Religious atmosphere and the cost of equity capital: Evidence from China

被引：16

作者：

Hu, Ning ^{[1
]}

Chen, Hong ^{[2
]}

Liu, Muhua ^{[3
]}

机构：

[1] Shanghai Univ Finance & Econ, Sch Accountancy, Shanghai, Peoples R China

[2] Auditing Bur Baoan Dist, Shenzhen, Peoples R China

[3] Shenzhen Univ, Coll Econ, Shenzhen, Peoples R China

来源：

CHINA JOURNAL OF ACCOUNTING RESEARCH | 2018年 / 11卷 / 02期

基金：

中国国家自然科学基金;

关键词：

Religious atmosphere; Cost of equity capital; Complementary relationship; Mediation effect;

D O I：

10.1016/j.cjar.2018.01.001

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The cost of equity capital (ICC) is a crucial component of investment decisions and corporate performance evaluations. This study explores the effect of a region's religious atmosphere on ICC and finds that ICC tends to be lower when stronger religious atmosphere is created. We further use the mediation effect method to clarify the specific channel through which religious atmosphere reduces ICC, and find that earnings quality, corporate investment efficiency and corporate social responsibility partially mediate the effect of religious atmosphere on ICC. Moreover, the relationship between religious atmosphere and ICC is more pronounced in firms with stronger external law environments and higher audit quality, indicating that formal institutions and religious tradition complement each other. (C) 2018 Sun Yat-sen University. Production and hosting by Elsevier B.V.

引用

页码：151 / 169

页数：19

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