The Effect of Organization Capital on the Cost of Bank Loans
研究发现组织资本与银行贷款成本负相关，但会增加设施费用，且与创新产出正相关，对理解企业融资成本有参考价值。
Abstract We find that organization capital is negatively related to the cost of bank loans. This finding is robust to additional analyses including those that address omitted variable bias and reverse causality. In addition, we find that organization capital reduces all-in-spread-undrawn. When we decompose the bank loan cost, we find that organization capital increases facility fees due to its risk-engendering characteristics. Finally, we find that organization capital is positively associated with a high likelihood of the presence of inventors and innovation output, consistent with the argument that organization capital is embedded in the key talent within a firm.