Online Reputation and Debt Capacity

被引：1
|
作者：
Derrien, Francois [1 ]
Garel, Alexandre [2 ]
Romec, Arthur [3 ]
Weisskopf, Jean-Philippe [4 ]
机构：
[1] HEC Paris, Paris, France
[2] Audencia Business Sch, Nantes, France
[3] TBS Business Sch, Toulouse, France
[4] HES SO Haute Ecole Specialisee Suisse Occidentale, EHL Hospitality Business Sch, Delemont, Switzerland
来源：
JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS | 2024年 / 59卷 / 03期
关键词：
CAPITAL STRUCTURE DECISIONS; DISCONTINUITY; REVIEWS;
D O I：
10.1017/S0022109023000248
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We explore the effects of online customer ratings on financial policy. Using a large sample of Parisian restaurants, we find a positive and economically significant relationship between customer ratings and restaurant debt. We use the locally exogenous variations in customer ratings resulting from the rounding of scores in regression discontinuity tests to establish causality. Favorable online ratings reduce cash flow risk and increase resilience to demand shocks. Consistent with the view that good online ratings increase the debt capacity of restaurants and their growth opportunities, restaurants with good ratings use their extra debt to invest in tangible assets.
引用
收藏
页码：1100 / 1140
页数：41
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