Abstract

The purpose of this study is to investigate whether creditors consider the governance characteristics of the enterprise in deciding the cost of the debt. Starting from a sample of 486 American firms during the period from 1998 to 2017, we integrate governance in six factorial axes by using estimation by OLS regressors. We validate that audit quality as well as financial expertise are informative tools for creditors who provide information on the quality and reliability of financial information. They negatively and significantly affect the cost of the debt. Moreover, the creditors appreciate the existence of independent directors on the board of directors and reduce the cost of indebtedness required. Then, the attributes of the board of directors are poorly perceived by the creditors who will improve the interest rate. Additionally, the cost of debt improves with the concentration of managerial property and majority shareholders.

摘要

本研究的目的是调查债权人在决定债务成本时是否考虑了企业的治理特征。从 1998 年至 2017 年期间的 486 家美国公司的样本开始，我们使用 OLS 回归器的估计将治理整合到六个因子轴上。我们验证，审计质量和财务专业知识是提供有关财务信息质量和可靠性信息的债权人的信息工具。它们对债务成本产生负面且显着的影响。此外，债权人对董事会中独立董事的存在表示赞赏，并降低了所需的债务成本。然后，将提高利率的债权人对董事会的属性知之甚少。此外，