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Social capital and leasing

Author

Listed:
  • Zhang, Joshua
  • Chowdhury, Hasibul
  • Humphrey, Jacquelyn E.
  • Hasan, Mostafa Monzur

Abstract

We examine the relationship between social capital and corporate leasing intensity. Using a large sample of publicly traded US firms, we find that firms headquartered in areas with high social capital lease less. The negative association is driven by both the social norms and social network components of social capital. Our channel analysis reveals that social capital has both a direct and an indirect effect on leasing, with the direct effect being significantly stronger. The indirect effect is due to social capital reducing financing constraints.

Suggested Citation

  • Zhang, Joshua & Chowdhury, Hasibul & Humphrey, Jacquelyn E. & Hasan, Mostafa Monzur, 2025. "Social capital and leasing," Global Finance Journal, Elsevier, vol. 67(C).
    • Handle: RePEc:eee:glofin:v:67:y:2025:i:c:s1044028325001000
    DOI: 10.1016/j.gfj.2025.101173
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    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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