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National culture and the choice between bank debt and public debt

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  • Chui, Andy C.W.
  • Li, Xiao
  • Saffar, Walid

Abstract

In this study, we investigate the role of national culture in firms' choice between bank debt and public debt. We postulate that culture influences corporate debt choice through five channels. Using a new international dataset on debt structure and a large sample of firms from 30 countries, we find that Schwartz's cultural dimensions shape firms' debt choice. We show that Egalitarianism has a negative and significant association with bank debt financing and that Embeddedness has a positive and significant association with it. These results hold after conducting several endogeneity and robustness tests. In addition, when using Hofstede's cultural dimensions as alternative cultural dimensions, we find that the results are generally consistent with those obtained with Schwartz's cultural dimensions.

Suggested Citation

  • Chui, Andy C.W. & Li, Xiao & Saffar, Walid, 2021. "National culture and the choice between bank debt and public debt," Pacific-Basin Finance Journal, Elsevier, vol. 70(C).
    • Handle: RePEc:eee:pacfin:v:70:y:2021:i:c:s0927538x21001621
    DOI: 10.1016/j.pacfin.2021.101655
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    More about this item

    Keywords

    Bank debt; Public debt; National culture;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • J33 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Compensation Packages; Payment Methods
    • J41 - Labor and Demographic Economics - - Particular Labor Markets - - - Labor Contracts

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