Please use this identifier to cite or link to this item: http://hdl.handle.net/10397/61363
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dc.contributorSchool of Accounting and Financeen_US
dc.creatorChui, ACWen_US
dc.creatorKwok, CCYen_US
dc.creatorZhou, GSen_US
dc.date.accessioned2016-12-19T08:55:37Z-
dc.date.available2016-12-19T08:55:37Z-
dc.identifier.issn0378-4266en_US
dc.identifier.urihttp://hdl.handle.net/10397/61363-
dc.language.isoenen_US
dc.publisherElsevieren_US
dc.rights© 2016 Elsevier B.V. All rights reserved.en_US
dc.rights© 2016. This manuscript version is made available under the CC-BY-NC-ND 4.0 license https://creativecommons.org/licenses/by-nc-nd/4.0/en_US
dc.rightsThe following publication Chui, A. C., Kwok, C. C., & Zhou, G. S. (2016). National culture and the cost of debt. Journal of Banking & Finance, 69, 1-19 is available at https://doi.org/10.1016/j.jbankfin.2016.04.001en_US
dc.subjectAgency costen_US
dc.subjectBankruptcyen_US
dc.subjectCost of capitalen_US
dc.subjectEmbeddednessen_US
dc.subjectMasteryen_US
dc.subjectNational cultureen_US
dc.titleNational culture and the cost of debten_US
dc.typeJournal/Magazine Articleen_US
dc.identifier.spage1en_US
dc.identifier.epage19en_US
dc.identifier.volume69en_US
dc.identifier.doi10.1016/j.jbankfin.2016.04.001en_US
dcterms.abstractThis study investigates how Schwartz's cultural dimensions of embeddedness and mastery affect the corporate cost of debt through bankruptcy risk and sensitivity to agency activity channels. Using data from 33 countries, we find a strong and robust negative relation between embeddedness and the cost of debt. The estimated relation between mastery and the corporate cost of debt is negative and significant in most of the tests. Further analyses reveal that the development of financial intermediation and the enforcement of insider trading law moderate the relation between culture and the cost of debt. Confirming our hypotheses, we document that embeddedness is negatively related to bankruptcy risk and sensitivity to agency activity. We find that mastery is positively related to bankruptcy risk across countries as well, but this relation is weaker. We also show that mastery is positively related to sensitivity to agency activity among countries with highly leveraged firms.en_US
dcterms.accessRightsopen accessen_US
dcterms.bibliographicCitationJournal of banking and finance, Aug. 2016, v. 69, p. 1-19en_US
dcterms.isPartOfJournal of banking and financeen_US
dcterms.issued2016-08-
dc.identifier.isiWOS:000378968300001-
dc.identifier.scopus2-s2.0-84964434438-
dc.identifier.ros2016002999-
dc.identifier.eissn1872-6372en_US
dc.identifier.rosgroupid2016002937-
dc.description.ros2016-2017 > Academic research: refereed > Publication in refereed journalen_US
dc.description.validate201804_a bcmaen_US
dc.description.oaAccepted Manuscripten_US
dc.identifier.FolderNumberAF-0190-
dc.description.fundingSourceOthersen_US
dc.description.fundingTextHK Polytechnic Universityen_US
dc.description.pubStatusPublisheden_US
dc.identifier.OPUS6638114-
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