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Student
Title
Supervisor
Faculty
Educational Programme
Final Grade
Year of Graduation
Elena Andreychenkova
The Iinfluence of Religious and Cultural Peculiarities on the Capital Structure
Corporate Finance
(Master’s programme)
2019
This paper explores the relationship between the religious and cultural characteristics of countries and the capital structure of companies. The influence of the prevailing religion and cultural characteristics on the choice between long-term and short-term debt instruments is also examined. The empirical model is based on a global sample of 2367 public companies from 74 countries. According to the study, both the dominant religion and cultural characteristics have a significant impact on the share of debt in the company's capital structure. Islam and Judaism show a negative relationship, while the Christian religion is positive.

The impact on the choice between short-term and long-term debt financing is also significant and has the same signs.

All cultural characteristics influence the choice of capital structure. Indicators such as the power distance index, masculinity, individualism and tolerance have a positive effect on the proportion of debt. And indicators of avoiding uncertainty and long-term orientation are negative.

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