The DOI matches its Crossref record; 34 of the 34 references it cites were found in a registry or an index.
The Determination of Capital Structure: Is National Culture a Missing Piece to the Puzzle?
Open accessAbstract
Why does knowing the nationality of the company help predict its financial leverage? Differences in institutional backgrounds provide only a partial answer to this question. This study suggests that national culture affects corporate capital structures. Empirical hypotheses, drawn from financial models and cross-cultural psychology, are tested against a sample of 5591 firms across 22 countries. Results show that countries with high scores on the cultural dimensions of “conservatism” and “mastery” tend to have lower corporate debt ratios. The effects are strong and remain significant even after accounting for differences in economic performance, legal systems, financial institutions, and some other well-known determinants of debt ratios.
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Cites
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Cited by
Jackson, G., & Deeg, R. (2008) · Journal of International Business Studies · doi:10.1057/palgrave.jibs.8400375 · Cited by 920
Determinants of capital structure of Chinese-listed companies
Chen, J. J. (2004) · Journal of Business Research · doi:10.1016/s0148-2963(03)00070-5 · Cited by 853
Firm‐level Disclosures and the Relative Roles of Culture and Legal Origin
Hope, O. (2003) · Journal of International Financial Management & Accounting · doi:10.1111/1467-646x.00097 · Cited by 503
A cross-country study on the effects of national culture on earnings management
Han, S., Kang, T., Salter, S., & Yoo, Y. K. (2010) · Journal of International Business Studies · doi:10.1057/jibs.2008.78 · Cited by 393
Mapping world cultures: Cluster formation, sources and implications
Ronen, S., & Shenkar, O. (2013) · Journal of International Business Studies · doi:10.1057/jibs.2013.42 · Cited by 377
Metadata
- Authors
- Chui, A. C. W., Lloyd, A. E., & Kwok, C. C. Y.
- Venue
- Journal of International Business Studies
- Published
- 2002-03
- Volume
- 33
- Issue
- 1
- Pages
- 99-127
- ISSN
- 0047-2506 (ISSN-L)
- 1478-6990
- OpenAlex
- W2090227940
- Cited by
- 473
- References
- 34
- FWCI
- 22.17
- Type
- journal article
- Language
- en
- Open access
- green
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Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
