The Role of Non-Managerial Inside Debt in Firm Risk and the Cost of Debt

被引：0

作者：

Wang, Linyan ^{[1
,2
]}

Sui, Xiaoxu ^{[1
,2
]}

Feng, Yun ^{[1
,2
]}

Zhang, Huijuan ^{[1
,2
]}

Zhang, Bingda ^{[3
,4
]}

机构：

[1] Shanghai Inst Tourism, Sch Exhibit Econ & Management, Shanghai, Peoples R China

[2] Shanghai Normal Univ, Sch Tourism, Shanghai, Peoples R China

[3] Tongji Univ, Sch Econ & Management, Shanghai, Peoples R China

[4] Tongji Univ, Sch Econ & Management, Bldg A,Tongji Bldg 1500,Siping Rd, Shanghai, Peoples R China

来源：

EMERGING MARKETS FINANCE AND TRADE | 2023年 / 59卷 / 09期

关键词：

Non-managerial inside debt; business decision; cost of debt; EMPLOYEE STOCK-OWNERSHIP; INFORMATION; CEO; COMPENSATION; INCENTIVES; DESIGN; PLANS;

D O I：

10.1080/1540496X.2023.2210717

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This study investigates the impact of non-managerial inside debt on managerial risk-taking decisions and the cost of debt. We propose a theoretical model demonstrating that non-managerial inside debt can reduce firm risk by influencing managers' risk-taking decisions and that non-managerial inside debt is inversely related to the firm's cost of debt. From the proposed model, we develop an empirical hypothesis that indicates the negative relationship between non-managerial inside debt and the cost of debt. We test the hypothesis empirically and find evidence to support the model. The paper adds a novel theoretical model to the literature that shows the significance of non-managerial inside debt in firm risk-taking and capital raising.

引用

下载

页码：3076 / 3093

页数：18

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