Corporate culture and trade credit

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-03-26 DOI:10.1016/j.irfa.2025.104178

G M Wali Ullah , Isma Khan , Mohammad Abdullah

引用次数: 0

Abstract

We examine how corporate culture affects a customer firm's ability to secure trade credit. Using a large US firm-level dataset of 46,020 firm-year observations spanning from 2002 to 2021, we document a positive and statistically significant association between strong corporate culture and the amount of trade credit received. Our results are robust to alternative specifications and endogeneity concerns, mitigated through two-stage least squares (2SLS) regressions using instrumental variables, entropy balancing, Heckman (1979) two-step correction and Oster (2019) test for omitted variable bias. The positive linkage is higher for companies with highly competent managers and those located in regions with high social capital. Our findings have implications for fostering trust and cooperation in business relationships.

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企业文化与贸易信用

我们研究了企业文化如何影响客户公司获得贸易信贷的能力。利用2002年至2021年期间46020个公司年度观察数据的大型美国公司层面数据集，我们证明了强大的企业文化与获得的贸易信贷金额之间存在统计学上显著的正相关关系。我们的结果对替代规范和内质性问题具有稳健性，通过使用工具变量、熵平衡、Heckman（1979）两步校正和Oster（2019）对遗漏变量偏差的检验进行两阶段最小二乘（2SLS）回归来缓解。拥有高能力管理人员的公司和位于高社会资本地区的公司的正相关关系更高。我们的研究结果对促进商业关系中的信任与合作具有启示意义。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

International Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.