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Effectiveness of board resolutions, related transactions, and bond financing costs of listed companies

Author

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  • Du, Changen
  • Wang, Lingkang
  • Yang, Yiqu

Abstract

This paper studies the relationship among the effectiveness of board resolutions, related transactions, and bond financing costs of Chinese A-share listed companies based on data from 2008 to 2023. The aim is to explore the mechanism of corporate governance in the context of corporate financing costs. Empirical results indicate that the effectiveness of board resolutions can significantly reduce the bond financing costs of enterprises; related transactions serve as a mediating factor between the effectiveness of board resolutions and bond financing costs; corporate reputation mediates the relationship between the effectiveness of board resolutions and bond financing costs; the impact of the effectiveness of board resolutions on bond financing costs exhibits heterogeneity under different levels of external audit quality; and it also varies with different levels of institutional investor shareholding. The conclusions of this paper contribute to deepening the theoretical research on corporate governance and financing costs and provide reference for enterprises to reduce financing costs, optimize governance structures, and for regulatory bodies in policy formulation.

Suggested Citation

  • Du, Changen & Wang, Lingkang & Yang, Yiqu, 2026. "Effectiveness of board resolutions, related transactions, and bond financing costs of listed companies," Finance Research Letters, Elsevier, vol. 89(C).
    • Handle: RePEc:eee:finlet:v:89:y:2026:i:c:s1544612325024997
    DOI: 10.1016/j.frl.2025.109250
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