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The belt and road initiative, financial culture, and corporate investment behavior

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  • Xu, Nijie
  • Yu, Yijia
  • Zhang, Xiangjian

Abstract

Based on data from Chinese listed companies from 2010 to 2023, this study explores the relationships among the Belt and Road Initiative (BRI), financial culture, and corporate investment behavior. The results indicate that corporate participation in the BRI significantly promotes corporate investment behavior; financial culture has a significant positive effect on corporate investment behavior; and financial culture plays a moderating role in the relationship between corporate participation in the BRI and investment behavior. Moreover, the moderating effect of financial culture on the relationship between corporate participation in the BRI and investment behavior varies by firm size. This study provides a new perspective for understanding the interaction mechanism between financial culture and the BRI, and offers useful references for policymakers and corporate managers in formulating investment decisions.

Suggested Citation

  • Xu, Nijie & Yu, Yijia & Zhang, Xiangjian, 2026. "The belt and road initiative, financial culture, and corporate investment behavior," Finance Research Letters, Elsevier, vol. 90(C).
    • Handle: RePEc:eee:finlet:v:90:y:2026:i:c:s1544612325025243
    DOI: 10.1016/j.frl.2025.109275
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