Criminals, bankruptcy, and cost of debt
نویسندگان
چکیده
Abstract We examine whether criminal records of CEOs and rank-and-file employees are associated with firms’ likelihood bankruptcy, lenders adjust their required cost debt accordingly. use a nationwide sample private firms registers covering all firm employees. find that the bankruptcy is positively CEO’s record proportion records. some, though less robust, evidence price firm’s loan higher when CEO has more have The results suggest characteristics represent risk that, to some extent, priced by lenders.
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ژورنال
عنوان ژورنال: Review of Accounting Studies
سال: 2021
ISSN: ['1380-6653', '1573-7136']
DOI: https://doi.org/10.1007/s11142-021-09608-6