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Cultural Influences on International Capital Structure

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  • William S Sekely

    (University of Dayton)

  • J Markham Collins

    (University of Tulsa)

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    Abstract

    Many 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

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    Bibliographic Info

    Article provided by Palgrave Macmillan in its journal Journal of International Business Studies.

    Volume (Year): 19 (1988)
    Issue (Month): 1 (March)
    Pages: 87-100

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    Handle: RePEc:pal:jintbs:v:19:y:1988:i:1:p:87-100

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    Cited by:
    1. Kayo, Eduardo K. & Kimura, Herbert, 2011. "Hierarchical determinants of capital structure," Journal of Banking & Finance, Elsevier, vol. 35(2), pages 358-371, February.
    2. 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, vol. 44(2), pages 117-126, February.
    3. Cravens, Karen S. & Oliver, Elizabeth Goad, 2000. "The Influence of Culture on Pension Plans," The International Journal of Accounting, Elsevier, vol. 35(4), pages 521-537, 010.
    4. 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.
    5. Brian Lucey & Colm KEarney & Ciaran MacAnBhaird, . "Culture and capital structure in small and medium sized firms," The Institute for International Integration Studies Discussion Paper Series iiisdp419, IIIS.
    6. 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, vol. 22(3), pages 409-439, September.

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