Earticle

초록

영어

In this study, we explore a condition where corporate debt can be strategically used in the stock market by governing its interpretations from investors. To disentangle the performance implications of corporate debt, we pay attention to the signaling aspect of debt financing. Acknowledging that investors can interpret the value of a firm with the level of debt, we postulate that debt can convey differentiated signals (i.e. driver vs. distress). In addition, we argue that the bifurcated role of debt can be moderated by marketing activities, which can affect the stakeholders’ interpretations. This idea is empirically examined in a population of SMEs (Small- and Medium-sized Enterprises). Using COMPUSTAT database of 2,174 U.S. public firms ranging from 1982 to 2010, we find resource-independent debt (called idiosyncratic debt) has bifurcated impacts on Buy-and-Hold Abnormal Returns (BHARs) and the marketing moderation of such relationship is also bifurcated.

목차

Abstract
 INTRODUCTION
 THEORY AND HYPOTHESES
  Non-Monotonic Signaling Effects of Corporate Debt in Valuation of SMEs
  The Role of Marketing Intensity for Debt Signaling
 METHODS
  Sample and Data
  Measures
  Estimation Methods
 RESULTS
  Hypothesis Tests
  Additional Analyses
 DISCUSSION OF THE RESULTS
  Marketing as a Strategic Means to Control Debt Signaling
  Debt Maturity and Firm Valuation
  SMEs vs. Large Firms
 CONCLUSION
 REFERENCES

키워드

저자

• Sang-Joon Kim [ Assistant Professor Ewha School of Business Ewha Womans University ]
• Jong-Wan Bae [ Assistant Professor of Finance Martha & Spencer Love School of Business Elon University 100 Campus Drive, Elon, NC 27244 ]
• Hannah Oh [ Assistant Professor Department of Marketing, College of Business Administration University of Nebraska at Omaha Omaha, NE 68182 ]

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  한국재무학회 학술대회

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  2006~2024

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  KDC 325 DDC 330