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Influence of Religious and Spiritual on the Strengthening of Capital

ФИО студента: Mani Pouyan

Руководитель: Varvara Nazarova

Кампус/факультет: St.Petersburg School of Economics and Management

Программа: Finance (Master)

Оценка: 8

Год защиты: 2021

This study tries to investigate the impact of national culture on the capital structure of companies. For this purpose, six Hofstede’s cultural dimensions are considered as independent variables representing national culture. In addition, company characteristics and economic indicators of countries are included in the model as control variables and the effect of these variables on capital structure examined. Historical data from 2011 non-financial companies in 34 European countries, countries economics and cultural information gathered from different sources and tested with regression models. Results of OLS models show significant relationship of power distance, individualism, masculinity, uncertainty avoidance and indulgence and debt to assets. Power distance, masculinity and uncertainty avoidance have positive impact and in versus, there is negative significant relation between individualism and indulgence with debt level. Results of mean comparison of debt in different cultural environment show there is a difference between firms in countries with different levels in long term orientations and uncertainty avoidance and it was associated with norm theory of capital structure. Results of fixed effect model show even by considering variables in firms level , there is still difference between determinates of capital structure in countries with different cultural environment, especially that have different level in indulgence , long term orientations and uncertainty avoidance. Key words: Capital Structure, National Culture, Hofstede’s Cultural Dimensions

Full text (added May 14, 2021)

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