Panel data from publicly listed US industrial firms is used to investigate how firm-specific cost of debt (COD) determinants impact COD at different quantiles during a financial crisis. Six COD determinants: firm size, firm age, profitability, leverage, liquidity, and firm value, and advanced estimators: robust and bootstrapped fixed effects, bias-corrected least square dummy variable (LSDVC), and quantile regression, are employed within the context of pecking-order theory. The results show that firm size and leverage negatively impact COD, while liquidity positively impacts it when COD is high (90% quantile). The degree of profitability only confirms the pecking order theory when COD is extremely low (10% quantile) and contrasts with the theory for the 25% and above COD quantiles during the Global Financial Crisis (GFC). These findings confirm that the practicalities of access to finance matter during a financial crisis for corporate financing decisions.

中文翻译：

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金融危机期间企业债务成本的决定因素


美国上市工业企业的面板数据用于调查金融危机期间企业特定债务成本 (COD) 决定因素如何影响不同分位数的 COD。六个 COD 决定因素：公司规模、公司年龄、盈利能力、杠杆、流动性和公司价值，以及高级估计量：稳健和自举固定效应、偏差校正最小二乘虚拟变量 (LSDVC) 和分位数回归啄食顺序理论。结果表明，公司规模和杠杆会对 COD 产生负面影响，而当 COD 高（90% 分位数）时，流动性会对 COD 产生积极影响。盈利程度仅在 COD 极低（10% 分位数）时证实了优序排序理论，与全球金融危机 (GFC) 期间 COD 分位数 25% 及以上的理论形成鲜明对比。这些发现证实，金融危机期间融资渠道的实用性对企业融资决策至关重要。