Product market competition, corporate governance, and cost of capital

被引：10

作者：

Hodges, Charles W. ^{[1
]}

Lin, Bingxuan ^{[2
]}

Lin, Chen-Miao ^{[3
]}

机构：

[1] Univ West Georgia, Carrollton, GA 30118 USA

[2] Univ Rhode Isl, Kingston, RI 02881 USA

[3] Clayton State Univ, Coll Business, Morrow, GA 30260 USA

来源：

APPLIED ECONOMICS LETTERS | 2014年 / 21卷 / 13期

关键词：

corporate governance; cost of equity; cost of debt; product market competition; OWNERSHIP STRUCTURE; EQUITY;

D O I：

10.1080/13504851.2014.896978

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We investigate how market competition and corporate governance affect a firm's cost of equity and debt. We find firms with better corporate governance have a lower cost of equity and cost of debt. However, we find that the negative relation between cost of capital and governance primarily holds for firms in highly competitive industries. The relation between governance and cost of capital does not hold if the industry competition is weak.

引用

页码：906 / 913

页数：8

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