Internet Bondholder Relations: Explaining Differences in Transparency Among German Issuers of Corporate Bonds

Research output: Journal contributionsJournal articlesResearchpeer-review

Authors

Bondholder relations gains importance for German non-financial firms as the debt market environment is changing significantly. Beyond an unprecedented increase in the amount of outstanding securities, there are two other effects that we observe in the German market for corporate bonds: an increasing focus on retail investors and a growing number of small to medium-sized firms entering the market. Both developments underline the need to explore bondholder relations, its implementation and effectiveness. In the course of this study, we intend to promote the understanding of why some firms disclose more to their bondholders than others. Following the information, agency, and related frameworks, we assume that Internet financial reporting helps reduce information asymmetries between bond issuers and dispersed investors. We devote this study to identifying main factors that determine cross-sectional heterogeneity. Conducting a multivariate analysis, we test hypotheses on the influence of capital market orientation, investors' informational needs, firm complexity, default risk, and family ownership. We find that all constructs, except for the default risk, are at least partly relevant in explaining the extent of information that bond issuers disclose on their websites. (JEL D82)
Translated title of the contributionAnleihekommunikation über das Internet: Ansatz zur Deutung von Unterschieden zwischen deutschen Emittenten von Unternehmensanleihen
Original languageEnglish
JournalKredit und Kapital
Volume45
Issue number3
Pages (from-to)313-341
Number of pages29
ISSN0023-4591
DOIs
Publication statusPublished - 2012

DOI

Recently viewed

Publications

  1. Between 'Nothing' and 'Something'
  2. Life Cycle Assessment (LCA)
  3. Determination of herbicides in stemflow and throughfall of beeches (Fagus sylvatica L.) and in rainfall
  4. Transversal Fields of Experience
  5. Metacommunity, mainland-island system or island communities?
  6. Successful Application of Adaptive Emotion Regulation Skills Predicts the Subsequent Reduction of Depressive Symptom Severity but neither the Reduction of Anxiety nor the Reduction of General Distress during the Treatment of Major Depressive Disorder
  7. Application of stress intensity factor superposition in residual stress fields considering crack closure
  8. Treatment or Documentation? Pareto Optimality in the Physicians’ Time Allocation
  9. Self-determined or non-self-determined? Exploring consumer motivation for sustainable food choices
  10. Ice clamping system in manufacturing systems as a cyber-physical system towards Industry 4.0
  11. Temporal variations of perfluoroalkyl substances and polybrominated diphenyl ethers in alpine snow
  12. Computer
  13. Wie werden Lerngegenstände zu Gegenständen?
  14. Multidimensional Polarization of Income and Wealth: The Extent and Intensity of Poverty and Affluence
  15. Contributions of Net-Map to sustainability action research
  16. Adaptive acquisition planning for visual inspection in remanufacturing using reinforcement learning
  17. Facilitating regional energy transition strategies:
  18. Maritime strategies of rising powers
  19. PyFin-sentiment
  20. Die Plattform als Fabrik
  21. Global Sourcing
  22. Relational Competence, Social Status, and Humor: Evidence from Two Experiments
  23. Fragmentarisches Schreiben
  24. Installation als Verfahren
  25. The Population Trajectories Both of the Wild Rabbit (Oryctolagus cuniculus) and the Iberian Lynx (Lynx pardinus) in Spain
  26. The interplay between individual and collective efforts in the age of global threats
  27. Biodegradable Materials for Medical Applications II
  28. Mechanisms behind elevational plant species richness patterns revealed by a trait-based approach
  29. Investing into third generation nuclear power plants - Review of recent trends and analysis of future investments using Monte Carlo Simulation
  30. Theoretische Fundierung der Internen Revision
  31. Alcohol intake can reduce gambling behavior
  32. Laypeople’s Affective Images of Energy Transition Pathways
  33. Beyond Biodiversity Conservation
  34. Indigenous and Local Communities' initiatives have transformative potential to guide shifts toward sustainability in South America