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National culture and leverage adjustments
Review of behavioral finance, 2022-06, Vol.14 (3), p.410-435
[Peer Reviewed Journal]
Emerald Publishing Limited ;Emerald Publishing Limited. ;ISSN: 1940-5979 ;EISSN: 1940-5987 ;DOI: 10.1108/RBF-09-2020-0229
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Title:
National culture and leverage adjustments
Author:
Orlova, Svetlana
;
Harper, Grant
Subjects:
Capital structure
;
Costs
;
Culture
;
Debt management
;
Decision making
;
Financial leverage
;
Individualism
;
Influence
;
Stockholders
Is Part Of:
Review of behavioral finance, 2022-06, Vol.14 (3), p.410-435
Description:
PurposeThe purpose of this paper is to explore the impact of national culture on leverage speed of adjustment (SOA) across countries.Design/methodology/approachWe use a partial adjustment model to estimate the impact of national culture (assessed using Hofstede's six cultural dimensions) on leverage SOA.FindingsWe find that culture does significantly affect the degree to which firms deviate from target debt level and the speed of adjustment (SOA) of leverage. High power distance, individualism and masculinity are associated with a slower SOA, while high long-term orientation, uncertainty avoidance and indulgence result in a faster SOA. Additionally, cultural characteristics affect leverage SOA differently when firms are underlevered versus overlevered and when firms have small versus large deviations from the target level of debt. We suggest that these effects can be explained by agency motives.Research limitations/implicationsThe results of the study are based on available information for firms from 53 countries.Originality/valueThis study is, to the best of our knowledge, the first to examine the impact of national cultural traits on leverage SOA in international settings.
Publisher:
Leeds: Emerald Publishing Limited
Language:
English
Identifier:
ISSN: 1940-5979
EISSN: 1940-5987
DOI: 10.1108/RBF-09-2020-0229
Source:
ProQuest Central
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