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All Journal JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi)
felicia julianti
Universtas Pelita Harapan
Decision Sciences, Operations Research & Management

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The Effect of National Culture on Leverage Decisions in Emerging Markets felicia julianti; Sung Suk Kim
JMBI UNSRAT (Jurnal Ilmiah Manajemen Bisnis dan Inovasi Universitas Sam Ratulangi). Vol 9 No 2 (2022): JMBI UNSRAT Volume 9 Nomor 2
Publisher : FEB Universitas Sam Ratulangi Manado

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Abstract

This research investigates whether cultural variables explain diversity in corporate leverage in developing markets. Adaption in government borrowing, as well as macroeconomic uncertainty and financial sector expansion, play a larger effect. Individualism is highly positive connected with leverage except for short-term debt, while uncertainty-avoidance is negatively correlated with leverage except for long-term debt. We also investigate the buildup and dissipation of leverage by studying the relationship between company profitability, size, market to book, R&D, which all negatively connected while tangible assets remain positively related.
Co-Authors Sung Suk Kim