讲座人：李晓讲师

讲座主题：Does Culture Affect Firms' Debt Financing Choices?

摘要：We investigate whether and how country-level culture dimensions affect firm debt choice between public bonds and bank debts. Using a large sample of firms from 30 countries, and Schwartz’s cultural values, we find that firm debt choice is significantly impacted by the cultures in the country. Specifically, we document a positive relation between embeddedness/harmony and the proportion of bank debt in total debt, suggesting that firms choose bank debt over public debt in countries score high in these two dimensions. We also find a negative relation between egalitarianism and bank debt, suggesting that firms prefer public debt over bank debt in countries with high egalitarianism. Our results hold after addressing endogeneity problem using three approaches. We further use Hofstede’s culture values as alternative cultural dimensions. The results are generally consistent with the findings using Schwartz’s cultural values. Finally, we find that the positive relation between embeddedness/harmony and bank debt, as well as the negative relation between egalitarianism and bank debt, is stronger in emerging countries, and in countries with less developed banking sectors.

讲座时间：2018年6月3日，周日，19：00开始

讲座地点：学院南路学术会堂202

讲座人简介：李晓，会计学博士，现任中央财经大学会计学院讲师。2012年获山东大学管理学学士学位，2017年获香港理工大学会计学博士学位。主要研究领域为审计、公司金融。

[编辑]：张萌