Cultural Influences on International Capital Structure
AbstractMany studies have been conducted on the impact of various factors on international capital structure. The literature still reveals disagreement on the significance of the industry and country effects in determining capital structure, and the basis of country differences. This paper presents the results of a study of the debt structure of 677 firms in 9 industries headquartered in 23 countries. The results of this study tend to agree with the hypothesis that cultural differences are correlated with the significant country and minimal industry influences which are found. Further, there appear to be some intercountry influences caused by underlying cultural patterns among groups of countries.© 1988 JIBS. Journal of International Business Studies (1988) 19, 87–100
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Palgrave Macmillan in its journal Journal of International Business Studies.
Volume (Year): 19 (1988)
Issue (Month): 1 (March)
Contact details of provider:
Web page: http://www.palgrave-journals.com/
Postal: Palgrave Macmillan Journals, Subscription Department, Houndmills, Basingstoke, Hampshire RG21 6XS, UK
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Katz, Jeffrey P. & Werner, Steve & Brouthers, Lance, 1999. "Does Winning Mean the Same Thing around the World? National Ideology and the Performance of Global Competitors," Journal of Business Research, Elsevier, Elsevier, vol. 44(2), pages 117-126, February.
- Antonczyk, Ron Christian & Salzmann, Astrid Juliane, 2014. "Overconfidence and optimism: The effect of national culture on capital structure," Research in International Business and Finance, Elsevier, Elsevier, vol. 31(C), pages 132-151.
- Sethi, S. Prakash & Elango, B., 1999. "The influence of "country of origin" on multinational corporation global strategy: A conceptual framework," Journal of International Management, Elsevier, Elsevier, vol. 5(4), pages 285-298.
- Kayo, Eduardo K. & Kimura, Herbert, 2011. "Hierarchical determinants of capital structure," Journal of Banking & Finance, Elsevier, Elsevier, vol. 35(2), pages 358-371, February.
- Cravens, Karen S. & Oliver, Elizabeth Goad, 2000. "The Influence of Culture on Pension Plans," The International Journal of Accounting, Elsevier, Elsevier, vol. 35(4), pages 521-537, 010.
- Aggarwal, Raj & Kyaw, NyoNyo A., 2008. "Internal capital networks as a source of MNC competitive advantage: Evidence from foreign subsidiary capital structure decisions," Research in International Business and Finance, Elsevier, Elsevier, vol. 22(3), pages 409-439, September.
- Shao, Lawrence Peter, 1997. "Capital structure norms among foreign subsidiaries of U.S. multinational enterprises," Global Finance Journal, Elsevier, vol. 8(1), pages 145-157.
- Brian Lucey & Colm KEarney & Ciaran MacAnBhaird, 2012. "Culture and capital structure in small and medium sized firms," The Institute for International Integration Studies Discussion Paper Series, IIIS iiisdp419, IIIS.
- Wang, Daphne & Esqueda, Omar A., 2014. "National cultural effects on leverage decisions: Evidence from emerging-market ADRs," Research in International Business and Finance, Elsevier, Elsevier, vol. 31(C), pages 152-177.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Elizabeth Gale).
If references are entirely missing, you can add them using this form.