Determinants of Financial Distress Costs
Determinants of Financial Distress Costs
复制标题
财务困境成本的决定因素
DOI：
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发表时间：
2005
期刊：
影响因子：
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通讯作者：
Luís Rodrigues
中科院分区：
文献类型：
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作者：
Julio Pindado;Luís Rodrigues
本文提供了财务困境成本的国际证据。为了实现这一目标，我们开发了一个模型，其中财务困境成本的确定，一方面，利用一个更准确的指标，财务困境的概率，另一方面，由一组变量，根据金融理论，解释的规模，由企业承担的成本在财务困境的情况下。我们的研究结果揭示了我们改进的财务困境概率指标的相关性，因为它对所有分析的国家的财务困境成本产生了积极影响。此外，由于我们的模型控制了财务困境的概率，我们可以测试债务的收益和成本之间的权衡。这使我们能够验证收益债务超过成本。我们的研究结果还表明，困境成本是负相关的流动资产，因此，他们的好处超过抵消他们的机会成本。
This paper provides international evidence on financial distress costs. To achieve this aim, we have developed a model where financial distress costs are determined, on the one hand, by making use of a more accurate indicator of the probability of financial distress and, on the other, by a set of variables that, according to financial theory, explain the magnitude of the costs borne by a firm in the case of financial distress. Our results reveal the relevance of our improved indicator of the probability of financial distress, since it positively affects financial distress costs in all the countries analyzed. Furthermore, since our model controls for the probability of financial distress, we can test the trade-off between the benefits and costs of debt. This allows us to verify that the benefits debt outweigh the costs. Our results also indicate that distress costs are negatively related to liquid assets; hence, their benefits more than offset their opportunity costs.