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Financing strategically: The moderation effect of marketing activities on the bifurcated relationship between debt level and firm valuation of small and medium enterprises

Title
Financing strategically: The moderation effect of marketing activities on the bifurcated relationship between debt level and firm valuation of small and medium enterprises
Authors
Kim, Sang-JoonBae, JohnOh, Hannah
Ewha Authors
김상준
SCOPUS Author ID
김상준scopus
Issue Date
2019
Journal Title
NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE
ISSN
1062-9408JCR Link

1879-0860JCR Link
Citation
NORTH AMERICAN JOURNAL OF ECONOMICS AND FINANCE vol. 48, pp. 663 - 681
Keywords
DebtFirm valueMarketing activitiesSignal
Publisher
ELSEVIER SCIENCE INC
Indexed
SSCI; SCOPUS WOS scopus
Document Type
Article
Abstract
This study argues that debt can be strategically issued by governing its interpretations from investors. In particular, we pay attention to the signaling aspects of debt financing, and conjecture that firms purposefully determine the level of debt issuance, which can affect firm valuation. Also, we argue that the bifurcated or diverged roles of debt are moderated by marketing activities, as a way to treat the stakeholders' evaluation of the firm. This idea is empirically examined in a population of SMEs (Small- and Medium-sized Enterprises) in the U.S. stock market. Using a sample of 2174 U.S. public firms ranging from 1982 to 2010, we find resource independent debt (called idiosyncratic debt) has diverged impacts on firm valuation and the marketing moderation of such relationship is also bifurcated.
DOI
10.1016/j.najef.2018.08.008
Appears in Collections:
경영대학 > 경영학전공 > Journal papers
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