Wang, Daphne; Esqueda, Omar A. - In: Research in International Business and Finance 31 (2014) C, pp. 152-177
We examine leverage decisions in the context of national culture over the 1996–2010 period. Cultural characteristics … with high Individualism and Indulgence employ more debt. Firms located in countries with high Power Distance, Masculinity … less debt relative to non-capital-raising ADRs, and notably, in the post-cross-listing period. Interestingly, the home …