Social trust and the speed of corporate leverage adjustment: evidence from around the globe

被引：17
|
作者：
Huang, Peng [1 ]
Lu, Yue [1 ]
Faff, Robert [2 ]
机构：
[1] Univ Waikato, Waikato Management Sch, Hamilton, New Zealand
[2] Univ Queensland, UQ Business Sch, St Lucia, Qld, Australia
来源：
ACCOUNTING AND FINANCE | 2021年 / 61卷 / 02期
关键词：
Capital structure; Social trust; Speed of leverage adjustment; CAPITAL STRUCTURE ADJUSTMENT; STRUCTURE DECISIONS; STRUCTURE CHOICE; INFORMATION; FIRMS; DETERMINANTS; UNCERTAINTY; GOVERNANCE; CULTURE; FINANCE;
D O I：
10.1111/acfi.12701
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We examine the relation between social trust and the speed of leverage adjustment (SOA) around the world. Using a large international sample (65 countries, 1996-2016), we find that social trust has a positive effect on SOA. In the cross section, we find that the positive effect of social trust on the SOA is more pronounced for: (i) over-levered firms; (ii) firms with higher information asymmetry; (iii) firms with lower ease of financing; and (iv) firms located in countries with weaker governance quality. Overall, we highlight the role of social trust in shaping corporate capital structure.
引用
收藏
页码：3261 / 3303
页数：43
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