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The association between cost of debt and Hong Kong politically connected firms
journal contribution
posted on 2018-12-01, 00:00 authored by M A Bliss, J A Goodwin, Ferdinand GulFerdinand Gul, A Wong© 2018 This paper investigates the association between Hong Kong politically connected (PCON) firms and their cost of debt and find these firms are associated with significantly lower interest rates being charged by lenders compared to other (non-PCON) firms. We compare our results with earlier investigations of Malaysian and U.S. PCON firms and find that our results are consistent with the results of the U.S. but inconsistent with that of Malaysia. Our results suggest that the economic wealth, the extent of political power, and the pervasiveness of firms having political connections could account for the cross-country differences between the cost of debt and PCON firms.
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Journal
Journal of contemporary accounting and economicsVolume
14Issue
3Pagination
321 - 334Publisher
ElsevierLocation
Amsterdam, The NetherlandsPublisher DOI
ISSN
1815-5669Language
engPublication classification
C Journal article; C1 Refereed article in a scholarly journalCopyright notice
2018, ElsevierUsage metrics
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