Management quality and the cost of debt: Does management matter to lenders?

Mohammad M. Rahaman; Ashraf Al Zaman

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Management quality and the cost of debt: Does management matter to lenders?

机译：管理质量和债务成本：管理对贷方是否重要？

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This paper investigates the effect of organizational capital, typified by various management practices within a firm, on the cost of external debt financing. Using a sample of medium-sized manufacturing firms in the US, we find that better management practices enhance a firm's external financing capacity by lowering the firm's cost of bank loans. We do not find any evidence that the lower loan cost of a high-quality-management firm is associated with more restrictive non-price contract terms such as greater collateral requirements and stricter covenants. These results suggest that banks explicitly take into account the risk arising from poor management practices when pricing and designing debt contracts.

机译：本文研究了以公司内部各种管理实践为代表的组织资本对外债融资成本的影响。通过对美国中型制造业公司的抽样调查，我们发现更好的管理实践可以通过降低公司的银行贷款成本来增强公司的外部融资能力。我们找不到任何证据表明高质量管理公司的较低贷款成本与更严格的非价格合同条款有关，例如更高的抵押要求和更严格的契约。这些结果表明，银行在定价和设计债务合同时明确考虑了管理不善的风险。

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来源
《Journal of banking & finance》 |2013年第3期|854-874|共21页
作者
Mohammad M. Rahaman; Ashraf Al Zaman;
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作者单位

Sobey School of Business, Saint Mary's University, Halifax, Nova Scotia, Canada B3H 3C3;

Sobey School of Business, Saint Mary's University, Halifax, Nova Scotia, Canada B3H 3C3;

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正文语种 eng
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关键词
management quality; bank-loan contracting; organizational capital;

机译：管理质量;银行贷款合同;组织资本;

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Management quality and the cost of debt: Does management matter to lenders?

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