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Religion, social capital and business bankruptcy in the United States, 1921-1932

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  • Bradley Hansen
  • Mary Eschelbach Hansen

Abstract

We consider the value of social capital that derives from membership in a church. American states with larger churchgoing populations had lower business bankruptcy rates from 1921 to 1932, and states in which the churchgoing population was concentrated in few churches had business bankruptcy rates that were lower still. Both voluntary and involuntary bankruptcy were lower in states with higher church membership. The evidence suggests that church membership acted on bankruptcy through a safety net mechanism and not solely through indicating a preference for honouring commitment.

Suggested Citation

  • Bradley Hansen & Mary Eschelbach Hansen, 2008. "Religion, social capital and business bankruptcy in the United States, 1921-1932," Business History, Taylor & Francis Journals, vol. 50(6), pages 714-727.
    • Handle: RePEc:taf:bushst:v:50:y:2008:i:6:p:714-727
    DOI: 10.1080/00076790802420252
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    References listed on IDEAS

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    1. Egnal, Marc, 1996. "Divergent Paths: How Culture and Institutions Have Shaped North American Growth," OUP Catalogue, Oxford University Press, number 9780195098662.
    2. Egnal, Marc, 1996. "Divergent Paths: How Culture and Institutions Have Shaped North American Growth," OUP Catalogue, Oxford University Press, number 9780195109061.
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    Cited by:

    1. K. Parboteeah & Sascha Walter & Jörn Block, 2015. "When Does Christian Religion Matter for Entrepreneurial Activity? The Contingent Effect of a Country’s Investments into Knowledge," Journal of Business Ethics, Springer, vol. 130(2), pages 447-465, August.
    2. Katherine Gundolf & Matthias Filser, 2013. "Management Research and Religion: A Citation Analysis," Journal of Business Ethics, Springer, vol. 112(1), pages 177-185, January.
    3. Hansen, Mary Eschelbach & Hansen, Bradley A., 2012. "Crisis and Bankruptcy: The Mediating Role of State Law, 1920–1932," The Journal of Economic History, Cambridge University Press, vol. 72(2), pages 448-468, May.
    4. Paul Bishop, 2017. "Spatial variations in personal insolvency choices: The role of stigma and social capital," Urban Studies, Urban Studies Journal Limited, vol. 54(16), pages 3738-3754, December.

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