Managers' individualistic culture and trade credit
作者: Luo, YG; Tian, N; Kong, DM; Cui, HJ
单位: 广州大学管理学院 中南财经政法大学会计学院 华中科技大学经济学院 北京外国语大学国际商学院
期刊：Emerging Markets Review
Abstract: Culture is formed as a response to the demands of the environment. We investigate how managers' individualistic culture affects firms' trade credit. Our findings show a positive link between the two. Cross-sectional analyses demonstrate that the positive relation is enhanced in regions with better legal systems but attenuated if the firm has a higher supplier concentration. To address the concern of endogeneity, we adopt an instrumental variable approach. Our findings remain in robustness checks. Overall, this paper takes a deep dive into the chairperson's farming culture in developing countries and reveals how this informal tradition is priced into corporate decisions.
DOI: 10.1016/j.ememar.2025.101278
链接: https://doi.org/10.1016/j.ememar.2025.101278