Using the firm-level data over 1989-2012 from 53 countries, we find religiosity in a country is positively associated with trade credit use by local firms. Specifically, after controlling for firm- and country-level factors as well as industry and year effects, we show that trade credit use is...

Asset growth has been shown to be negatively associated with future returns. Cooper, Gulen, and Schill (2008. Asset Growth and the Cross-Section of Stock Returns. Journal of Finance) argue that an aggregation of all asset growth components as total asset (TA) growth leads to the strongest...

We provide a comprehensive review of firms’ financing channels (internal and external, domestic and international) around the globe, with the focus on alternative finance—financing from all the non-market, non-bank external sources. We argue that while traditional financing channels,...

The aim of this paper is to investigate whether national culture explains previously observed cross-country variation in trade credit. Previous work suggests that national culture may close the gap between behavioral finance and “Law and Finance” in corporate finance. National culture...