Document Type

Journal Article

Publication Title

Emerging Markets Review

Volume

60

Publisher

Elsevier

School

School of Business and Law

RAS ID

65714

Comments

Chen, Y., Shan, Y. G., Wang, J., Yang, X., & Zhang, J. (2024). Social capital and cost of debt: Evidence from Chinese CEO network centrality. Emerging Markets Review, 60, article 101131. https://doi.org/10.1016/j.ememar.2024.101131

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.

DOI

10.1016/j.ememar.2024.101131

Creative Commons License

Creative Commons Attribution-Noncommercial 4.0 License
This work is licensed under a Creative Commons Attribution-Noncommercial 4.0 License

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