پارس پروژه پرتال خدمات دانشگاهی
این مقاله علمی پژوهشی (ISI) به زبان انگلیسی از نشریه الزویر مربوط به سال ۲۰۲۱ دارای ۲۱ صفحه انگلیسی با فرمت PDF می باشد در ادامه این صفحه لینک دانلود رایگان مقاله انگلیسی و بخشی از ترجمه فارسی مقاله موجود می باشد.
کد محصول: H712
سال نشر: ۲۰۲۱
نام ناشر (پایگاه داده): الزویر
نام مجله: Finance Research Letters
نوع مقاله: علمی پژوهشی (Research articles)
تعداد صفحه انگلیسی: ۲۱ صفحه PDF
عنوان کامل فارسی:
مقاله انگلیسی ۲۰۲۱ : COVID-19 و هزینه اوراق قرضه: نقش تنوع شرکتی
عنوان کامل انگلیسی:
COVID-19 and the Cost of Bond Debt: The Role of Corporate Diversification
برای دانلود رایگان مقاله انگلیسی بر روی دکمه ذیل کلیک نمایید
وضعیت ترجمه: این مقاله تاکنون ترجمه نشده برای سفارش ترجمه ی مقاله بر روی دکمه ذیل کلیک نمایید (کد مقاله:H712)
مقالات مرتبط با این موضوع: برای مشاهده سایر مقالات مرتبط با این موضوع (با ترجمه و بدون ترجمه) بر روی دکمه ذیل کلیک نمایید
Abstract
We examine whether diversification is valuable in reducing the cost of debt for COVID- 19-exposed firms. We find that although the pandemic has increased firms’ borrowing costs, both business and geographic diversifications reduce bond yield spreads for COVID-19-exposed firms. This highlights that the coinsurance features and enhanced investment opportunities of diversified firms are valuable during difficult times. We also find that unrelated diversification and diversification in countries with low COVID-19 uncertainty have a more substantial effect on reducing the bond spreads of COVID-19- exposed firms. These findings are essential for building a complete picture of the effect of COVID-19 on borrowing costs.
Keywords: COVID-19; Diversification; Borrowing costs
۱.Introduction
The disruptions to economic activities due to the ongoing COVID-19 pandemic have resulted in a lower value of firms’ assets and a reduction in the value of the collateral against which they can borrow (Hasan et al., 2021). Moreover, these circumstances caused adverse cash flow shock that increased firms’ default risk (Liu et al., 2021), reduced the liquidity of the corporate bond market (Acharya & Steffen, 2020; Haddad et al., 2021; Hasan et al., 2021; Kargar et al., 2021), and increased borrowing costs. Consistent with this, prior studies have documented that exposure to COVID-19 is associated with higher loan and bond spreads (Arnold & Rhodes, 2021; Hasan et al., 2021; Liu et al., 2021; Nozawa & Qiu, 2021). However, not all industries and countries are equally hit by the pandemic as its effect on market risk vary between industries and countries (e.g., Alfaro et al., 2020; Baek et al., 2020; Liu et al., 2021; Ramelli & Wagner, 2020). As such, firms may be able to reallocate resources internally–for example, between divisions in different industries or countries–to ameliorate the effects of the pandemic…
۵.Conclusion
The extreme market conditions that resulted from the COVID-19 pandemic significantly increased borrowing costs. As a reflection of such an increase, this study examines the effect of corporate diversification on borrowing costs for COVID-19-exposed firms. We find that diversification across different business units and countries reduces borrowing costs for these firms. We also find that unrelated business diversification and geographic diversification in countries with low COVID-19 uncertainty are more valuable than related diversification and diversification in countries with high COVID-19 uncertainty.
Given the ongoing pandemic, the results have an implication for firms and policymakers in utilizing the role of corporate diversification in reducing the negative effect of the pandemic on borrowing costs.