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 rooted in ancient China continuously affects corporate behaviour …