicholas
    Poufinas, Thomas
    Antonopoulos, Alexandros
    [J]. ENERGY ECONOMICS, 2022, 112
  • [46] Income smoothing and the cost of debt
    Si Li
    Nivine Richie
    [J]. China Journal of Accounting Research, 2016, (03) : 175 - 190
  • [47] THE SOCIAL COST OF BAD DEBT
    Graue, Erwin
    [J]. QUARTERLY JOURNAL OF ECONOMICS, 1939, 53 : 477 - 486
  • [48] Returnee directors and cost of debt
    Khan, Muhammad
    Tawiah, Vincent
    Usman, Muhammad
    Wang, Fangjun
    Gyapong, Ernest
    [J]. JOURNAL OF BUSINESS RESEARCH, 2023, 168
  • [49] Capital Controls and the Cost of Debt
    Eugenia Andreasen
    Martin Schindler
    Patricio Valenzuela
    [J]. IMF Economic Review, 2019, 67 : 288 - 314
  • [50] Income smoothing and the cost of debt
    Li, Si
    Richie, Nivine
    [J]. CHINA JOURNAL OF ACCOUNTING RESEARCH, 2016, 9 (03) : 175 - 190
12345