Ownership Type, Investors'Site Visits and Firm's Cost of Debt Financing

ZHANG Yong

Volume 35 Issue 4

May 2021

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Article Navigation > Journal of Guangdong University of Finance & Economics > 2020 > 35(4): 72-86+102

ZHANG Yong. Ownership Type, Investors'Site Visits and Firm's Cost of Debt Financing[J]. Journal of Guangdong University of Finance & Economics, 2020, 35(4): 72-86+102.

Citation:

ZHANG Yong. Ownership Type, Investors'Site Visits and Firm's Cost of Debt Financing[J]. Journal of Guangdong University of Finance & Economics, 2020, 35(4): 72-86+102.

ZHANG Yong. Ownership Type, Investors'Site Visits and Firm's Cost of Debt Financing[J]. Journal of Guangdong University of Finance & Economics, 2020, 35(4): 72-86+102.

Citation:

ZHANG Yong. Ownership Type, Investors'Site Visits and Firm's Cost of Debt Financing[J]. Journal of Guangdong University of Finance & Economics, 2020, 35(4): 72-86+102.

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Ownership Type, Investors'Site Visits and Firm's Cost of Debt Financing

ZHANG Yong

College of Economics and Management, Nanjing Forestry University, Nanjing 210037, China

Received Date: 2020-03-21
Available Online: 2021-05-08
Publish Date: 2020-08-28

Abstract

Abstract

From the perspective of investor's site visits as the important source of non-financial information and one of the corporate governance mechanisms, this paper investigates whether investors' site visits can affect the firm's cost of debt financing. It is found that investors' site visits to the production and operation of listed companies can significantly reduce the firm's cost of debt financing; that is, the frequency, breadth and depth of investors' site visits to listed companies are inversely proportional to the firm's cost of debt financing; moreover, ownership type can significantly affect the efficiency of investors' site visits in reducing the firm's cost of debt financing, which indicates the negative impact of investors' site visits on the firm's cost of debt financing only exists in the non state-owned firms. Further research finds that the net positive tone of corporate executives' responses to questions from research subjects about the firm's production and operation can help reduce the firm's cost of debt financing; meanwhile, the net positive tone can effectively mitigate the positive impact of poor operating performance on firm's cost of debt financing.
- site visit,
- cost of debt financing,
- ownership type,
- management tone,
- financing cost,
- corporate debt,
- investor

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References(46)

References

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