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The consequence of societal secrecy for financial constraints

Olayinka Oyekola and Samuel Odewunmi
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Samuel Odewunmi: Department of Economics, University of Exeter

No 2303, Discussion Papers from University of Exeter, Department of Economics

Abstract: Does the level of societal secrecy aggravate or alleviate access to finance? We explore this question for over 50,000 firms in around 40, predominantly developing, countries, from 2006 to 2015. We find a strong positive relationship between cultural orientation towards secrecy in a country and financial constraints faced by its firms. Our results are robust to several considerations and emphasise the adverse consequence of societal secrecy for perpetuating financing obstacles for firms.

Keywords: financial constraints; access to credit; societal secrecy; national culture; firm-level data (search for similar items in EconPapers)
JEL-codes: G20 G30 O16 Z1 (search for similar items in EconPapers)
Date: 2023-02-21
New Economics Papers: this item is included in nep-bec, nep-cfn, nep-fdg, nep-mfd and nep-sbm
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