摘要
We examine the borrowing costs of dual-class firms from a life-cycle perspective. Using a sample of U.S. listed firms, we find that dual-class firms face significantly higher loan spreads than single-class firms only during the growth stage, with no meaningful differences in the introduction or maturity stages. This result is robust to a range of tests addressing self-selection, simultaneity, and omitted variable concerns. We interpret this pattern through the hold-up theory of relationship lending: bank-dependent dual-class firms exhibit a hump-shaped borrowing cost profile over the life cycle, with spreads peaking in the growth stage when banks exploit informational advantages. Our findings indicate that the cost of dual-class ownership is inherently dynamic and operates through debt financing channels. © The Author(s) 2026.