Please use this identifier to cite or link to this item: https://ir.iimcal.ac.in:8443/jspui/handle/123456789/4641
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dc.contributor.authorChauhan, Yogesh-
dc.contributor.authorJaiswall, Manju-
dc.contributor.authorGoyal, Vinay-
dc.date.accessioned2024-01-28T10:31:57Z-
dc.date.available2024-01-28T10:31:57Z-
dc.date.issued2022-06-
dc.identifier.issn1873-6173 (online)-
dc.identifier.urihttps://ir.iimcal.ac.in:8443/jspui/handle/123456789/4641-
dc.identifier.urihttps://doi.org/10.1016/j.ememar.2021.100845
dc.descriptionBiosketch: Yogesh Chauhan, Department of Finance, Indian Institute of Management Raipur, Atal Nagar, P. O. - Kurru (Abhanpur), Raipur (C.G.) 493661, India; Manju Jaiswall, Department of Finance and Control, Indian Institute of Management Calcutta, C 305, D. H. Road, Joka, Kolkata 700104, West Bengal, India; Vinay Goyal, SP Jain Institute of Management & Research (SPJIMR), Andheri, Mumbai, India.en_US
dc.description.abstractThis study examines whether societal trust diminishes the role that debt plays to mitigate agency problems between managers and shareholders. Using data from 46 countries, we find that societal trust is inversely associated with leverage ratio. Our results are robust to a battery of robustness tests. We also observe that societal trust can substitute for formal institutions, and therefore, the impact of societal trust is weaker for firms located in countries with strong legal institutions. Overall, our study emphasizes the role of informal institutions like societal trust in resolving agency problems stemming from the conflict of interest between shareholders and managers.en_US
dc.language.isoen_USen_US
dc.publisherEmerging Markets Reviewen_US
dc.relation.ispartofseriesVol. 51;Part A-
dc.subjectSocietal trusten_US
dc.subjectCapital structureen_US
dc.subjectAgency problemen_US
dc.subjectInformal institutionsen_US
dc.subjectLeverage ratioen_US
dc.titleDoes societal trust affect corporate capital structure?en_US
dc.typeArticleen_US
Appears in Collections:Finance and Control

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