Organization Capital and the Cost of Equity Financing in Medium‐Sized Manufacturing Firms
研究了中型制造企业的组织资本（体现在管理质量上）如何影响其隐含股权资本成本，发现优秀的管理实践能降低融资成本，且结论稳健。
Abstract We examine the effects of organization capital—evident in management quality practices—on firms’ implied cost of equity. We show that superior management practices decrease firms’ cost of equity capital. This novel finding, robust to a battery of sensitivity analyses and to endogeneity bias, highlights the importance of superior management practices in improving firms’ financing conditions. In sum, this study demonstrates that the quality of management practices maps onto firms’ financing conditions, stressing the value relevance of intangible assets.