کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
959446 | 929272 | 2015 | 24 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Government ownership and the cost of debt: Evidence from government investments in publicly traded firms
ترجمه فارسی عنوان
مالکیت دولتی و هزینه بدهی: شواهدی از سرمایه گذاری های دولتی در شرکت های تجاری معادل
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
حسابداری
چکیده انگلیسی
We investigate how government equity ownership in publicly traded firms affects the cost of corporate debt. Using a sample of bond credit spreads from 43 countries over 1991–2010, we find that government ownership is generally associated with a higher cost of debt, consistent with state-induced investment distortions, but is associated with a lower cost of debt during financial crises and for firms more likely to be distressed, when implicit government guarantees become the dominant effect. Our results are robust to controls for the endogeneity of government ownership, and we find these effects to be specific to domestic government ownership.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Economics - Volume 118, Issue 1, October 2015, Pages 168–191
Journal: Journal of Financial Economics - Volume 118, Issue 1, October 2015, Pages 168–191
نویسندگان
Ginka Borisova, Veljko Fotak, Kateryna Holland, William L. Megginson,