Weng, Jianying; Du, Xingqiang; Lin, Qiao - In: China journal of accounting studies 11 (2023) 2, pp. 207-246
Using hand-collected data on merchant guild culture and a sample over 2003-2019, this study examines the effect of merchant guild culture on the cost of debt. Our findings reveal that merchant guild culture is negatively associated with the cost of debt, suggesting that merchant guild culture...