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Institutions, banking structure and the cost of debt: new international evidence
| dc.contributor.author | Álvarez Botas, Celia | |
| dc.contributor.author | González Méndez, Víctor Manuel | |
| dc.date.accessioned | 2020-04-29T10:55:55Z | |
| dc.date.available | 2020-04-29T10:55:55Z | |
| dc.date.issued | 2021 | |
| dc.identifier.citation | Accounting and Finance, 61, p. 265-303 (2021); doi:10.1111/acfi.12567 | |
| dc.identifier.issn | 0810-5391 | |
| dc.identifier.uri | http://hdl.handle.net/10651/54309 | |
| dc.description.abstract | This paper analyses the effect of institutions and the structure of the banking system on the cost of debt for a sample of firms from 37 countries. The cost of debt decreases with the rule of law, the protection of creditors’ rights and the weight of banks in the economy. Bank financing and bank concentration have a positive differential effect on the cost of debt in those countries where the financial difficulties of banks are greater. Legal enforcement, the protection of creditors’ rights and the weight of bank financing have a greater influence in countries with a lower degree of economic development. | |
| dc.description.sponsorship | We wish to thank participants at the ACEDE Conference in Vigo (2016) for helpful comments and suggestions. Funding from the Spanish Ministry of Economy and Competitiveness via Project ECO2015-66184-R and financial support from the Government of the Principality of Asturias via the Severo Ochoa programme of predoctoral grants are gratefully acknowledged. | |
| dc.format.extent | p. 265-303 | |
| dc.language.iso | eng | |
| dc.relation.ispartof | Accounting and Finance | |
| dc.rights | © 2019 Accounting and Finance Association of Australia and New Zealand | |
| dc.rights | This is the peer reviewed version of the following article: Institutions, banking structure and the cost of debt: new international evidence, which has been published in final form at http://dx.doi.org/10.1111/acfi.12567. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions." | |
| dc.source | Scopus | |
| dc.source.uri | https://www.scopus.com/inward/record.uri?eid=2-s2.0-85075471177&doi=10.1111%2facfi.12567&partnerID=40&md5=345422311c20a58794b806b72b09c1c8 | |
| dc.title | Institutions, banking structure and the cost of debt: new international evidence | |
| dc.type | journal article | |
| dc.identifier.doi | 10.1111/acfi.12567 | |
| dc.accrualPeriodicity | info:eu-repo/semantics/openAccess | |
| dc.relation.projectID | ECO2015-66184-R | |
| dc.relation.publisherversion | http://dx.doi.org/10.1111/acfi.12567 | |
| dc.rights.accessRights | open access | |
| dc.type.hasVersion | AM |
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