Weng, Jianying; Du, Xingqiang; Lin, Qiao - In: China journal of accounting studies 11 (2023) 2, pp. 207-246
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 rooted in ancient China continuously affects corporate behaviour … cost of debt. The above findings are robust to a variety of sensitivity tests and using the PSM approach, two-stage IV …