Corporate culture and bank debt

Mostafa Monzur Hasan

Finance Research Letters, 2022, vol. 49, issue C

Abstract: We examine the relationship between corporate culture and the use of bank debt. We find that U.S. firms with superior corporate culture are associated with less bank debt. We also find that this finding is driven mainly by the teamwork, innovation, and quality dimensions of corporate culture. Our channel analysis shows that the negative relation between corporate culture and bank debt is driven by both information asymmetry and corporate governance channels. Overall, we show that corporate culture has important implications for firms’ bank debt.

Keywords: Corporate culture; Bank debt; Information asymmetry; Corporate governance (search for similar items in EconPapers)
Date: 2022
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:49:y:2022:i:c:s1544612322003750

DOI: 10.1016/j.frl.2022.103152

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