Board Ties and the Cost of Corporate Debt
研究发现董事会关联度高的企业债券利差更低，尤其对信息不对称严重的企业效果更明显，且董事加入或离开会显著影响利差变化。
We examine the impact of firms’ board ties on bond yield spreads. Prior literature associates board connectedness with improved access to resources due to visibility and reputation arising from greater board capital. Consistent with the board capital hypothesis, we find that better connected firms are associated with greater media coverage and more ties to financial firms. Additionally, greater connectedness is linked with statistically and economically significant lower bond yield spreads, especially for firms with high information asymmetry. Our main result appears robust and includes significant negative (positive) changes in yield spreads to announcements of additions (departures) of highly connected directors.