Groups, pricing, and cost of debt : evidence from Turkey

The paper examines the impact of business group affiliation on cost of loans in an emerging market setting. It focuses on operational strategy, organizational structure and internationalization policies of business group firms and their impact on borrowing cost of affiliated firms. Bank loans are a...
Ausführliche Beschreibung

Gespeichert in:

Autor*in:	Küllü, A. Melih [verfasserIn] Raymar, Steven B. [verfasserIn]

Format:	E-Artikel
Sprache:	Englisch

Erschienen:	March 2018

Übergeordnetes Werk:	Enthalten in: Journal of risk and financial management - Basel : MDPI, 2008, 11(2018), 1 vom: März, Seite 1-31
Übergeordnetes Werk:	volume:11 ; year:2018 ; number:1 ; month:03 ; pages:1-31

Links:	Volltext Volltext Link aufrufen Terms of use

DOI / URN:	10.3390/jrfm11010014

Katalog-ID:	1024010821

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allfields	10.3390/jrfm11010014 doi 10419/238861 hdl (DE-627)1024010821 (DE-599)GBV1024010821 DE-627 ger DE-627 rda eng G20 G21 G32 G34 F30 F34 jelc Küllü, A. Melih verfasserin aut Groups, pricing, and cost of debt evidence from Turkey A. Melih Küllü and Steven Raymar March 2018 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier The paper examines the impact of business group affiliation on cost of loans in an emerging market setting. It focuses on operational strategy, organizational structure and internationalization policies of business group firms and their impact on borrowing cost of affiliated firms. Bank loans are a dominant source of corporate funding in emerging markets, in which business groups exist as leading economic entities. Yet, the impact of belonging to a group on the firm’s cost of debt has not been studied in depth. Our results reveal that the extent of group affiliation, government ownership, and diversification increase the cost of loans. However, a group bank is advantageous in terms of borrowing, and decreases the cost of loans. While foreign ownership is beneficial in terms of pricing, being affiliated with a foreign group is not. Being a financial firm and being cross-listed are not significantly associated with bank loan terms. Borrowing costs are thus influenced in various ways by organizational structure, operational strategies, and global policies of business groups and affiliates. Therefore, business groups may benefit from strategically implementing policies and selecting loan applicant firms. Raymar, Steven B. verfasserin (DE-588)171007395 (DE-627)061164488 (DE-576)131837044 aut Enthalten in Journal of risk and financial management Basel : MDPI, 2008 11(2018), 1 vom: März, Seite 1-31 Online-Ressource (DE-627)770970427 (DE-600)2739117-6 (DE-576)395129494 1911-8074 nnns volume:11 year:2018 number:1 month:03 pages:1-31 https://doi.org/10.3390/jrfm11010014 Resolving-System kostenfrei Volltext http://www.mdpi.com/1911-8074/11/1/14/pdf Verlag kostenfrei Volltext http://hdl.handle.net/10419/238861 Resolving-System kostenfrei http://creativecommons.org/licenses/by/4.0/ Verlag Terms of use 46 GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_90 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2020 GBV_ILN_2026 GBV_ILN_2111 GBV_ILN_2129 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 AR 11 2018 1 3 1-31 26 01 0206 1774803089 x1k 06-06-18 26 00 DE-206 56 business groups 26 00 DE-206 56 cost of loans 26 00 DE-206 56 corporate governance 26 00 DE-206 56 emerging markets 26 00 DE-206 56 Turkey
spelling	10.3390/jrfm11010014 doi 10419/238861 hdl (DE-627)1024010821 (DE-599)GBV1024010821 DE-627 ger DE-627 rda eng G20 G21 G32 G34 F30 F34 jelc Küllü, A. Melih verfasserin aut Groups, pricing, and cost of debt evidence from Turkey A. Melih Küllü and Steven Raymar March 2018 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier The paper examines the impact of business group affiliation on cost of loans in an emerging market setting. It focuses on operational strategy, organizational structure and internationalization policies of business group firms and their impact on borrowing cost of affiliated firms. Bank loans are a dominant source of corporate funding in emerging markets, in which business groups exist as leading economic entities. Yet, the impact of belonging to a group on the firm’s cost of debt has not been studied in depth. Our results reveal that the extent of group affiliation, government ownership, and diversification increase the cost of loans. However, a group bank is advantageous in terms of borrowing, and decreases the cost of loans. While foreign ownership is beneficial in terms of pricing, being affiliated with a foreign group is not. Being a financial firm and being cross-listed are not significantly associated with bank loan terms. Borrowing costs are thus influenced in various ways by organizational structure, operational strategies, and global policies of business groups and affiliates. Therefore, business groups may benefit from strategically implementing policies and selecting loan applicant firms. Raymar, Steven B. verfasserin (DE-588)171007395 (DE-627)061164488 (DE-576)131837044 aut Enthalten in Journal of risk and financial management Basel : MDPI, 2008 11(2018), 1 vom: März, Seite 1-31 Online-Ressource (DE-627)770970427 (DE-600)2739117-6 (DE-576)395129494 1911-8074 nnns volume:11 year:2018 number:1 month:03 pages:1-31 https://doi.org/10.3390/jrfm11010014 Resolving-System kostenfrei Volltext http://www.mdpi.com/1911-8074/11/1/14/pdf Verlag kostenfrei Volltext http://hdl.handle.net/10419/238861 Resolving-System kostenfrei http://creativecommons.org/licenses/by/4.0/ Verlag Terms of use 46 GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_90 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2020 GBV_ILN_2026 GBV_ILN_2111 GBV_ILN_2129 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 AR 11 2018 1 3 1-31 26 01 0206 1774803089 x1k 06-06-18 26 00 DE-206 56 business groups 26 00 DE-206 56 cost of loans 26 00 DE-206 56 corporate governance 26 00 DE-206 56 emerging markets 26 00 DE-206 56 Turkey
allfields_unstemmed	10.3390/jrfm11010014 doi 10419/238861 hdl (DE-627)1024010821 (DE-599)GBV1024010821 DE-627 ger DE-627 rda eng G20 G21 G32 G34 F30 F34 jelc Küllü, A. Melih verfasserin aut Groups, pricing, and cost of debt evidence from Turkey A. Melih Küllü and Steven Raymar March 2018 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier The paper examines the impact of business group affiliation on cost of loans in an emerging market setting. It focuses on operational strategy, organizational structure and internationalization policies of business group firms and their impact on borrowing cost of affiliated firms. Bank loans are a dominant source of corporate funding in emerging markets, in which business groups exist as leading economic entities. Yet, the impact of belonging to a group on the firm’s cost of debt has not been studied in depth. Our results reveal that the extent of group affiliation, government ownership, and diversification increase the cost of loans. However, a group bank is advantageous in terms of borrowing, and decreases the cost of loans. While foreign ownership is beneficial in terms of pricing, being affiliated with a foreign group is not. Being a financial firm and being cross-listed are not significantly associated with bank loan terms. Borrowing costs are thus influenced in various ways by organizational structure, operational strategies, and global policies of business groups and affiliates. Therefore, business groups may benefit from strategically implementing policies and selecting loan applicant firms. Raymar, Steven B. verfasserin (DE-588)171007395 (DE-627)061164488 (DE-576)131837044 aut Enthalten in Journal of risk and financial management Basel : MDPI, 2008 11(2018), 1 vom: März, Seite 1-31 Online-Ressource (DE-627)770970427 (DE-600)2739117-6 (DE-576)395129494 1911-8074 nnns volume:11 year:2018 number:1 month:03 pages:1-31 https://doi.org/10.3390/jrfm11010014 Resolving-System kostenfrei Volltext http://www.mdpi.com/1911-8074/11/1/14/pdf Verlag kostenfrei Volltext http://hdl.handle.net/10419/238861 Resolving-System kostenfrei http://creativecommons.org/licenses/by/4.0/ Verlag Terms of use 46 GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_90 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2020 GBV_ILN_2026 GBV_ILN_2111 GBV_ILN_2129 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 AR 11 2018 1 3 1-31 26 01 0206 1774803089 x1k 06-06-18 26 00 DE-206 56 business groups 26 00 DE-206 56 cost of loans 26 00 DE-206 56 corporate governance 26 00 DE-206 56 emerging markets 26 00 DE-206 56 Turkey
allfieldsGer	10.3390/jrfm11010014 doi 10419/238861 hdl (DE-627)1024010821 (DE-599)GBV1024010821 DE-627 ger DE-627 rda eng G20 G21 G32 G34 F30 F34 jelc Küllü, A. Melih verfasserin aut Groups, pricing, and cost of debt evidence from Turkey A. Melih Küllü and Steven Raymar March 2018 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier The paper examines the impact of business group affiliation on cost of loans in an emerging market setting. It focuses on operational strategy, organizational structure and internationalization policies of business group firms and their impact on borrowing cost of affiliated firms. Bank loans are a dominant source of corporate funding in emerging markets, in which business groups exist as leading economic entities. Yet, the impact of belonging to a group on the firm’s cost of debt has not been studied in depth. Our results reveal that the extent of group affiliation, government ownership, and diversification increase the cost of loans. However, a group bank is advantageous in terms of borrowing, and decreases the cost of loans. While foreign ownership is beneficial in terms of pricing, being affiliated with a foreign group is not. Being a financial firm and being cross-listed are not significantly associated with bank loan terms. Borrowing costs are thus influenced in various ways by organizational structure, operational strategies, and global policies of business groups and affiliates. Therefore, business groups may benefit from strategically implementing policies and selecting loan applicant firms. Raymar, Steven B. verfasserin (DE-588)171007395 (DE-627)061164488 (DE-576)131837044 aut Enthalten in Journal of risk and financial management Basel : MDPI, 2008 11(2018), 1 vom: März, Seite 1-31 Online-Ressource (DE-627)770970427 (DE-600)2739117-6 (DE-576)395129494 1911-8074 nnns volume:11 year:2018 number:1 month:03 pages:1-31 https://doi.org/10.3390/jrfm11010014 Resolving-System kostenfrei Volltext http://www.mdpi.com/1911-8074/11/1/14/pdf Verlag kostenfrei Volltext http://hdl.handle.net/10419/238861 Resolving-System kostenfrei http://creativecommons.org/licenses/by/4.0/ Verlag Terms of use 46 GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_90 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2020 GBV_ILN_2026 GBV_ILN_2111 GBV_ILN_2129 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 AR 11 2018 1 3 1-31 26 01 0206 1774803089 x1k 06-06-18 26 00 DE-206 56 business groups 26 00 DE-206 56 cost of loans 26 00 DE-206 56 corporate governance 26 00 DE-206 56 emerging markets 26 00 DE-206 56 Turkey
allfieldsSound	10.3390/jrfm11010014 doi 10419/238861 hdl (DE-627)1024010821 (DE-599)GBV1024010821 DE-627 ger DE-627 rda eng G20 G21 G32 G34 F30 F34 jelc Küllü, A. Melih verfasserin aut Groups, pricing, and cost of debt evidence from Turkey A. Melih Küllü and Steven Raymar March 2018 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier The paper examines the impact of business group affiliation on cost of loans in an emerging market setting. It focuses on operational strategy, organizational structure and internationalization policies of business group firms and their impact on borrowing cost of affiliated firms. Bank loans are a dominant source of corporate funding in emerging markets, in which business groups exist as leading economic entities. Yet, the impact of belonging to a group on the firm’s cost of debt has not been studied in depth. Our results reveal that the extent of group affiliation, government ownership, and diversification increase the cost of loans. However, a group bank is advantageous in terms of borrowing, and decreases the cost of loans. While foreign ownership is beneficial in terms of pricing, being affiliated with a foreign group is not. Being a financial firm and being cross-listed are not significantly associated with bank loan terms. Borrowing costs are thus influenced in various ways by organizational structure, operational strategies, and global policies of business groups and affiliates. Therefore, business groups may benefit from strategically implementing policies and selecting loan applicant firms. Raymar, Steven B. verfasserin (DE-588)171007395 (DE-627)061164488 (DE-576)131837044 aut Enthalten in Journal of risk and financial management Basel : MDPI, 2008 11(2018), 1 vom: März, Seite 1-31 Online-Ressource (DE-627)770970427 (DE-600)2739117-6 (DE-576)395129494 1911-8074 nnns volume:11 year:2018 number:1 month:03 pages:1-31 https://doi.org/10.3390/jrfm11010014 Resolving-System kostenfrei Volltext http://www.mdpi.com/1911-8074/11/1/14/pdf Verlag kostenfrei Volltext http://hdl.handle.net/10419/238861 Resolving-System kostenfrei http://creativecommons.org/licenses/by/4.0/ Verlag Terms of use 46 GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_23 GBV_ILN_24 GBV_ILN_39 GBV_ILN_40 GBV_ILN_60 GBV_ILN_62 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_73 GBV_ILN_90 GBV_ILN_95 GBV_ILN_105 GBV_ILN_110 GBV_ILN_151 GBV_ILN_161 GBV_ILN_170 GBV_ILN_206 GBV_ILN_213 GBV_ILN_230 GBV_ILN_285 GBV_ILN_293 GBV_ILN_370 GBV_ILN_602 GBV_ILN_702 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2020 GBV_ILN_2026 GBV_ILN_2111 GBV_ILN_2129 GBV_ILN_4012 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4338 GBV_ILN_4367 GBV_ILN_4700 AR 11 2018 1 3 1-31 26 01 0206 1774803089 x1k 06-06-18 26 00 DE-206 56 business groups 26 00 DE-206 56 cost of loans 26 00 DE-206 56 corporate governance 26 00 DE-206 56 emerging markets 26 00 DE-206 56 Turkey
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title_full	Groups, pricing, and cost of debt evidence from Turkey A. Melih Küllü and Steven Raymar
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title_auth	Groups, pricing, and cost of debt evidence from Turkey
abstract	The paper examines the impact of business group affiliation on cost of loans in an emerging market setting. It focuses on operational strategy, organizational structure and internationalization policies of business group firms and their impact on borrowing cost of affiliated firms. Bank loans are a dominant source of corporate funding in emerging markets, in which business groups exist as leading economic entities. Yet, the impact of belonging to a group on the firm’s cost of debt has not been studied in depth. Our results reveal that the extent of group affiliation, government ownership, and diversification increase the cost of loans. However, a group bank is advantageous in terms of borrowing, and decreases the cost of loans. While foreign ownership is beneficial in terms of pricing, being affiliated with a foreign group is not. Being a financial firm and being cross-listed are not significantly associated with bank loan terms. Borrowing costs are thus influenced in various ways by organizational structure, operational strategies, and global policies of business groups and affiliates. Therefore, business groups may benefit from strategically implementing policies and selecting loan applicant firms.
abstractGer	The paper examines the impact of business group affiliation on cost of loans in an emerging market setting. It focuses on operational strategy, organizational structure and internationalization policies of business group firms and their impact on borrowing cost of affiliated firms. Bank loans are a dominant source of corporate funding in emerging markets, in which business groups exist as leading economic entities. Yet, the impact of belonging to a group on the firm’s cost of debt has not been studied in depth. Our results reveal that the extent of group affiliation, government ownership, and diversification increase the cost of loans. However, a group bank is advantageous in terms of borrowing, and decreases the cost of loans. While foreign ownership is beneficial in terms of pricing, being affiliated with a foreign group is not. Being a financial firm and being cross-listed are not significantly associated with bank loan terms. Borrowing costs are thus influenced in various ways by organizational structure, operational strategies, and global policies of business groups and affiliates. Therefore, business groups may benefit from strategically implementing policies and selecting loan applicant firms.
abstract_unstemmed	The paper examines the impact of business group affiliation on cost of loans in an emerging market setting. It focuses on operational strategy, organizational structure and internationalization policies of business group firms and their impact on borrowing cost of affiliated firms. Bank loans are a dominant source of corporate funding in emerging markets, in which business groups exist as leading economic entities. Yet, the impact of belonging to a group on the firm’s cost of debt has not been studied in depth. Our results reveal that the extent of group affiliation, government ownership, and diversification increase the cost of loans. However, a group bank is advantageous in terms of borrowing, and decreases the cost of loans. While foreign ownership is beneficial in terms of pricing, being affiliated with a foreign group is not. Being a financial firm and being cross-listed are not significantly associated with bank loan terms. Borrowing costs are thus influenced in various ways by organizational structure, operational strategies, and global policies of business groups and affiliates. Therefore, business groups may benefit from strategically implementing policies and selecting loan applicant firms.
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title_short	Groups, pricing, and cost of debt
url	https://doi.org/10.3390/jrfm11010014 http://www.mdpi.com/1911-8074/11/1/14/pdf http://hdl.handle.net/10419/238861 http://creativecommons.org/licenses/by/4.0/
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Melih Küllü and Steven Raymar</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="c">March 2018</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="a">Text</subfield><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="a">Computermedien</subfield><subfield code="b">c</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="a">Online-Ressource</subfield><subfield code="b">cr</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="520" ind1=" " ind2=" "><subfield code="a">The paper examines the impact of business group affiliation on cost of loans in an emerging market setting. It focuses on operational strategy, organizational structure and internationalization policies of business group firms and their impact on borrowing cost of affiliated firms. Bank loans are a dominant source of corporate funding in emerging markets, in which business groups exist as leading economic entities. Yet, the impact of belonging to a group on the firm’s cost of debt has not been studied in depth. Our results reveal that the extent of group affiliation, government ownership, and diversification increase the cost of loans. However, a group bank is advantageous in terms of borrowing, and decreases the cost of loans. While foreign ownership is beneficial in terms of pricing, being affiliated with a foreign group is not. Being a financial firm and being cross-listed are not significantly associated with bank loan terms. Borrowing costs are thus influenced in various ways by organizational structure, operational strategies, and global policies of business groups and affiliates. 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Groups, pricing, and cost of debt : evidence from Turkey

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