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Cultural Influences on International Capital Structure

Author

Listed:
  • William S Sekely

    (University of Dayton)

  • J Markham Collins

    (University of Tulsa)

Abstract

Many studies have been conducted on the impact of various factors on international capital structure. The literature still reveals disagreement on the significance of the industry and country effects in determining capital structure, and the basis of country differences. This paper presents the results of a study of the debt structure of 677 firms in 9 industries headquartered in 23 countries. The results of this study tend to agree with the hypothesis that cultural differences are correlated with the significant country and minimal industry influences which are found. Further, there appear to be some intercountry influences caused by underlying cultural patterns among groups of countries.© 1988 JIBS. Journal of International Business Studies (1988) 19, 87–100

Suggested Citation

  • William S Sekely & J Markham Collins, 1988. "Cultural Influences on International Capital Structure," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 19(1), pages 87-100, March.
    • Handle: RePEc:pal:jintbs:v:19:y:1988:i:1:p:87-100
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    Citations

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    Cited by:

    1. Kayo, Eduardo K. & Kimura, Herbert, 2011. "Hierarchical determinants of capital structure," Journal of Banking & Finance, Elsevier, vol. 35(2), pages 358-371, February.
    2. Antonczyk, Ron Christian & Salzmann, Astrid Juliane, 2014. "Overconfidence and optimism: The effect of national culture on capital structure," Research in International Business and Finance, Elsevier, vol. 31(C), pages 132-151.
    3. Katz, Jeffrey P. & Werner, Steve & Brouthers, Lance, 1999. "Does Winning Mean the Same Thing around the World? National Ideology and the Performance of Global Competitors," Journal of Business Research, Elsevier, vol. 44(2), pages 117-126, February.
    4. Wang, Daphne & Esqueda, Omar A., 2014. "National cultural effects on leverage decisions: Evidence from emerging-market ADRs," Research in International Business and Finance, Elsevier, vol. 31(C), pages 152-177.
    5. Brian Lucey & Colm KEarney & Ciaran MacAnBhaird, 2012. "Culture and capital structure in small and medium sized firms," The Institute for International Integration Studies Discussion Paper Series iiisdp419, IIIS.
    6. Yi Zhou & Jiapeng Dai & Umar Farooq & Jaleel Ahmed & Klunko Natalia Sergeevna, 2023. "National Culture as a Determinant of Corporate Capital Structure: Empirical Evidence from Three Emerging Economies," Advances in Decision Sciences, Asia University, Taiwan, vol. 27(2), pages 122-144, June.
    7. Aggarwal, Raj & Kyaw, NyoNyo A., 2008. "Internal capital networks as a source of MNC competitive advantage: Evidence from foreign subsidiary capital structure decisions," Research in International Business and Finance, Elsevier, vol. 22(3), pages 409-439, September.
    8. Hsien-Chang Kuo & Lie-Huey Wang, 2015. "Do Network Linkages affect Financial Leverage ? A Group Governance Perspective," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(4), pages 50-69, December.
    9. Cravens, Karen S. & Oliver, Elizabeth Goad, 2000. "The Influence of Culture on Pension Plans," The International Journal of Accounting, Elsevier, vol. 35(4), pages 521-537, 010.
    10. Wolfgang Breuer & Ji Cao & Marc Oliver Rieger & K. Can Soypak, 2019. "Capital Structure Decisions, Loss Aversion, and Equity Premium," Working Paper Series 2019-04, University of Trier, Research Group Quantitative Finance and Risk Analysis.
    11. Vanita Tripathi & Sonal Thukral, 2020. "Role of Industry Factors in Financing the Outward Foreign Direct Investment by Indian Multinational Enterprises," Global Business Review, International Management Institute, vol. 21(1), pages 124-141, February.
    12. Sethi, S. Prakash & Elango, B., 1999. "The influence of "country of origin" on multinational corporation global strategy: A conceptual framework," Journal of International Management, Elsevier, vol. 5(4), pages 285-298.
    13. Shao, Lawrence Peter, 1997. "Capital structure norms among foreign subsidiaries of U.S. multinational enterprises," Global Finance Journal, Elsevier, vol. 8(1), pages 145-157.
    14. Hwang, Nen-Chen Richard & Chang, C. Janie, 1999. "Financial managers' perceptions on research needs for the Asian-Pacific region," Journal of Multinational Financial Management, Elsevier, vol. 9(1), pages 45-63, January.
    15. El-Gazzar, Samir M. & Finn, Philip M. & Jacob, Rudy, 1999. "An empirical investigation of multinational firms' compliance with International Accounting Standards," The International Journal of Accounting, Elsevier, vol. 34(2), pages 239-248, June.
    16. Lindner, Thomas & Puck, Jonas & Stocco, Giulia, 2023. "Asymmetric risk perception and firm financing in the institutional envelope," International Business Review, Elsevier, vol. 32(3).

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