Abstract
Using a unique dataset comprising 6313 firm-year observations for Chinese listed firms between 2008 and 2017, we investigate the impact of CEO social capital on cost of debt. Our results show that CEO social capital is negatively related to cost of debt, and the impact of CEO social capital in environments with a low degree of marketization or social trust is more pronounced than in environments with a high degree of marketization or social trust. Moreover, our results reveal that two potential mechanisms, discretionary accruals and information disclosure quality,
mediate the impact of CEO social capital on cost of debt.
mediate the impact of CEO social capital on cost of debt.
Original language | English |
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Article number | 101131 |
Number of pages | 25 |
Journal | Emerging Markets Review |
Volume | 60 |
Early online date | 10 Apr 2024 |
DOIs | |
Publication status | Published - Jun 2024 |