感知企业个人主义文化与企业债券发行成本

IF 7.5 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-03-27 DOI:10.1016/j.irfa.2025.104191

Yu Su

{"title":"感知企业个人主义文化与企业债券发行成本","authors":"Yu Su","doi":"10.1016/j.irfa.2025.104191","DOIUrl":null,"url":null,"abstract":"<div><div>This paper investigates whether the perceived individualism culture of corporate executives influences U.S. primary bond market pricing. Corporate individualism culture is assessed through the cultural inheritance of executives, inferred from their surnames. Analyzing a sample of 4690 U.S. bonds issued by 675 firms between 2000 and 2021, this study finds a significant and positive relationship between corporate individualism culture and bond issuance costs, even after controlling for firm- and year-fixed effects. Moreover, the impact of a strong corporate individualism culture on bond issuance costs is more pronounced in firms experiencing high financial distress and weak corporate governance.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104191"},"PeriodicalIF":7.5000,"publicationDate":"2025-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Perceived corporate individualism culture and corporate bond issuing costs\",\"authors\":\"Yu Su\",\"doi\":\"10.1016/j.irfa.2025.104191\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>This paper investigates whether the perceived individualism culture of corporate executives influences U.S. primary bond market pricing. Corporate individualism culture is assessed through the cultural inheritance of executives, inferred from their surnames. Analyzing a sample of 4690 U.S. bonds issued by 675 firms between 2000 and 2021, this study finds a significant and positive relationship between corporate individualism culture and bond issuance costs, even after controlling for firm- and year-fixed effects. Moreover, the impact of a strong corporate individualism culture on bond issuance costs is more pronounced in firms experiencing high financial distress and weak corporate governance.</div></div>\",\"PeriodicalId\":48226,\"journal\":{\"name\":\"International Review of Financial Analysis\",\"volume\":\"103 \",\"pages\":\"Article 104191\"},\"PeriodicalIF\":7.5000,\"publicationDate\":\"2025-03-27\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"International Review of Financial Analysis\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S1057521925002789\",\"RegionNum\":1,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Review of Financial Analysis","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1057521925002789","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

本文研究了企业高管感知的个人主义文化是否会影响美国一级债券市场的定价。企业个人主义文化是通过经营者的姓氏推断出的文化传承来评价的。本研究分析了2000年至2021年间由675家公司发行的4690只美国债券的样本，发现即使在控制了公司固定效应和年度固定效应之后，公司个人主义文化与债券发行成本之间也存在显著的正相关关系。此外，强烈的公司个人主义文化对债券发行成本的影响在经历高财务困境和弱公司治理的公司中更为明显。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

查看原文本刊更多论文

Perceived corporate individualism culture and corporate bond issuing costs

This paper investigates whether the perceived individualism culture of corporate executives influences U.S. primary bond market pricing. Corporate individualism culture is assessed through the cultural inheritance of executives, inferred from their surnames. Analyzing a sample of 4690 U.S. bonds issued by 675 firms between 2000 and 2021, this study finds a significant and positive relationship between corporate individualism culture and bond issuance costs, even after controlling for firm- and year-fixed effects. Moreover, the impact of a strong corporate individualism culture on bond issuance costs is more pronounced in firms experiencing high financial distress and weak corporate governance.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

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.