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Corporate governance and cost of debt: review of recent studies

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  • Anastasia Stepanova

    (National Research University – Higher School of Economics)

  • Ilya Rabotinskiy

    (National Research University – Higher School of Economics)

Abstract

We suppose that the agency conflicts between shareholders and bondholders may affect the level of risk of company’s debt instruments, therefore, increasing the cost of debt of the firm. A number of corporate governance mechanisms are developed to alleviate the conflicts. This paper surveys research on the relationship between corporate governance and the cost of debt. We pay special attention to the empirical papers with specific findings on cost of debt’s nonfinancial determinants in emerging markets.

Suggested Citation

  • Anastasia Stepanova & Ilya Rabotinskiy, 2014. "Corporate governance and cost of debt: review of recent studies," Journal of Corporate Finance Research Корпоративные финансы, CyberLeninka;Федеральное государственное автономное образовательное учреждение высшего образования «Национальный исследовательский университет «Высшая школа экономики», issue 2 (30), pages 90-102.
    • Handle: RePEc:scn:026790:15693895
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    Cited by:

    1. Kopyrina, Olga & Stepanova, Anastasia, 2023. "The influence of ownership structure and board independence on the cost of debt in BRIC countries," Economic Systems, Elsevier, vol. 47(2).
    2. Anastasia N. Stepanova & Olga O. Kopyrina, 2019. "The Influence Of Ownership Structure And Board Independence On The Cost Of Debt In Bric Countries," HSE Working papers WP BRP 74/FE/2019, National Research University Higher School of Economics.

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