2024
DOI: 10.1002/csr.2957
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Corporate social responsibility and capital structure: Moderating effect of culture

Cyrine Mhiri,
Aymen Ajina,
Nazim Hussain
et al.

Abstract: This paper investigates how cultural dimensions influence the relationship between corporate social responsibility (CSR) and a company's financing decisions. The study analyzes data from 780 non‐financial companies over the period 2011 to 2021. We provide strong evidence that CSR activities are negatively associated with the use of debt financing. Moreover, in cultures with high power distance, masculinity, long‐term orientation, indulgence, and uncertainty avoidance, intensified CSR efforts can reduce a firm'… Show more

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