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 … guild culture reduces the cost of debt by depressing the default risks. Furthermore, our main findings are more pronounced … cost of debt, suggesting that merchant guild culture rooted in ancient China continuously affects corporate behaviour …