【6月3日】【专业硕士学术前沿论坛】Does Culture Affect Firms' Debt Financing Choices-发布日期：2019-09-12 21:08:50
讲座主题：Does Culture Affect Firms' Debt Financing Choices?
摘要：We investigate whether and how country-level culture dimensions affect firm debt choice between public bonds and bank debts. Using a large sample of firms from 30 countries, and Schwartz’s cultural values, we find that firm debt choice is significantly impacted by the cultures in the country. Specifically, we document a positive relation between embeddedness/harmony and the proportion of bank debt in total debt, suggesting that firms choose bank debt over public debt in countries score high in these two dimensions. We also find a negative relation between egalitarianism and bank debt, suggesting that firms prefer public debt over bank debt in countries with high egalitarianism. Our results hold after addressing endogeneity problem using three approaches. We further use Hofstede’s culture values as alternative cultural dimensions. The results are generally consistent with the findings using Schwartz’s cultural values. Finally, we find that the positive relation between embeddedness/harmony and bank debt, as well as the negative relation between egalitarianism and bank debt, is stronger in emerging countries, and in countries with less developed banking sectors.