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Is Financial Leanness Punished by Bond Credit Rating Agencies? The Nonprofit Dilemma of Balancing Trustworthiness and Creditworthiness

open access: yesPublic Budgeting &Finance, Volume 45, Issue 3, Page 36-73, Fall 2025.
ABSTRACT The number of nonprofits utilizing bond markets to fund capital projects has increased in recent years. This study explores how nonprofit financial conditions impact bond credit ratings, using a novel dataset linking ratings to IRS Form 990 Schedule K data.
Qingqing Sun
wiley   +1 more source

Understanding the Relationship Between Municipal Structure and Size, Depopulation and Default Risk

open access: yesPublic Budgeting &Finance, Volume 45, Issue 3, Page 110-128, Fall 2025.
Abstract Several international organizations and research scholars have concluded that two of the main problems in the management of public services are high public debt and increasing depopulation. It is hypothesized that increasing the financial viability of governments is likely a means of fighting depopulation in small municipalities.
Dionisio Buendía‐Carrillo   +3 more
wiley   +1 more source

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