Trade credit provision and national culture |
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| Affiliation: | 1. Campus Saint-Jean, University of Alberta, Edmonton, AB T6C 4G9, Canada;2. Nottingham University Business School (NUBS) China, 199 Taikangdong Road, Ningbo, Zhejiang 315100, China;1. Bank of Sharjah Chair, American University of Sharjah, United Arab Emirates,;2. School of Accounting and Finance, The Hong Kong Polytechnic University, Hong Kong;1. University of Bahrain, POB 32038, Sakheer, Bahrain;2. Alliance Manchester Business School, University of Manchester, Manchester M15 6PB, UK;1. University of Nottingham, Business School, Jubilee Campus, Nottingham, NG8 1BB, UK;2. School of Economics, University of Nottingham, University Park, Nottingham, NG7 2RD, UK;3. Sorbonne Graduate Business School and GREGOR Research Centre, University Paris 1, France |
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| Abstract: | In this paper we investigate the relation between trade credit provision and national culture as captured by Hofstede's four cultural dimensions (collectivism/individualism, power distance, uncertainty avoidance, and masculinity/femininity). Consistent with our predictions based on several theories of trade credit, we find that after controlling for firm- and country-level factors as well as industry effects, trade credit provision is higher in countries with higher collectivism, power distance, uncertainty avoidance, and masculinity scores. These results are robust to using alternative measures of culture and trade credit, alternative sample compositions, and alternative estimation methods, as well as to addressing potential endogeneity concerns. International trade openness, however, mitigates the relation between trade credit provision and our proxies for national culture. |
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