Baxamusa, Mufaddal; Jalal, Abu - In: Research in International Business and Finance 31 (2014) C, pp. 112-131
We hypothesize that if the cultural characteristics of a region are important, then firms located in Protestant- and Catholic-majority counties within the U.S. will have different attitude toward leverage. We find that a 1% increase in a county's Protestant religiosity leads to a 0.4% lower...