Cross-national differences in access to finance: Influence of culture and institutional environments |
| |
| Affiliation: | 1. Campus Saint-Jean, University of Alberta 8406, Rue Marie-Anne-Gaboury (91 Street), Edmonton, AB T6C 4G9, Canada;2. Moore School of Business, University of South Carolina 1014 Greene Street, Columbia, SC 29208, USA;3. School of Business, Bryant University, 1150 Douglas Pike, Smithfield, RI 02917, USA;1. University of Lausanne, Department of Economics, Lausanne 1015, Switzerland;2. NCCR LIVES, Switzerland;1. University of Chicago, United States;2. U.S. Census Bureau, United States;3. University of Pennsylvania, United States;4. Federal Reserve Bank of Atlanta, United States;1. School of Accounting and Finance, The Hong Kong Polytechnic University, Hong Kong;2. Department of Finance, Deakin University, Australia;3. Finance and Strategy Area, T.A. PAI Management Institute, India |
| |
| Abstract: | In spite of rising interest, there is little prior research on the degree to which national differences in access to finance are determined by national culture. Using World Economic Forum survey data for over eighty countries, this paper examines the determinants of (1) access to equity financing, (2) access to loan financing (3) access to venture capital and (4) overall access to capital. We document that less access to financing is associated with the cultural dimensions of uncertainty avoidance and masculinity. But, greater access to financing is positively associated with greater national wealth and better investor protection. Consistent with earlier literature we also find that greater access to finance is associated with greater government favoritism toward selected firms. These results should be of much interest to policy makers, scholars, bankers and managers of multinational firms. |
| |
| Keywords: | Financial institutions National culture Legal traditions Trust |
| 本文献已被 ScienceDirect 等数据库收录！ |
|
