---
res:
  bibo_abstract:
  - We examine the relation between voluntary audit and the cost of debt in private
    firms. We use a sample of 7420 small private firms operating in the period 2006-2022
    that are not subject to mandatory audits. Firms self-select into voluntary audits
    because of the economic setting (e.g., ownership complexity, export, subsidiary
    status) or because firm fundamentals limit their access to financial debt. In
    the outcome analyses, we find that voluntary audits result in higher, rather than
    lower, interest rates with increases ranging from approximately 1.7 percentage
    points, but going higher depending on the exact specification. This effect is
    present regardless of the perceived audit quality (Big-4 vs. non-Big-4), consistent
    across auditor types. Audited firms’ earnings are less informative about future
    operating performance. Voluntary audits facilitate access to financial debt for
    high-risk firms. The price paid is reflected in higher interest rates for voluntary
    audits – firms with higher information/fundamental risk.@eng
  bibo_authorlist:
  - foaf_Person:
      foaf_givenName: Riste
      foaf_name: Ichev, Riste
      foaf_surname: Ichev
  - foaf_Person:
      foaf_givenName: Jernej
      foaf_name: Koren, Jernej
      foaf_surname: Koren
  - foaf_Person:
      foaf_givenName: Urska
      foaf_name: Kosi, Urska
      foaf_surname: Kosi
  - foaf_Person:
      foaf_givenName: Katarina
      foaf_name: Sitar Sustar, Katarina
      foaf_surname: Sitar Sustar
  - foaf_Person:
      foaf_givenName: Aljosa
      foaf_name: Valentincic, Aljosa
      foaf_surname: Valentincic
  bibo_doi: 10.1016/j.iref.2026.105474
  bibo_volume: 109
  dct_date: 2026^xs_gYear
  dct_isPartOf:
  - http://id.crossref.org/issn/1059-0560
  dct_language: eng
  dct_publisher: Elsevier @
  dct_title: 'Cost of debt for private firms revisited: voluntary audits as a reflection
    of risk@'
...