When opaque firms borrow: The role of investor sentiment
研究了企业信息不透明对债务增长的影响，以及投资者情绪如何调节这一关系。发现不透明会抑制债务增长，且在投资者情绪高涨时更明显，对银行持股比例低的企业和制度更完善的国家影响更大。
We examine the effect of firm opacity on debt growth and how investor sentiment shapes this relationship. Using an international sample of firms during 2005–2019, we find that firm opacity negatively influences the growth in both bank and total debt ratios. This relationship is more relevant during periods of high investor sentiment. The role of investor sentiment is more prominent for firms with a lower proportion of bank ownership. The joint effect of firm opacity and investor sentiment is more relevant in countries with more developed institutions and greater creditor rights protection. Our results hold after addressing potential endogeneity concerns and additional tests.